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Oh, the holidays … some of the happiest times of the year. They’re filled with family, friends, food and festivities. While these are the very things that make the holidays so great, they can leave a dent in your wallet that might just make you a scrooge for the holiday season. Here are some tips to help you cope with holiday spending this year:
Know Your Expenses
The first step to making good financial choices this holiday season is knowing exactly what expenses are going to going to eat up your paycheck. Of course, the likely top of this list will be gift giving. Giving gifts is expected during the holiday season, however, the happiness of gift giving to loved ones comes with a price tag in most cases.
Traveling is another big culprit when it comes to holiday spending. For those of us that do not live close to family and friends, traveling is a must during the holidays. Whether it is plane tickets or gas for our car, these expenses can add up quickly.
The third major holiday spending issue comes with hosting events. Throwing that amazing party (or parties in some cases) takes time and money. This can include expenses ranging from providing food for guests to adding new home décor, or repairing long-overdue items within your home. Hosting a large group of people can be a heavy financial burden to take on while you’re trying to be budget conscious.
At this point, we want you take a deep breath and rest assured that there is a way to keep your holiday expensed under control this year. Managing your holiday spending gets easier when you…
Make A Budget!
As we said before, knowledge of your expenses ahead of the holidays will do you a world of good when it’s time to spend money on the ones you love. By creating a budget, you’re setting a limit as to how much you’re going to spend this holiday season. That spending limit will help dictate how much you spend on those great gifts, exciting travel plans and memorable parties for family and friends. The planning you do ahead of time, and ongoing tracking during the purchasing period, will give you peace of mind knowing that you’ll stay within your financial means when all is said and done.
So, with that budget goal in mind, we hope that you enjoy all of your holiday plans over the coming months!
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