We all love to spend money during the holidays. Between holiday parties, gifts for our families and friends and a little extra for those who provide services throughout the year, the holiday expenditures add up fast! While holiday expenses add up, it is a good time to remember some budget-friendly tips that can be used year-round:
- Set a monthly budget: Be reasonable in what to expect. If you set unreasonable goals, it will only create negative feelings when the goals are not met. Use a budget app on your phone to track how much you spend and on what.
- Credit Cards: Treat credit cards as you would a debit card. Only charge things that you know you have money in the bank to pay for. If you MUST use a credit card for items you cannot pay for immediately, make sure to pay off the highest interest rate cards first.
- Look for free ways to spend time with families during the holidays. Major cities have many free Christmas festivals and markets.
- Loyalty programs: Shop where there are loyalty programs available or easy-to-access coupons (like Target’s Cartwheel app, for example). A few dollars saved here and there can make a big difference in your bank balance.
What are some things that keep you on track during the holiday spending craze?
~Megan Mathers, J.D., Mathers Law
