Dealing with holiday spending
November is almost at an end! You know what that means, after we feast, we get slammed with deals to tempt us to spend. A study shows that two thirds of Americans spend more than they like during the holidays than they would like due to pressure. Almost seventy percent of Americans will put over half their holiday spending on a credit card and fall deeper into debt. All that traveling, gifts, décor, and spending on food and drinks adds up quickly.
We have some helpful tips to stay away from debt this year.
- Set a budget. Sit down and plan out how to spend with your upcoming bills and stick to it. See how much disposable income you have and plan out how many secret Santa’s or Christmas dinners you can participate in. Plan it out so you don’t feel obligated to go to every single one and overspend on dining.
- Although it’s easier said than done, do not use your credit cards. If you can’t pay for it twice with Cash you can’t afford it. Credit cards should be used for emergencies and although we want to buy everyone that perfect gift, the holidays should be about spending time with loved ones rather than spending money.
- Avoid temptation from ads. The average American receives at least fifteen advertisements a day via e-mails. That’s not including the text messages or mail-ins we get. Listen to your heart when picking out a gift rather than ads that pop up. Avoid Fear of Missing out. Understand what the holidays truly mean to you and hone in on that. Log off social media and spend more time with loved ones rather than browsing the web for gifts.
Although the holidays should be full of joy and family, we often get so caught up in spending money on unnecessary gifts. Remember set your goals and stick to them to avoid later regret on all the spending. Your future self will thank you!
This week try to sit and make a spending Budget for the next month.
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