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According to an independent poll conducted by The Money Trust Advice back in January 2015, around 12.5% Britons end up spending more than they should during the holiday season. While the statistics may not be alarming by the standards of many, the possibility that anyone could fall prey to the situation cannot be ignored.
We all love holidays and spending on gifts for loved ones has become much of a well-accepted tradition in the society we live in – but does it actually mean that we need to spend more than what we have or what we can afford to make sure we have holiday gifts for everyone we love?
We don’t think so. Try out these ideas to help you stay on track with your spending this holiday season:
It is extremely important to put a limit on your spending. Holidays or not, budgeting is one of the key elements of long term financial security. Take a look at the current sources finances available to you; it’s best not to consider the credit card as a source. Deduct all the payable monthly expenses and instalments from it. Out of what you’re left with, see how you can divide that amount for food, clothing, and gifts. Remember to prioritise!
That distant cousin you send a gift to every holiday but never get a chance to meet them in person – pay them a visit this time or call them over for thanksgiving! There is no better way of expressing love and valuing relationships than being physically present for someone in both good times and bad. Forget the gift, call them up and invite them over instead – isn’t that what holiday spirit is about?
Okay, we understand that you can’t completely cut down on the gifts. There will be certain people, especially kids who’d be expecting one from you – go ahead and buy them something. However, try and not spend too much on fancy gift wraps and accessories. Try and use what’s already available at home. In case you HAVE to buy it, stick to something standard and inexpensive. Also, try and keep away from pricey greeting cards – they make you spend too much without you even realising about it.
It is easy to get carried away with almost ever shop putting up holiday sales and promotions. The best way to avoid overspending in the “sale” season, try and shop earlier. Look for good bargains and utilize discount cards to by something meaningful as a gift. Begin as early as two months. If you come across something worth gifting to a loved one at a great price, go ahead and buy it. Remember to stick to your spending budgets then too.
If you have a creative side to you, explore it and create something no store-bought gift can counter. Knit a sweater, carve a wooden decoration piece, make organic soaps at home, or make other DIY projects that can be used as gifts. There is so much you can do and buying the resources instead of the final product will cost you a lot less. Besides, your gift will carry the personalised element that is priceless! Follow these tips and you’ll never have to worry about making ends meet in the months following the holiday season. Happy Holiday Saving!
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