How can I control spending during the holidays?

On Behalf of | Dec 18, 2018 | Firm News, Personal Bankruptcy |

Now that the holiday season is in full swing, many people in Florida are hitting the malls in search of that perfect gift for friends and family. While you’d naturally want to lavish your loved ones with presents, if you’re facing financial instability it’s important to limit spending this time of year. In this case, Forbes offers the following tips.

Create a budget

Setting out on a shopping excursion without a budget in place usually leads to unchecked spending. Think about the people in your life you want to buy gifts for and set a firm limit on how much to spend on each. Keep this figure in mind when shopping to prevent yourself from overspending. Budget other holidays expenses as well, such as costs for preparing dinners, taking trips, and decorations.

Think of gift alternatives

If you’re truly strapped for cash, get creative when it comes to gift-giving. For instance, consider helping a loved one with chores around the house or offer to take a family member out on a day of fun. You can also try baking or crafting, which will allow you to present meaningful gifts without breaking the bank.

Plan early

Once the dust settles on this holiday season, consider planning ahead for the next. Having a holiday savings account will ensure that you have enough money to buy presents and cover other expenses, without needing to risk your financial security in other areas. Just make sure you don’t dip into your holiday account, and continually add to it on a monthly basis to ensure it’s robust enough to cover your needs.