How to Spend Less During the Holiday Season

By: kjmena

With the 2015 holiday season fast approaching, people will be flocking back to the department stores in search of the perfect items for their loved ones. This time of year is without a doubt a major financial strain for most people. Having to come up with the funds necessary to purchase all of the elaborate gifts on their shopping lists is usually not an easy feat.

Unfortunately for those who are dealing with a considerable amount of debt, the stain is even harder to bear. If you are in credit card debt in particular, you are well aware of what can happen when you misallocate funds in order to quench your insatiable mind when it comes to buying material things. Even if the money is for the purpose of purchasing gifts for others, the damage to your fiscal status remains the same as if you had bought them for yourself.

Although the holiday season is by nature meant to be a selfless, and charitable time of year, you actually need to be slightly selfish if you want to get to New Years Day with your head above water. I know, I know, what a scrooge, right? Well the fact of the matter is you’re really in no place going to the local butcher and purchasing that 60-pound turkey to throw a Christmas Carol style party for the whole neighborhood.

We are not saying you can’t buy a few gifts for a few select loved ones, but you must keep in mind that over drawing on your credit cards and bouncing checks on large purchases surely did not help in keeping you out of the situation you find yourself in currently.

There are some obvious strategies you, as a shopper should be utilizing this holiday season. First of all, find out what your loved ones have on their wish lists ahead of time so you can assess whether or not you can swing it. There should be no shame in telling your loved ones that this Christmas or Hanukah is going to be tighter than previous years. Material objects are nice, but they are not worth putting yourself into deeper financial turmoil.

An alternative would be to establish a spending cap with your loved ones, that way expectations can be properly managed. It will still be in the spirit of the holiday season, and will also save you a pretty penny in the process.

No one wants to discuss budgeting strategies during the holidays, but trust us, you’ll be happy you planned accordingly once the malaise of all the festivities wears off and you look timidly at your bank account.