Tuesday, January 16, 2018


Avoid Dangerous Holiday Spending.

January 8, 2018 by  
Filed under Money, News, Opinion, Weekly Columns

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(ThySistas.comThe holiday season can be a very magical time of year, and it is marked with the spirit of giving. However, if one is not careful you will find yourself unable to function shorty after the holiday. This is the time of year where we find ourselves overspending, and suffering as a result of such. The wild spending is not only extended to the gifts we by for self, and others. Holiday décor has been become an area that many can lose themselves regarding spending.

It is possible to have an amazing holiday without tanking your bank account. Christmas is at the end of December, and it is very important to be sure you aren’t spending the rent & utility money that will be needed come January. Budgeting will only help you keep financial order if you are willing to stick to said budget. Below are a few tips that can help you keep track of your spending this holiday season.

1. Make a list of those you are shopping for this holiday. If your funds are limited…limit the list to those close to you. In addition to that list set a monetary amount for each gift. This will keep you from spending too much on one gift.

2. We always want to give our children the world, but they will live if they don’t get 15 gifts this year. That may seem extreme, but many of us pile up the gifts and debt trying to buy everything for the kids. Set a limit for them as well, if they are getting expensive gifts that one gift should knock out several. You still have to keep a roof over their heads so its important to be reasonable. This can also show them the Christmas season is not merely about how many gifts they receive.

3. Have an idea of how you want to decorate the house for Christmas, and factor that into your budget. If you can’t afford two full size trees you may be able to substitute one for a more cost-efficient option.

4. If you must use your credit card, try to limit your usage to one card. This will help you see what you spent this holiday in preparation for the next, and it allows you to pay off your holiday spending in one place.

5. There will be several sales, but it’s important to stick to your budget. You don’t want to begin spending impulsively because items are on sale. Furthermore, it may not be wise to break out the credit card for an expensive on sale item that exceeds your budget.

6. If you aren’t last minute shopping set a time limit whereby you will be finished with your Christmas shopping. This will help you stick to your budget. Last minute shopping can lead to overspending.

Your spending should give you an idea on how much you’d like to save going forward on holiday shopping. When the New Year starts you may want to set a date by which you start saving towards Christmas shopping. Saving most of the year for the season allows you to have more freedom in your budgeting. You may find that your holiday saving accommodates all of the spending without you having to go into your paychecks during that time. Starting early, and giving yourself boundaries can help you avoid dangerous spending that you will regret.

Staff Writer; Chelle’ St James

May also connect with this sister via Twitter; ChelleStJames.


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