The holiday season is supposed to be a joyous occasion that gives us a chance kick back, relax, eat some food and hang out with family. So why is it that we always end up feeling like we’ve barely survived when it’s all over?
It’s easy to get wrapped up in the spirit of the season and forget that life will resume as normal starting January 2nd. This means you might have a bit too much champagne too many nights in a row, or blow six months’ salary in one gift-shopping trip. So while we can’t keep you on the straight and narrow in every way, we can at least provide you with some tips for avoiding a debt hangover in 2011.
Hit the Mall With a Game Plan
Joining the masses for some holiday shopping with no concrete plan of action can devastate your holiday budget fast. Prepare yourself and your wallet for possible hazards by doing the following:
Make a shopping list: Before you even think about entering a store, know exactly what you intend to buy. Most importantly, write it down. If you’re shopping for presents, list out each person and the gift you’re getting them. If you’re undecided, pick a narrow price range to shop within. Putting these things on paper will not only prevent you from forgetting items and making multiple trips, but will also help you hold yourself accountable to the plan.
Limit you time: The second part of your plan should be a set time frame. Depending on the size of you shopping list, you might require only a few hours or up to several days. Regardless, determine an adequate amount of time to spend shopping and don’t go over. The longer you spend milling about sales and specials, the likelier it is you’ll give in and go over budget.
Leave Your Credit Cards at Home
People are generally willing to spend more money when charging a purchase rather than spending cash. It’s not surprising either–wouldn’t you rather simply swipe a card than hand over cold hard cash? That’s exactly why you should just leave the plastic at home and avoid a shocking credit card bill.
Relying on credit makes it too easy to go over budget. By taking out the cash you need ahead of time, according to your budget and shopping list, it will be impossible to accidentally rack up a credit card bill.
Don’t Let Consumerism Consume You
Why are you out shopping in the first place?
This time of year, people are bombarded with ads, sales, specials, deals and the command to spend, spend and spend some more. Don’t get caught up in the consumerist side of things. After all, whether you observe Christmas, Hanukkah, Kwanzaa or something else, materialism is not one of the values you’re supposed to be appreciating.
If you feel like you’re beginning spend beyond your means, take a step back and examine why that’s the case. Chances are, if you stop and reflect for a moment, you’ll find that whatever you were about to buy will do nothing contribute to the true meaning of the holiday.
Spending money and giving gifts during the holiday season is fun for sure, but going overboard is something you’ll have to deal with for months or years afterward. Make sure your entire year is enjoyable by keeping your spending in check.
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