Ready to start your holiday spending? Follow these five simple tips to stay on track with your expenses:
- Start with a list. Make a list of the people you want to purchase a gift for. Then, make a second list of your other planned holiday expenses — gas, hotel stays, dining out, gift wrapping, and decorations.
- Set a spending budget and stick to it. Set a dollar limit per gift and avoid the temptation of spending more than you plan. Then, set a budget for your additional expenses. As you shop and celebrate, make sure to keep your budget in mind.
- Shop around for the best price. Watch for sales — both online and in stores — including special deals on travel if it’s included in your planned expenses. If you find an item on sale, ask other stores if they will price match.
- Avoid impulse purchases. It’s often easier said than done, but if something isn’t on your list, resist the urge to pick it up.
- Share expenses. If you can go in on a gift with someone else or split travel costs with family members, consider it a smart step to staying on budget.
At times, you may find the holiday spirit running deep and wanting to go above and beyond to treat your family and friends. However, don’t let that temporary feeling of goodwill derail your financial plans. Before spending this holiday season, be sure to think through your purchases and be comfortable with your decisions.
While we recommend saving all year long for holiday spending, we also know that sometimes even Santa needs a little extra help covering all the extras! A consumer loan from First Mid may be the best way to cover additional holiday expenses. Click here to learn more about our Holiday Loans.