How to Make it Through the Holidays without Debt

During the season of giving, spending can add up quickly. If you’re not careful, you may blow through your holiday budget in a breeze and find yourself beginning the New Year with debt. However, by utilizing some smart spending and saving tips, you can happily make it through the holidays with favorable financial health. Here are some strategies that you may find useful!

Start Saving in Advance

To ensure that you have enough funds to cover your entire holiday budget, start setting aside money in advance. This means that you might have to start cutting back on your expenses in the weeks or months leading up to the holiday season. However, it’s better to know that you have enough saved, rather than having to come up with the money at the last minute or going into debt when you overspend. 

One effective strategy is opting to put your holiday savings into a separate account—this way you can easily track your progress and budget size. By using an online banking mobile app, transferring funds can be done with just the touch of your finger, at any time and any place. Plus, many online services like Chime offer helpful features like automatic savings with no hidden fees. 

Opt for Less Expensive Gifts

One way to cut down on your holiday spending is by choosing gifts you can spend a small amount of money on, or even make yourself. There are plenty of DIY holiday gift options that are cheap and easy to make. Gifts that you craft yourself and personalize will be appreciated because they truly come from the heart. 

In the spirit of giving, consider spending time volunteering with friends or family in place of an abundance of gifts. Helping the less fortunate is certain to spread joy and provide valuable life lessons. If you mix these gifting options in with the rest of your holiday budget and more expensive gifts, you’re sure to save a few bucks and feel good about it too.

Use Your Phone to Find the Best Deals

One of the great benefits of technology is the amount of information available with just a quick search. Before you begin shopping, surf the web for coupon codes or deals on shopping days like Black Friday and Cyber Monday. One thing you’ll have to be wary of, however, is the overall price in your shopping cart. Online shopping can add up quickly if you’re not careful.

If you opt to do your shopping in-store, you can still use the benefits of your phone. Rather than just purchasing a gift once you find it, take a moment to search for comparison prices elsewhere. Some stores will even offer to match the price if you find a better deal somewhere else.

We hope you find these tips helpful for this Holiday season, or any future shopping you plan on doing in the future. Leave a reply below with any tips you have that have worked well for you!

 

 

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