How to properly manage your budget for the holiday season
With the holiday season fast approaching, spending on gifts can be overwhelming. To help with staying on track financially, here are a few tips to try and manage your holiday spending.
Make a list of your gift recipients
Be sure to take everyone in to consideration. Once you’ve decided how much you would like to spend this season, you can then divvy up the amounts for each person.
“Think of everybody you’re going to give to,” Lama Farran, certified money coach, said. “Then you can allocate an amount to each person. Don’t forget the taxes otherwise you’re going to go over.”
Farran says that people think of material gifts, but non-material gifts can be effective as well.
“Give something that people don’t really expect and that you can’t find in the store,” Farran said.
Pay only cash or debit
To not have to deal with your credit card statement in January, Farran suggests to not use your credit card while holiday shopping.
“Just to avoid that whole post-holidays financial blues just pay cash or debit and you’re done,” Farran said.
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