November 8, 2016 10:06 am
Updated: November 8, 2016 11:36 am

How to properly manage your budget for the holiday season

WATCH ABOVE: Money coach Lama Farran talks to Global's Laura Casella about the importance of budgeting for the holidays.

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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.

READ MORE: Surviving the Slump: eliminate Christmas stress by budgeting early

Make a list of your gift recipients


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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.”

Be creative

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.

READ MORE: 6 tips to avoid drowning in debt (and save more money)

© 2016 Global News, a division of Corus Entertainment Inc.

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