6 Smart holiday budgeting tips you should know

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Most consumers find it extremely hard to stick to a budget during holiday season. They tend to spend beyond their means. As a result, consumers get a shock when they receive huge credit card bills once the holiday season is over. Go through the article to know about 6 holiday budgeting tips you must know.

Holiday budgeting tips

Here are the 6 holiday budgeting tips that can make your holidays stress-free:

1.Create a list: Make a list of all the items you need to buy. This should include the gifts, holiday meals, decorating items, parties, etc. If you are planning for a trip, then make sure you include the traveling expenses as well.

2.Determine how much you can spend: Simply making a list will not help. You have to determine the amount of money you can afford to spend for holiday expenses. For instance, if you have $800, then it is advisable to keep your purchases within that. Always keep in mind that your family members never expect you to ruin your credit for the sake of their happiness.

3.Shop smartly: Once you have an idea about the amount of money you can spend for your friends and family, start shopping. Retailers often give discounts to the consumers when they buy several items from one shop. So, you can very well take advantage of that. You can also shop online and make smart purchasing decisions. There are several shopping websites offering huge discounts to the consumers that can’t be found in normal retail stores.

4.Give interesting gifts: You may be surprised to know that there are some gifts you can present to your friends without spending any dollar. For instance, you can knit beautiful sweaters for your kids. You can even bake delicious cookies for your friends and family.

5.Take advantage of reward programs: Another interesting tip will be to take advantage of credit/debit rewards programs. The best thing about these programs is that you can present various kinds of gifts without spending extra dollars. Most consumers prefer these programs as they don't create debt.

6.Go through your receipts: It is better to go through your receipts from last year. This will help you in having an idea about the amount of money you spent last year. You can also know about the amount of time it took to repay all the bills.

Finally, it is essential to curtail impulse shopping. You should purchase only those items that are there on your list. You may be tempted to purchase various items displayed in the stores. But you must not succumb to it.

Last Updated on: Tue, 15 Jan 2013

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