5 Tips for Staying on Budget This Holiday Season

The holiday season is in full swing, and with it comes holiday spending.

Gift giving can either leave you feeling warm and fuzzy or down right miserable. And it’s all based on how you handle your money when shopping for others.

This holiday season, we’ve got 5 tips to help you stay on budget. (So you can go ahead and start enjoying those warm and fuzzies right now.)

1. Make a Budget and Stick to It

Deciding what you’ll spend on gifts is the first piece of the puzzle you’ll need to figure out in order to stay on budget. If you don’t know where to cap your spending, you’ll end up spending far more than you wanted.

Before you begin shopping, pick a budget. And no matter what things make you oooh and ahhhh when you’re out and about, don’t spend a penny over that budget.

If you have multiple people you’re shopping for, it’s helpful to keep a list of what you spend as you go.

2. Keep It Simple with the 4-Gift Giving Guide

Ever noticed how sometimes kids get so many toys for Christmas that only a few of them ever get played with?

During the holiday season, it can be so easy to get caught up in the spirit of giving. Before you know it, you’ve bought more than your gift recipients will know what to do with.

The 4-Gift Giving Guide is the perfect solution. It helps you keep track easily of what you’re buying and for whom, and it also ensures that there won’t be an excess of unused gifts (and wasted money).

This year, try making your list with the 4-Gift Giving Guide in mind. Your gifts will include:

  • Something they can wear
  • Something they can read
  • Something they want
  • Something they need

3. Shop Around from the Comfort of Your Home

With a multitude of places to buy your gifts from, it can be hard to decide where to shop. A little price comparison shopping before you head out can make a big difference in your overall budget. It can also help you determine what and how much you can afford to buy based on your budget.

Fortunately, most stores are now online, so you can easily price check from the comfort of your own home.

Use your online sleuthing as a way to determine where you can get the best bang for your buck. Make a list of all possible gifts – or use the wish list they made you – and write down what everything would cost and where you found the best deal.

4. Make a Shopping List and Don’t Veer Off It

While this tip will take some of your own willpower, we’re confident you can handle it!

Now that you’ve completed your price comparisons, it’s time to finalize a shopping list. Based on your budget, decide which items you can afford to purchase. Before you spend a dime, write down a list of all the purchases you plan to make.

And no matter what…don’t buy anything that’s not on that final list! Your budget will thank you later.

5. Pay with Cash, Not Card

Americans will spend more than $465 billion on Christmas gifts this year, and a vast amount of that spending will be done by credit card.

Putting your holiday purchases on credit might feel like a weight off your shoulders now, but the overload of interest fees and increased costs that will hit you once the new year rolls around will likely only add to your stress long after gift giving has ceased.

This holiday season, help yourself stay on budget far beyond when your purchases are complete. Pay with cash or debit. Don’t charge on credit cards.

For more helpful, money-saving tips, stop by your nearest Currency Exchange location today!

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With over 350 locations, many open nights, weekends, and holidays (and several stores with 24/7 availability), you can rest easy knowing your financial needs can be taken care of when you need them most. We’re in the heart of every community. Don’t believe us? See for yourself.