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How to Avoid Blowing Your Budget This Christmas

How to Avoid Blowing Your Budget This Christmas

It’s the most wonderful time of the year. The holiday decorations are up, the carols are playing on the radio, and Christmas sales are everywhere from online to retail. With many holiday discounts, it’s finally time to do your Christmas shopping.

The cost the season can take a toll on your personal finances by causing you to overspend on your credit card. It's just too tempting to impulse buy food, travel and presents over Christmas.

If you want to take control of your holiday spending habits, we have listed some useful tips to help you avoid blowing your budget this Christmas:

Set a Christmas budget

With a Christmas budget you will be able to plan and estimate how much you’re going to spend on things like food and gifts. You should set a realistic budget based on how much you can afford to spend. Are you going to use your credit card with your purchases? Make sure you have calculated what your minimum repayments will be as you don’t want to start your new year with new accumulated debts.  

Make a gift list

A gift list is a good strategy to lessen impulse buying and to stay within your budget. If you belong to a huge family, it might be a good idea to streamline your gift list and put limits on who you are going to buy presents for. And, as usual, stick to the list and to your budget as much as possible.

Be creative

An inexpensive Christmas gift is to make the gifts yourself. If you have the talent to bake, then why not bake cookies, brownies or any other sorts of sweets you can. There are tons of DIY gift ideas you can find on sites like Pinterest. Remember, Christmas is not all about expensive gifts, it’s about spending quality time with your loved ones.

Look for good deals and use cash

If you have found a good Christmas deal, it’s tempting to buy more items than what you need. If you’re in this situation, make sure that you assess your budget first to avoid impulse buying. Additionally, you should think through whether the saving is really worth it when you’re using a credit card with a big interest rate.

The holidays are the time of the year where we spend a lot of money. But with a little bit of planning, you can make sure that your personal finances stay on track.

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