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(ThyBlackMan.com) In December last year, US consumers stated that they planned to spend in the region of $942 on holiday gifts for the year, according to a survey conducted by Gallup. With the festive season just around the corner now is a good time to draw up your holiday budget if you have not already done so. While it may be tempting to splurge on food and gifts the last thing you want to do is start the new year with a heap of debt staring you in the face. Thankfully, there are a number of things you can do to spend less this festive season while still having a jolly time with family and friends.
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Draw up a budget and stick to it
If you want to avoid bad debt it is essential that you draw up a budget and stick to it. There are a number of ways in which you can set up your festive season budget. You can either establish a general spending limit or allocate a set amount to every person on your gift list. You can also draw up a daily or weekly budget, depending on what your plans for the festive season are. If you are unsure of how to draw up a budget, consider making use of a budgeting app such as Pocketguard or Goodbudget to help you keep track of your spending.
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Embrace Black Friday deals
Buying a present for a teenager is not always an easy feat. If you have a teenage boy in the family, you will know that tech gadgets such as drones, Bluetooth speakers, and portable chargers are all the rage right now. While not all tech gadgets are budget-breakers, high-end items can cost a small fortune. Thankfully, you are bound to come across a myriad of superb specials on Black Friday (and Cyber Monday). Although you can save a lot of money this way, it is important to not engage in reckless spending. Revisit your budget before Thanksgiving and do not spend money on any impulse purchases. You can even start shopping around for great deals now as many shops and online stores are rolling out specials in preparation for the festive season.
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Spend less on food and decorations
One way to make sure you have more money at your disposal for holiday gifts is to spend less on festive food and decorations. Thankfully, this is not nearly as hard as it may sound as there are many ways to decrease your food spending while still enjoying a delectable festive feast. Instead of hosting the entire family at your expense, organize a pot-luck holiday dinner and ask each of your guests to contribute a dish or plate of food to share. You can also bulk up your meals with salads and affordable side dishes and use cheaper alternatives for popular and costly) dishes. When buying festive decorations, remember that you do not have to compete with your neighbors or the latest holiday movie you saw. Instead, downsize on your decorations, opting for minimalistic festive touches that won’t blow your budget.
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As enjoyable as the festive season maybe it can also be tough on your finances. Thankfully there are a number of ways to decrease your spending and get through the most enjoyable time of the year with your budget intact.
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Staff Writer; Terry Ross