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Careful Holiday Spending

Posted on: November 19th, 2013

This holiday season, remember that careful budgeting can be a financial gift to you and those you love.

Sometimes, holiday costs get out of control and lead to money problems later. Generosity can encourage overspending; travel and food costs that aren’t factored into the holiday budget also inflate the credit card bill.

How do you rein in holiday spending? First, create a gift-giving budget (per person) and adhere to it. Second, don’t confuse savings with cost. If you get 30% off a $200 coat, you are still spending $140 + tax on it. If you get a 2-for-1 deal on $100 pairs of shoes, at the root of it you are still spending $100 + tax. Third, shop with a list in hand - and only buy what is on the list.

With those tips in mind, you may find yourself with more cash in your wallet or in the bank in January.

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