Act Your Wage: 3 Ways To Keep From Overspending During The Holidays

Bow and currency represents the cost of giving gifts during the holidays.

‘Tis the season where the holiday spirit is high and temptation is even higher.  Most people will spend hundreds of dollars to make Christmas day a memorable one.  However, many will do this at the expense of maxed out credit cards, overdrawn accounts, and little to no disposable money left over by the time Christmas day arrives.

You’ve probably heard of “act your age, not your shoe size,” growing up. Now that we’re grown, we should all “act our wage, and not try to keep up with what we see on television. If you want to keep your Christmas spending in check, master these 3 tips.  This will help you ring in Christmas day without emptying your wallet.

1. Create a Christmas budget and stick to it. 

Doing this will help you tell your money where to go instead of wondering where it went.  Start by listing your Christmas spending categories.  Most Christmas budgets would include:  Christmas decorations, gifts, food, entertainment, charitable giving, and holiday potlucks or parties.  After generating the list, determine the maximum amount you want to spend in each category.  Then, execute and stick to the budget plan.

2. Don’t wait until the last minute to start Christmas shopping.

According to the National Retail Federation, 41% of Americans don’t start their Christmas shopping until 2 weeks before Christmas.  If you wait until the last minute, you’ll be more susceptible to impulse buying, which leads to overspending.  If you start as early as October and November, you can avoid the pressure of “buying now”, spread out your budget, enjoy the benefit of less crowds and greater inventory, and still catch good deals.