Tips to Control Holiday Spending

Many of us may wish to tighten our financial belt this holiday season. Below are tips to help you remain mindful of your spending this year:

Set a budget… and stick to it!
Review prior year’s holiday spending to recognize potential areas of over-spending
Use the ‘envelope’ method by placing cash for each gift/person into an envelope to be used to pay for the gift. Once the cash in the envelope is gone, stop the spending there!
Track it! Keep your receipts and track your spending daily
Share with friends & family you will be cutting back on your spending or gifting to set expectations and avoid guilt purchases
Think on it... wait 24 hours before making a purchase to avoid impulse buys
Suggest a Group Secret Santa or Gift Exchange instead of purchasing individual gifts
Consider home-made gifts, edible treats or a gift of service
Price match or use accumulated shopping “points” to offset big ticket purchases
Suggest a no-gift holiday and arrange an outing or time spent together with friends instead. Appetizers and board games? DIY cocktail night?