Kim Griffin, UF/IFAS Extension Suwannee County
Contributor
The holidays are here and with it comes the sights, sounds and spending associated with this time of year! In fact, Americans are expected to spend over $9 billion this holiday season. Overspending can leave you feeling stressed and overwhelmed. To avoid starting the new year with mounds of unwanted debt, follow these simple steps to stay stress free and debt free this holiday season.
Step 1: Start with a holiday budget. This should include your regular monthly expenses AND money that you plan to spend on gifts. After your regular monthly expenses are paid, decide how much you want to spend on gifts and other holiday expenses.
Step 2: Stick to your budget. Once you have determined your holiday budget, the next step is to stick to it. In reality, this step may be harder that step one. Make a list before you start shopping and only bring the amount of money that you intend to spend. Paying cash for gifts instead of using a credit card can actually help you save money. When you are out shopping, enjoy the moment but stay focused and stick to your spending plan.
Step 3: Be a smart savvy shopper. Try not to get distracted and beware of retail tactics. These tactics encourage holiday shoppers to spend money and may include festive music, limited time deals, colorful signage, rewards and instant discounts. Being a smart shopper also means comparing deals online to those found in the store.
Step 4: Track your spending. You could collect receipts, use a notepad, or record your purchases on your phone. There are many ways to keep track of your spending. Find a method that works for you and use it.
Step 5: Get creative. Never underestimate the value of a handmade gift. These are often more meaningful due to the investment of time, energy and thought. Furthermore, consider giving someone a gift of service which may include cooking a meal, making a dessert, completing a chore, running an errand, or pet sitting.
Taking time now to plan your holiday spending could help you avoid debt that lasts well beyond the new year.
UF/IFAS Extension is an Equal Opportunity Institute.