How to Not Break the Bank this Holiday Season

Want some advice on how to not break the bank this Holiday Season? Read the list of tips we’ve put together at Members Plus to help you curb your spending and avoid over-drafting during the holidays

  1. Set Your Budget. Limit yourself on how much you’ll be willing to spend before you even begin your shopping. Be realistic and set your parameters from the very start.
  2. Make A List & Check It Twice. Create a list of friends and family that you intend to purchase gifts for and set a maximum budget for each person. Be sure not to exceed these budgets as you stroll through the aisles. Additionally, if you save money on a particular gift, don’t let it “roll over” onto another gift or use it as an excuse to spend more on someone else: if you’re saving money – keep it that way.
  3. Secret Santa. Picking names out of a hat allows people to spend more on one particular person rather than feeling pressured into buying small, invaluable gifts for everyone. Some people tend to prefer one great gift rather than a bunch of inexpensive ones.
  4. Don’t Be Tricked By Advertisers. It is easy to fall into the trap of holiday sales but don’t buy compulsively. You may be able to buy 2 items and get 3 free, but reconsider what you truly need.
  5. Research. You can’t start early enough. Before the holiday madness begins take the time to comparison shop. Use online services like Ebay and Amazon to avoid paying full price in stores. Don’t wait until last minute because that is when you become willing to spend more!
  6. Go Paperless. It’s not only a trend for businesses now! Email holiday e-cards rather than mailing cards. If you absolutely cannot go without a traditional card – create a list and divvy up the recipients you want to spend postage on and a list you can e-mail.
  7. Avoid New Credit Cards. Never open a new credit card during this season to allow yourself more spending, otherwise in one month’s time you’ll be regretting the interest you’re sure to owe for the spending you couldn’t afford.
  8. Gift of Giving. Instead of monetary donation to a charity, spend time at a local soup kitchen. Rather than a tangible gift, offer your time to a friend or family member, such as a weekend getaway. Sometimes your time means more than a gift itself.
  9. DIY Gifts. There are now thousands of do-it-yourself gift ideas you can find on Pinterest and other online and print resources. They may require more effort but they will mean more to the recipient than a generic gift card. After all, “it’s the thought that counts!”
  10. The Reason for the Season. It is very easy to be caught up in all the hot chocolate, caroling, decorations, and shopping craziness but don’t forget the true reason everyone loves the holidays. It is a time to come together and simply enjoy each others company.

We hope you found this helpful and use these tips to not break the bank or over-withdraw funds from your savings or checking account. The holiday season is a time for giving but certainly not to the point of setting yourself back. It is meant for spending time together with friends and family and not using it to show off what you can provide or buy for others. Your loved ones will just appreciate the occasion to be together because that’s truly invaluable!

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