How not to get caught up in overspending

The holiday season, which is also known as the gifting season, is the perfect time to get caught up in the holiday spirit of overspending. Let us not forget the stress that comes with paying the bills after all the cheer has resided.
The formula in its essence is simple, you can avoid debt and keep your spirits high even long after the holiday lights go down, by sticking to a holiday budget. Sometimes the best budgeting tips are the simplest. Remember, plan ahead, stick to your budget, and do what you can to avoid impulse purchases.

  • Set up a holiday budget : Begin your plans by setting a budge. Budgets help you see what your spending will look like and what you can and cannot afford.
    Make sure you are being realistic with what you are willing to give up. Food and rent are not a good idea to cut from.

  • Make a shopping list AND STICK TO IT! : Once you have your total budget, make a list everything you would like to buy and allocate a specific budget for each item.

  • Use a prepaid debit card : When shopping on a budget, stay away from credit cards. You can easily overspend. A prepaid card is a great choice. All you have to do is load up your holiday budget and only use that card for holiday shopping.

  • Pay Cash : Setting some cash aside to pay for your holiday expenses can be an ideal way to track your spending. That way you know when your cash is over you stop spending.

  • Limit your time on social media : Social media can be very engaging especially during the holiday season. Try to limit your time on social media so you do not get carried away with the online offers and promotions.
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