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Holiday Spending Mistakes to Avoid

People look forward to the holidays all year long; after all, “it’s the most wonderful time of the year,” isn’t it? What people don’t look forward to are the bills that come in after the holidays are over. That’s when reality sets in. Here are some holiday spending mistakes to avoid this holiday season to help the after-holiday season brighter.

1. Spending with credit
If you can avoid it, try not to use credit cards including department store cards to purchase gifts.
Tip: Set up a separate holiday account that you deposit to throughout the year to pay for gifts.

2. Shopping at the last minute
When you shop for gifts at the last minute, you are more likely to just buy the first item you see.
Tip: Make sure you shop ahead of time to avoid spending more than you planned and buying a gift that isn’t as special and well thought out.

3. Going out without a plan
If you go shopping without a plan, you risk spending too much, getting overwhelmed, and forgetting someone.
Tip: When shopping for multiple people, make a list of everyone you need to buy for, gift ideas for each, and a spending limit for each.

4. Trying to make it even
If you have ever shopped for kids, you know the making it even philosophy can get you into trouble.
Tip: Avoid buying “just one more” gift for kids and be happy with getting some of the items on their lists.

5. Impulse buying
Some people see an item and then think about who they could buy it for.
Tip: If they weren’t on your gift list, and you think of them later, consider fixing them cookies or holiday treats instead.

Posted: 12/2/2012 with 0 comments

Categories: Budgeting, Credit, Finances, Saving, Spending

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