The most wonderful time of the year can also be the most expensive time of the year. Don’t get trapped by holiday debt; try out some of these tips to help you avoid overspending.
- Set a spending limit
Be realistic about your budget. Set a budget that you are comfortable with and work within that constraint. Don’t overspend on someone because you think they will be spending more on a present for you.
- Make a list
Create a list of everyone you want to give a gift to this year, and then cut that down to people you want to bless this year. This is a tricky step, but just because you didn’t buy a store-bought gift doesn’t mean you can’t still spread some holiday joy; bake cookies for everyone else that doesn’t make the final list.
- Know what to get
With your list of people in hand, determine what present you want to get for each person before going to the store. This will help you avoid panic-buying something way out of your price limit because you don’t know what else to get.
- Make it a party
Cutting people off of your present list is hard; talk with your friends about having a party and doing a White Elephant or Secret Santa instead of buying for everyone; you only need to purchase one gift. Most likely, your friends struggle with overspending on holidays too and will love this idea.
- Buy for sentiment
Most importantly, think long and hard about whom you are shopping for and what they need. A cheaper gift they can use every day is better than an expensive gift they never use.
BONUS TIP: Quality Time is the BEST gift of the season
Stuck on someone, and you don’t know what to get? Plan something you can do together, like a movie or game night. Inexpensive activities to enjoy quality time with your family and friends will never be an unappreciated gift.
About Garrett L. Holcombe
Garrett is the president of Horizon Planning Group and a skilled financial advisor. Garrett takes on the role of teacher and aims to truly educate others on how to improve their lives through financial planning. He takes pride in helping his clients better understand their unique financial situations and providing them with the tools needed to reach their personal goals. Garrett specializes in small business planning and advising small-business owners on their unique financial needs.
Schedule an appointment with Garrett here.
About Horizon Planning Group
Horizon Planning Group was founded in 2006 by Gary L. Holcombe. Based in Woodstock, Georgia, our firm is committed to being a part of our beautiful, small-town community while serving clients on a national scale. We offer full-spectrum financial planning services and a fiduciary commitment to always do what’s right by our clients.
It’s our goal to become a resource you can turn to when making any big decisions that affect your financial horizon. With our collective knowledge and experience, we can help you develop strategies to address almost any concern related to your finances.
Want to learn more about how we can help? Click here.
