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Holiday Spending Tips for a Debtless Holiday

Dec 3, 2019, 22:39 PM
Person online holiday shopping surrounded by gift bags and a cat

Tis’ the season to enjoy family get-togethers, time off work, gift exchanges and more. But what do you do if you find yourself with less money to spend than expected around this time of the year? Does it mean you go full on Scrooge in order to stay on top of your finances? Here are five ways to celebrate the upcoming holiday season, without going into Scrooge mode:

1. Set a budget.

This is Step #1, as setting a budget is the key to prevent overspending during the holidays! Set a maximum limit on how much to spend on each person depending on how close you are to them.

2. Focus on experiences, rather than things.

Let’s remember what the holidays are about – spending time with those who matter most, showing generosity and being grateful for what you have. In fact, research suggests that experiences often bring you more happiness than material things. Focus on low-cost or free events, such as potluck dinners and community events.

3. Give the most valuable gift of all – your time.

Get in touch with the spirit of giving by volunteering your time to a non-profit that could use an extra set of hands during the busy holiday season. Have a charitable-minded person in your life? Consider donating to their favorite charity! 

4. Don’t overdo it.

Don’t feel obligated to attend every holiday party you’re invited to – it can get expensive! And remember, there’s no shame in wearing something you already own. Gift exchange on the horizon? Propose a white elephant gift exchange, where you can re-gift those oddities you have lying around.

5. Opt for a Secret Santa gift exchange.

If you have a large family or friend group, setting price limits on gifts may still leave you spending a fortune. Take the Secret Santa approach, where everyone randomly selects someone and only has to buy a gift for that one person.  

The holidays don’t have to be a debt sentence. There are plenty of inexpensive ways to have fun, give gifts and enjoy the season!

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