Well, it is that the time of the year again when we get tempted to revisit our annual tradition of overspending during the holiday season. It is way too easy to get caught up in all the excitement surrounding the holidays. It is hard to focus on a spending plan or budget for the holidays, but it is necessary if we plan to stay in control of our finances.
I have been accused of being a little Scrooge-ish around the holidays but thinking about how you’d really like to celebrate the holiday can make the season more meaningful.
The holidays are about expressing yourself by sharing your love and friendship with those you appreciate and there are ways to do this without spending a lot of money.
So here are a few suggestions to start planning for the holidays now:
First, list the friends, family and others you typically exchange gifts with. Then decide how you are going to approach the gift giving. Perhaps you could pick names and exchange gifts, agree to give the money you would have spent to charity, or adopt a less fortunate family, or even consider eliminating some of the gift giving. Also, set a dollar limit for everyone on your list. Then add all the amounts and consider whether you can really afford to spend that much this year.