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6 Ways to Prevent Overspending in December

overspending in december

The festive season is almost here! With a few weeks remaining, most of us are now planning on how we are going to make it special for ourselves and even for the people that are around us. While trying to make it special, many of us, for the most part end up spending more than we had planned to. The holiday season is the worst time to let budgeting get out of control. Over spending during December leads to a spending hangover in January. There are various ways through which you can avoid overspending during the December holidays. The following are some of the tips that will help you be within your budget as you celebrate.

Stick to your budget

You should always refer to your budget when shopping for the December holidays. It is true that December comes only once a year. But this is not a reason to let the excitement take the place of your budget. You should not use bargains as a reason to abandon your budget and overspend. When planning for your holiday, allocate enough money for the extra costs. You should also make some room for contingency amount.

Pay your savings first

The holiday season should never deter you from saving. Ensure that you save the same amount as you always do for other months. Saving should come before you think of spending. If you do save money, you will be closer to your goals, and you will be really proud of yourself.

Consider not using plastic money

It is quite easy to pull out the plastics. Credit cards and debit cards encourage impulse buying and overspending. Make sure that you put them aside during the festive season. Only carry cash in your wallet. Take with you the amount you intend to spend. If your money runs out, it’s time to go back home.

Consider shopping alone

Treating shopping as a social affair can lead to overspending. If you are easily tempted to offer to pay for people you shop with- maybe expecting they will pay you back- December holiday is not the time for that. If you going to shop for gifts for your family, leave the kids at home and focus on responsible spending.

Avoid expensive malls

Some of the goods and services you seek in the expensive malls can be found elsewhere at lower prices. You should consider the cheapest place in town that offer the goods and services you seek. Online shops also are the best to consider during the December holidays. Goods will be delivered at your door steps. You will therefore avoid impulse buying.

Give what your pocket allows you to

Buying expensive gifts for your family and friends is an excellent idea if you can afford, but do not strain your pocket to buy them. Give what you can afford. Be creative. There are gifts that will not cost you much, yet will impact your family’s life in a great way.

The holidays can be tricky, so sometimes its good to sleep over a decision about something that you have decided to buy. If it was something that you didn’t plan on buying, then you should think about why you need it. If you don’t need it, then it’s a want. And if it’s a want, maybe you can wait until the festive season is over, because just maybe they can have it on sale in January.

 

Image credit: kevinmartineau.ca

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