Dakota Center for Independent Living

Seven Budgeting Tips for the Holidays

Budgets are tight for many year round, but especially during the holidays. It is important to budget carefully so you can get all the necessary holiday decorations, presents, and still have enough money to travel to family or friends. Here are 7 of tips to help you stay on budget this holiday season.

  1. Use Debit instead of Credit. If you use a debit card, you are forcing yourself to spend only what you have. Debit cards also let you avoid paying interest. Make sure you know how much money is in your account.
  2. Know what you can spend and stick to it. If you can only spend 10 dollars on your friend, then only spend 10 dollars. Don’t go over, no matter what and keep a list of what you spend.
  3. Make a detailed list of who you want to buy for, how much you want to spend, and which gifts you expect to buy. This helps to keep you focused and prevent you from purchasing something more extravagant.
  4. Browse before you buy. Do some research before you go to the stores. Go online and look for better deals. It also helps to narrow your purchases down to just a few stores to save on transportation costs.
  5. Free gift wrap. While many people turn down a free gift wrap, you shouldn’t. It not only saves you time, but money. It prevents you from having to buy wrapping paper, bows, and other wrapping necessities.
  6. Get creative. Sometimes the best gifts are homemade. Don’t be afraid to try your hand at getting crafty. Sites like Pinterest have many great crafting ideas. Just be sure you start early enough to get all the gifts completed in time.
  7. Travel wisely. If you travel for the holidays, take some time to determine just how much it will cost. If you plan your travel costs ahead of time, you can save money by not having to rely on credit cards.

Do you have any holiday budgeting tips? If so, please share them in the comment section below.