Avoid overspending this Christmas by setting up a holiday spending budget

It is a known fact that most people overspend on their holiday shopping. So how can you avoid overspending this year?

The first and best thing to do to control your holiday spending is to set up a budget. Yes, even before you do your Christmas list for gifts, food and other items, you must have a budget.

There are 2 main things you will have to determine when setting up a holiday spending budget: amount you can afford to spend and the actual amount spent.

So let’s talk about the amount you can afford. First things first, if you are going to charge your holiday spending on your credit card and will not be able to pay it in full by the end of the month, then you cannot afford to do that purchase. Look into your income and see how much you can set aside for your holiday spending without overstretching yourself. Set up an amount and stick with it.

Probably the best way to be able to keep up with the amount you have set up is to always pay cash. And if you have to do some online shopping and pay with your credit card, set aside the amount immediately so you can pay for it by the end of the month.

It also helps to categorize and itemize your planned purchases so it will be easier to track.
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