Now that Fall is in full swing, and the holiday season has arrived, we’re all feeling a bit busy and pressured. You might have a full calendar of events ahead of you, and you’re squeezing in some shopping and travel time as well. It’s no wonder quite a few of us suffer Credit Card Regret when our statements arrive in January! Try these tips to keep your spending (and your sanity) on track for the next month or so.
Simplify. If last year was a whirlwind of stress and financial pressure, allow yourself to learn from the past. There is nothing wrong with having a conversation with loved ones, and establishing some guidelines this year. Some families set spending limits for gifts, while others decide upon one fun, limited gift exchange program. You might also set limits on the number of parties you wish to attend, or the amount of travel you’re willing to do. Plus, there’s nothing wrong with a few frozen dishes or take-out here and there.
Set a budget before you get going. Don’t head to the mall (or your Amazon shopping app) without deciding upon a budget and gift list, and making a promise to stick to it. This will prevent impulse purchases. Also set a budget for food, travel, party expenses, and any other major expenses you tend to experience at this time of year.
Get in, and get out. After making your shopping list, go to the appropriate stores, purchase the gifts on your list, and then leave. Lingering in the mall only makes you more likely to give into impulse buying.
Keep it realistic. While teenage grandchildren might wish for the latest name-brand jacket or shoes, little kids don’t care. Nor will they care if their gift costs less, so resist the temptation to keep everything “equal”. Just focus on getting gifts that your loved ones will truly enjoy, and forget the comparisons.
Plan big meals carefully. Take advantage of sales, and plan dishes ahead of time. That way you won’t have to rush out and purchase a prepared (expensive) veggie tray at the last minute.
Book your flights early. Waiting until the last minute will guarantee higher fares.
Don’t forget your points. If you have amassed credit card points, don’t forget to cash them in for gifts, airline miles, and more. Also, check with your credit card company about promotional opportunities. Often, by using a particular card, you can score a deep discount with certain retailers and travel companies.
Think about next year. In January, when all the hubbub dies down, consider how you can further streamline holiday season next year. Set up a savings account, dedicate a certain amount of money to it each month, and you won’t have to worry about high credit card bills one year from now.
We hope these tips help with holiday season, but keep us in mind for more long-term financial planning. We should meet regularly to keep your retirement plan on track.
