3 Tips To Not Going Broke This Season of Spending

Holiday. It is that time of the year again. But when you hear the word “holiday,” what does it come to mind?

For many people, holiday connotes to a festive season where feasting and gift-giving is a norm. Young and old alike are simply looking forward to this once-a-year occasion.

While foods are abundant and that gifts are burgeoning everywhere, these expenses do not necessarily come free. Like most household, this celebration calls for expenditures that can surely hurt the wallet, even if you are the type who is deep in the pocket.

Yet, when spending has become the norm due to the occasion, it is also a time of the year when many people go for broke—don’t be.

Here are some tips you should follow in order to go through holiday with a healthy pocket:

Tip #1: Be Frugal

When most hard-earners are wasting their precious money on stuffs for gifts, there are people who chose the more creative route by making their supposed present with their own hands. Call it adding a more personal touch to the endowment, but having to personally make your own present is not just creative, it’s also practical and resourceful.

Some people may consider you “cheap” for not wanting to spend some cash for gifts in this time of the year. But, depending on your creativity and skills, some hand-made present could actually be worth more than what you could buy in the store.

It may sound like an overused cliché, but remember, it is always the thought that counts when it comes to giving gifts and not the cost of the item you’re imparting.

Tip #2: Set Limits

At a time when people are spending luxuriously in celebration of an event, it is sometimes hard not to go along and have your fair share of the expenses. It is, after all, just a one-a-year celebration, right?

Wrong.

While it is true that holiday is a time when most people splurge, the idea is not necessarily part of the celebration but an option to those could afford it. When others are getting ahead of themselves and are spending more than what they could have afforded, be the wiser one and set limits with your expenses.

In fact, the best way to do this is to make plans beforehand. From the foods you are going to prepare to the gifts you are willing to give, these stuffs require careful planning for you to not go broke.

So, do yourself a favor and have a well-laid out plan about your holiday and not compromise on your finances by not trying to prep.

Tip #3: Don’t Be in Debt

You know what’s worse than having insufficient budget for the coming holiday? Not having any budget at all.

You might be living from paycheck to paycheck or finding it hard to make ends meet to come off without wads of cash for the holiday. While this is fine for the most part, what is not is when you think of borrowing money to compensate, especially if you intend to go deep about it.

Although most common intuition in this scenario is to borrow some money in order to compensate for the lack of it, do not. There are in fact other ways you could come up with some decent so long as you have the willpower for it.

Instead of putting yourself into debt just to level with everybody else for feasting, seek alternatives in making money even on the very day of the celebration. After all, there is 24 hours in a day which is more enough for you to come up with cash.

Doing the aforementioned will not only put your finances from the negatives, it will also allow a breathing space from future money problems.

And if you are looking for solutions for your maxed out credit card problem, find the Secrets to a debt-free credit card after the season of spending.

Credits to Daily Mind for the image.