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  • How to Plan Your Holiday Spending

    The Holidays are right around the corner and a chill is finally in
    the air. We all have an all-too-perfect image of what the holidays
    should look like. We all know how stressful making that image a
    reality can be. This is the time of year where you can make the
    costliest financial mistakes. We shouldn’t have to go into debt to
    have a great holiday. Let’s go over the most common mistakes
    and how we can overcome them.

    1. Not Making a Holiday Budget

    The key to making a budget is sticking to it. One recommendation
    is the envelope system, meaning you set a limit on the cash you
    spend. When you’re out of cash, you can no longer spend. You
    won’t take the money from somewhere else to cover your
    overspending. Find out more about using the envelope
    system here.

    2. Giving in to Peer Pressure

    We all have gift-giving traditions during the holidays. The trick is
    to make them fit into our budget. Limiting the number of gifts can
    help cut back on spending. An added bonus is that you get higher
    quality gifts for family members.

    3. Impulse Buying

    We know how hard it is to pass up a sale! It’s one thing if the gift
    is on your list, but if not, don’t bite. Impulse buying is a sure-fire
    way to overspend.

    4. Running Up Your Credit Cards

    The only time we recommend using a credit card is if you can pay
    it off in full each month. Otherwise, you end up spending more
    in interest.

    5. Counting on your Holiday Bonus

    Many people complain when they don’t receive a Christmas
    bonus. Bonuses are nice, but you shouldn’t plan on getting one.
    Start a savings account now, so you aren’t disappointed if you
    don’t receive a bonus.

    6. Dipping into Your Emergency Savings or Retirement

    We don’t recommend taking money out of your emergency fund
    or retirement if it’s not an emergency. You don’t want to
    inadvertently put yourself in a tough financial position during the
    holiday season.

    7. Not Taking Advantage of Coupons and Rewards

    Take the time to cut coupons and pay attention to your emails for
    special promo codes as well. If you’re planning on using a credit
    card, take advantage of rewards credit cards to use cash-back
    rewards. Keep an eye out for apps that can help you find
    extra savings.

    Whatever the case may be, the important lesson here is to have a
    plan and stick to it. If you stick to a budget, you can always find
    savings along the way to supplement your holiday spending.