The Holiday season is the time of year when we get into the spirit of giving and start our lists of who’s been naughty and nice. With Black Friday and Cyber Monday over, there are still plenty of days left to shop for friends and loved ones.
It can be tempting to get caught up in the spirit of giving so much that after the Holidays are over we’ve put ourselves in a financial bind. The following are five tips to consider this Holiday season to avoid overspending.
- Make a list (check it twice). Write down a list of the individuals that you’re planning on giving gifts. This will help give you a clear picture of whom you’re shopping for and what you’re planning on giving them.
- Set a budget (and stick to it). Some people may feel sad because their hearts are bigger than their wallets. That’s ok. Try to avoid overspending and tallying up credit card debt. After the Holidays are over credit card debt is the gift that keeps on giving.
- Talk to your family. If your budget is tight, have a conversation with your family and tell them that you’re going to be toning things down a bit this year. You may be surprised that they were thinking on doing the same thing but were just afraid to mention it.
- Give more of yourself. Have you neglected time with family or friends? Perhaps you’ve considered volunteering but couldn’t find the time. Now’s the perfect time. Time is precious and one of the few things we never get back. The gift of yourself and your time is greater than anything money could buy.
- Reflect on your life. Life is good. Perhaps there are others not as fortunate as you. Take time to enjoy what this season brings and the closeness it inspires in family and community. You’ll may find that material possessions while fun, fizzle in comparison to the joy of being blessed with the life you have.
Sterling Raskie, MSFS, CFP®, ChFC®
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