7 Ways to Avoid Overspending this Holiday Season

Tis the season to be giving, right? Christmas seems to be a time where people go well over their spending budget because they get caught up in the excitement of the holidays, and they want to give the very best. With the year we have had, it is difficult to imagine us not wanting to spoil everyone by spending a little more this Christmas season.

What if instead, you took a step back and decided to not overspend this holiday season?

Here are 7 great ways to make sure you don’t overspend.

1.    Make a List and Check it Twice

Don’t just shop by memory or on a whim. Create a list of the people you normally buy for or want to get a gift this year. Prioritize the list so you can allocate your funds accordingly.

2.    Create a Budget

Once you know how many people you’re buying for, look at how much money you have to spend on Christmas. If you have a sinking fund already, you have money set aside for the holidays. If not, look at your disposable income and decide how much you can spend without using credit cards and getting yourself in a hole you can’t dig out of.

Divvy up the funds between the people on your list and see how you feel. Do you feel good about what you have to share? Play with the numbers and how much you spend on each person until you’re satisfied.

3.    Stick to your List

Once you hit the stores (or the internet), have your list in front of your face. The holidays are a great time for retailers to trick you into spending more. They’ll throw ‘amazing’ deals in your face hoping you buy them.


If it’s not on your list, don’t buy it.

4.    Skip the Shipping Costs

You can save money by either combining orders, so you spend enough to qualify for free shipping or have items shipped to the store. Yes, it’s more convenient to go to your porch versus driving to the store, but you’ll save plenty of money not paying those pesky shipping fees.

5.    Track your Spending

Even if you have a list and a budget, keep yourself accountable by recording everything you spend. A few extra dollars here or there can add up very quickly. Track every penny you spend and compare it to your budget to make sure you aren’t over spending.

6.    DIY Christmas

It’s the thought that counts, so don’t think you have to overspend to impress your friends and family. Sometimes a homemade gift means a lot more than the expensive gifts you buy at the store. Sometimes just spending time with your loved ones is enough too!

7.    Consider Group Gifts

Group gifts are a great way to give someone just what they wanted without anyone going over budget. Split the cost up evenly amongst everyone, but make sure it fits within the budget you created.

Final Thoughts

Don’t get caught in the spending trap this holiday season. Even with the threat of lower supply and longer shipping delays, you shouldn’t overspend. Only do what you can afford and make this holiday season one about making memories instead of going broke.

If you’ve already gotten ahead of yourself and need some counselling to manage your debt, book your free consultation today!