{"id":19879,"date":"2018-12-18T15:00:58","date_gmt":"2018-12-18T13:00:58","guid":{"rendered":"https:\/\/www.bondora.com\/blog\/?p=19879"},"modified":"2018-12-18T15:00:58","modified_gmt":"2018-12-18T13:00:58","slug":"tis-the-season-for-overspending-or-maybe-not","status":"publish","type":"post","link":"https:\/\/goandgrow.eu\/en\/blog\/tis-the-season-for-overspending-or-maybe-not\/","title":{"rendered":"\u2018Tis the season for overspending \u2013 or maybe not\u2026"},"content":{"rendered":"

The holiday season fast approaches (actually, it\u2019s well upon us, so color us fashionably late) and we are gearing up for good food, good cheer, and festive togetherness amidst friends and family. \u2018Tis the season for reflection, giving, and preparation for the new year.<\/p>\n

\"holiday<\/p>\n

Unfortunately, \u2018tis also the season for an increasingly thinner wallet and extra strain on many a bank account. While retail businesses zoom into the black, it\u2019s important to have a holiday financial plan in place, so you don\u2019t fall headfirst into the red. Have no fear\u2014there are some simple ways to balance generosity with budgeting without coming off as a holiday Scrooge. Below, we\u2019ve outlined a few tips to help you stay on track financially over the holidays.<\/p>\n

Create a holiday budget<\/h2>\n

First, start by creating a realistic budget for yourself. You can keep it simple with a general, overarching budget or you can create a plan for every last detail. Ideally, a budget for the holiday season would be created well in advance\u2014say, around the end of August (or even at the start of the year so you can start putting money aside each month). But if you\u2019ve already started spending and find yourself in over your head financially, it\u2019s never too late to take a step back and reassess, cut, and reallocate your finances.<\/p>\n

\"Create<\/p>\n

Creating a budget for the season can be broken down into a few simple steps:<\/p>\n

Make a list of expenses<\/strong><\/p>\n

First, make a list of all holiday expenses. This includes gifts, travel, decorations, events, markets, parties, donations, food, etc. We even recommend throwing in a miscellaneous option, as last-minute expenditures are sure to crop up. It\u2019s easy to budget for gifts while forgetting how everything else can add up and put you way over your expected limit.<\/p>\n

Set a limit<\/strong><\/p>\n

Next, look at your finances (i.e., what can you afford) and decide on a spending limit for yourself. If money is tight, it\u2019s better to lean more toward the frugal side than to overextend your finances.<\/p>\n

Categorize and assign<\/strong><\/p>\n

Next, divide and distribute your budget amongst the different categories. You can keep this general, or get more granular by assigning a specific limit to each person\/gift. The more granular, the easier it may be to shop and track your spending.<\/p>\n

Decide on gifts, decorations, menus, etc. and create a shopping list<\/strong><\/p>\n

If you set a limit to each expenditure, it should be easier to think of gifts, food, decorations, etc. that fall within that limit. You can also set your menu (if you\u2019re hosting a party) and shop accordingly to fall within your budget.<\/p>\n

Keep track of your spending<\/strong><\/p>\n

Keep track of all of your purchases as you shop (in fact, bring your budget with you\u2014print it out, or have it on your smartphone). This is key to staying within your budget, and will also allow you to make any necessary adjustments or reallocate funds to different categories if necessary.<\/p>\n

Take advantage of sales<\/strong><\/p>\n

If you plan enough ahead of time, keep an eye out for sales. A lot of sales happen at the end of November, stemming from the American \u201cBlack Friday\u201d sales (which now extend to many countries globally). Typically, things get more expensive the closer to the holidays you get (be it Hanukkah, Christmas, Kwanzaa, Boxing Day, or the like).<\/p>\n

Gifts: think outside the box<\/h2>\n

Gift giving is a traditional part of the holidays, but remember that you can show your family and friends that you care without maxing out your credits cards.<\/a><\/u> If you put thought and creativity into something, chances are it will be appreciated (and if it isn\u2019t, that person probably isn\u2019t worthy of your effort). So how can we get creative with gifts?<\/p>\n

\"think<\/p>\n

If you have a lot of family members (or friends), that can add up to a lot of gifts you have to purchase. Chances are, the numbers aren\u2019t just daunting to you. Before any festivities begin, talk with your family members and decide on a plan to keep things merry without costing everyone a fortune. Here are some ideas:<\/p>\n