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Want Seasonal Savings? Try These Five Tips to Avoid Overspending

Want Seasonal Savings? Try These Five Tips to Avoid Overspending

Now that Thanksgiving is over, it’s time to shift mental gears to the impending holiday shopping season. With so many deals before the holidays arrive, it is incredibly easy to go spend crazy.

But, what if you have financial goals like saving money or making a major purchase, you know, like buying a home, in the next year or so? What can you do to prevent yourself from splurging for the next month?

Here are five tips to avoid overspending during the holidays:

Set a Budget

When it comes to spending during the holiday season, you should know exactly how much money you feel comfortable parting ways with. But, you’re not done budgeting once you determine that amount. Consider your spending sources during this season. Of course, buying gifts has a major impact on your budget, but so do traveling and other holiday activities. Try to divide your budget accordingly, so you don’t overspend on something you could have avoided.

 

Vow to Use Cash

In this season of spending, it is so easy to swipe and go once you wait out those long lines and get to the checkout. Instead of carelessly swiping a credit card, withdraw the amount you plan to spend during the holidays and only spend cash when you’re making purchases. This way, you’ll immediately know when you go over your set limit.

 

Don’t Track Santa, Track your Spending

Can’t bring yourself to spend cash on all of your purchases this year? No problem. Just meticulously track what you’re spending. After every shopping trip, tally up your spending and separate it into the appropriate category. Seeing what you are spending is sure to help you from going overboard during this season.

 

Check Your List (and Take Yourself Off)

Even when you’re following your holiday budget perfectly, it is easy to get sidetracked into spending on some extra items. In a lot of cases, those items can be gifts for yourself! As you’re picking up gifts and you see that festive sweater or BOGO deal on kitchen pans, it is hard to resist the urge to stock up. Try to keep in mind that it is better to give than to receive. So, stop giving yourself gifts this season and you’ll receive peace of mind that you’re hitting your budgeting goals!

 

Don’t Fall into Retail Traps

With so many sales going on at once during the holiday season, it can be difficult to determine what even constitutes a “deal.” Know what products you are planning to buy and try to check their retail prices ahead of time. This way, you will know if a retailer has marked up prices in order to give you that discount you just can’t resist!

Kick off this holiday season by vowing not to overspend! Put these five tips to work for you and your holiday budget.

This post is sponsored by PA Preferred Mortgage:

Pennsylvania Preferred Mortgage is a full-service mortgage banker and is a member of the Prosperity Home Mortgage, LLC family. Specializing in residential and refinance loans, Pennsylvania Preferred Mortgage offers a wide range of mortgage products, including fixed and adjustable rate mortgages, jumbo loans, Federal Housing Administration (FHA) and Veterans Affairs (VA) loans, and renovation financing. Learn more at www.papreferredmortgage.com.