Ah, the holidays. We get to spend time with family and friends, eat delicious food, check out all the festive decorations, and ring in the new year. But the season can also be a drain on your wallet.
Make sure you get a head start on your holiday planning and check out these holiday spending tips to help keep your head above water!
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1. Make a List of Your Holiday Expenses
Budgeting is important for managing your expenses in general...and the holiday season is no exception! Create a list of anticipated expenses such as gifts, travel costs, restaurant bills, wrapping paper, decorations, groceries, and more. Making a list of your expected holiday expenses is a game-changer when it comes to staying on budget!
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2. Adjust Your Budget
After making your list, determine how much money you'd like to assign to each category. Think about putting money aside throughout the year and keep an eye out for sales. You can find extra spending money by shifting disposable income from other areas. If you don't already have a budget in place, don't worry! At Coastal, we have all the budgeting tools you need to get started with creating a budget that aligns with your life and your financial goals.
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3. Take Advantage of Rewards
If you've been earning cash back on your purchases throughout the year, you could have some extra money on your credit card statement come December. You can also hold on to your credit card reward points and wait to use them at the start of the season.
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4. Treat Your Credit Card Like a Debit Card
It can be easy to overspend and build up debt during the holidays, so it's best to steer clear of paying for last season's gifts in the new year. Try to treat your credit card like a debit card. Keep the balance at zero!
Our Calculators Can Help You Plan
Whatever financial decisions you're weighing for the upcoming holidays, Coastal can help. With our financial calculators you can create a strategy to help you make decisions about how to best spend and save your money.
Try Our How Much Am I Spending Calculator