With the holiday season ringing in, there is fun, frolic, and just so much enthusiasm in the air! While merry making is bound to be the theme of the season, it carries with it its own set of financial potholes to watch out for. The demanded shopping errands, the personal and professional gifting norms, as well as the family gateways – all come with a price that, though seemingly little, often pile up to burn a huge hole in your pockets at the end. To protect your bank balance from slipping beyond the limits you may like, we have curated a list of pointers that can help avoid the anticipated overspending for the holiday season:
Have a well-defined budget
Although the family get-togethers and thrilling parties are bound to overwhelm you, they often get you spending beyond control. To prevent yourself from a financial blunder, start off with a well- defined budget for the holiday period. You can outline an overall spending limit and further break that into heads/sub-heads as per your specifications, defining an upper limit for each such category. While you pen down this budget, make sure you have equal needs in place to help you implement the same.
Contemplate, Compare, and Curb
If you plan to spend the days off in a town or country other than your own, it is best to keep three keywords in mind: Contemplate, Compare, and Curb. Firstly, you must contemplate your holiday travels well in advance to bag a good deal within your budget. Secondly, you must vouch for a quick comparative analysis that encompasses destinations, routes, means of travel, and lodging and dining alternatives. Websites, such as makemytrip.com and trivago.in, help you discover hotels within your budget with all the available discounted fares. Lastly, curb unnecessary expenses on the trip as far as possible. This can mean anything from eating at largely lavish restaurants to shopping for souvenirs beyond requirements.
Choose wiser payment options
While those long shopping lists can make you want to guiltlessly swipe the credit cards, it is sure to haunt you back at the end of the month with an equally long bill. To keep a tab on the money that goes out, make sure you pay the bills by debit card instead. Not only will this help you save the substantial interest you pay on credit, but it also protects you from spending more than you can afford to. Furthermore, avoid using credit cards at all costs if you do not expect strong cash flows to counter the bill before the due date.
Consider cheaper travel modes
If traveling out of town, it is wise to plan and book tickets in advance to avoid unnecessary hassles at the last moment. While all of us would want to cut out the long travel time and opt for air travel, considering the otherwise mandatory expenses that the holiday entails, it is best to travel via trains, and especially so if it’s only an overnight journey. Similarly, for smaller distances, you can also opt for steady bus services and Volvos.
Please your loved ones with homemade gifts
Not only do the holiday gifting trinkets come with an unnecessarily heavy price tag, but they are also often not customizable to your liking. Instead of gifting your loved ones formal, lackluster gifts, attempt to make easy mementos at home, such as handmade chocolates and cards. Apart from the praise they will garner from your dear ones, they are also bound to save you a substantial sum of money.
With these simple tips, you can certainly curb the otherwise solicited overspending for the holiday season, thus making sure that the festivities only bring in abundance and prosperity instead of making you rant out on your finances. After all, safe and secure spending is any day better than a sorry overspent state at the end!