9 Tips for Navigating Your Finances During the Holiday Season

Many people take on debt during the holiday season. They prioritize decorating, gift-giving, traveling, and hosting parties over staying on track with their financial goals.

Fortunately, navigating your finances during the holiday season can help you celebrate without taking on additional debt. The following nine strategies can help.

1. Develop a Gift List

Determine which family, friends, and service providers will receive holiday gifts. Then, write down each name with a dollar figure. Setting financial limits helps track your holiday spending.

2. Save for Expensive Presents

Put aside money for big-ticket items. Avoid using your savings account or emergency fund, or adding to your debt load.

3. Shop Early

Start your holiday shopping as early as possible. Waiting until the last minute contributes to overspending and increased financial stress.

4. Check Gift Prices Online

Research where you can purchase each gift for the lowest price. Look for stores near you that have price-matching policies to limit the distance you have to travel to pick up the items.

5. Look for Sales

Black Friday and Cyber Monday are not the only days for substantial discounts. Shopping for everyday sales can offer significant markdowns to maximize your holiday budget.

6. Purchase Last Year’s Electronics

Many people don’t prioritize the latest and greatest features on mobile phones, laptops, and other electronics. Gifting an older version of a still-popular device can save you a substantial amount of money on a high-quality present.

7. Research Shipping Costs

Purchasing items online with free shipping can be cheaper than buying them in-store. Look for retailers that offer shipping coupons, free shipping days, and zero delivery or service fees.

8. Make Your Holiday Gifts

Homemade presents create memories while saving money. Photos for grandparents and cookies for teachers are valued treasures.

9. Monitor Your Spending

Use a spreadsheet or budgeting app to track your holiday spending:

• Review your account statements.

• Pay your bills on time.

• Use online banking to monitor your accounts.

If you use a credit card to purchase gifts, choose one that offers cash back, travel points, or other rewards. Since you are spending money, you should receive retail discounts, travel deals, or other rewards in return.

*This information is for educational purposes only.