September 6, 2021

The 3 Best Tips to Keep Your Holiday Spending in Check

The holidays are synonymous with family, gifts, and joy. Not debt, even Santa doesn't like debt. Here are the best 3 tips to keep your holiday spending in check. 

6 min read

Qoins Staff

@qoinsapp

How would it feel to begin the new year with zero regrets on how much you spent over the holidays? Last year, for example, the average American added over $1,300 in consumer debt just over the holidays. Here are the best 3 tips to keep your holiday spending in check. 

Shop early

Getting an early jump on your holiday shopping gives you some extra time to search for buying opportunities at a discount. For example, this month you have Black Friday and Cyber Monday to take advantage of some much-needed savings on gifts you already know you will need to buy! Starting earlier will leave you with plenty of time for comparing prices so that you can truly find the best deals. 

An additional benefit to paying for some of your gifts now is that you can avoid having to pull out the credit cards in December if you begin to run short on cash. Planning, like most things in the personal finance world, simply makes it easier to budget. 


Make a budget

To begin your holiday spending, the best way to avoid overspending, and taking on additional debt is to come up with a budget. A budget that you can afford to spend without taking on additional debt, this number is actually quite simple to come up with, but the challenge here will be to remain disciplined enough to not overspend. Sit down and do some calculating to see how much you can afford to spend on holiday gifts and travel. Be purposeful with where you are allocating money, and if you’ve gotten a head start on budgeting with a sinking fund than you’re well prepared. If you haven’t begun a sinking fund, then next year is a great place to start. Imagine having a sinking fund fully built with all of the funds needed for holiday gifts before summer even starts. This is how planning takes the stress out of personal finance. Pssst, you can start a sinking fund in the Qoins app today. 

One thing to mention here is that your loved ones will not love you any less if you’ve budgeted your spending over the holidays vs. racking up thousands of dollars in credit card debt. If you were to ask them, we’re sure it would mean more to them to know that you didn’t have to overextend yourself to gift them a gift. 

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Limit your gift list

Purchasing gifts for too many friends and family members is the fastest way to break your holiday budget. If you’re celebrating with a friend group, opt for a secret Santa gift-giving celebration this year. Now, you’ll only be buying one gift rather than one for everyone. And this is typically much more fun and enjoyable as well! Additionally, if you’re visiting your significant other’s family over the holidays, think of working together to contribute towards a gift. Simple hacks like this will ensure that your holidays will still be special and full of joy, rather than debt. No one likes debt, even Santa.

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