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Financially Fit

Spending Smart for the Holidays


The holiday season is upon us! And with that comes the inevitability of holiday spending. Buying gifts for friends and family is fun but, if you’re not spending smart, you can put a big dent in your pocketbook by the end of the season. So how do you spend smart? Take a look at some of the suggestions we have below for how you can spend responsibly this holiday season.

1. Start with a budget.

No matter the financial topic, when you discuss “smart spending” you must start with creating a budget. Creating a budget helps you set parameters for yourself and will help you alleviate impulse spending. Put away a set amount of money you are willing to spend and operate all your spending through that fixed budget.

2. Don’t rely on credit card spending.

This goes hand in hand with setting a budget, because it is very easy to fall victim to impulse spending when you’re doing your primary holiday spending on a credit card. In the moment, it doesn’t feel like you’re being hit by the financial downfalls of your holiday spending, but once you get to the point of your monthly credit card payment you may be surprised by how much you owe. Spend responsibly!

3. Suggest a White Elephant Gift Exchange or Secret Santa.

Between friends and family, you have a lot of people you feel like you need to buy presents for, but how about recommending a White Elephant Gift Exchange or Secret Santa to your loved ones? This has become an increasingly common alternative and allows for you to spend a set amount on one person as opposed to multiple people. If this type of gift exchange seems appropriate, it is worth considering!

4. Avoid Buy Now, Pay Later deals

Similar to credit, Buy Now, Pay Later deals need to be handled very carefully! When you are able, it is recommended that you pay for everything up front. As it would be easy to forget about payments and in turn hurt your credit score. If you do decide to go this route, please make sure to set up automatic payments!

Do you have any holiday smart spending tricks you use? If so, let us know! We always like to hear what strategies our members find useful. Happy (smart) spending!

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