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7 Ways To Avoid Overspending This Christmas

7 Ways To Avoid Overspending This Christmas

According to researchers, the average Canadian will spend $766 on holiday gifts yet only 29% of people follow a budget. 

In order to avoid spending too much this holiday season, we’ve prepared a few handy tips to keep you from overtaxing your wallet while still being able to provide thoughtful gifts for the important people in your life.

Split the More Expensive Gifts

It’s normal to want to celebrate your love for the important people in your life such as your parents with a generous gift. Perhaps you want to fund a get-away cruise to a Caribbean destination or a lovely three-day trip to a boutique bed and breakfast.

But instead of paying for everything yourself, a much better idea is to ask family members to chip in on the cost. Not only will this allow everyone to surprise the recipient with a magnanimous and thoughtful gift, it will also help you to keep costs down on pricier demonstrations of generosity.

Control Impulse Shopping

Whether it’s strolling through the local shopping centre or browsing online retailers for gift ideas, you’re going to see some really great deals. But instead of giving in to that impulse buy, take note of the location, price, and details and give yourself 24 hours to “sleep on it” before making the purchase.

Merchants know that the Christmas season is the best time to advertise special deals, so keep in mind that you’re going to be flooded with tempting offers. No matter how great that deal looks, it’s better to “lose” it by waiting 24 hours than to make an impulse purchase that you’ll later regret.

Ways Avoid Overspending Christmas Money ImagePay Cash

A piece of advice that stands the test of time, paying cash is one way to ensure that you’ll keep your spending under control. Unlike when you swipe a card or click on a button, spending cash feels more “real” somehow and will help keep you from making an ill-advised purchase or buying a gift you can’t really afford.

Best of all, paying cash ensures that you won’t be on the hook for fees, debt, and interest payments months later down the road. 

Make Your Own Gifts

Even if you don’t have a DIY or “crafty” bone in your body, it’s really easy to find great ideas for gifts that you can make yourself. Anyone can make a homemade snow globe, delicious holiday food treat, jewellery box, homemade body scrub, or a super cool DIY fort kit for children.

Charity Shops

Non-profit organizations such as Goodwill operate thrift stores all across the Edmonton area. Not only do they sell beautiful, unique, and vintage items at a lower cost than you’ll find anywhere else, but your purchases will also go towards a good cause.

Other thrift shops in Edmonton include the Salvation Army, a Funding Hope shop, and the Edmonton Emergency Relief Services store on 104th Street.

Make a Written List

Instead of making impulse buys online at 3:00 AM or dashing through the mall the week before Christmas in a frantic scramble to find a gift for everyone important in your life, a much better idea is to sit down ahead of time and write out a list.

First, start by writing out everyone for whom you need to buy a gift. Then select a budget range for each person. Later, as you buy each gift, you can cross off their name from the list. 

Set a Family Budget

Sometimes, competition within a family leads to a lot of overspending. Instead of each family member vying to see who can impress a recipient with the best gift, set a firm family budget ahead of time. This will ensure that your total spending remains under control.

By following these seven simple steps, it’s really easy to keep your Christmas spending from spiralling out of control. You’ll still be able to find lots of great and thoughtful gifts, but you won’t have to worry about scary credit card statements or big debts to pay off after New Years.

 

Photo credits: santa pig, money

About The Author

Casey C.

#YEG Lifer. Love My City. Go Oilers!

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