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How can I prevent overspending during the holidays?

Do you spend too much money over the holidays? If so, you’re not alone. Many people find themselves overspending on gifts, food, and entertainment this time of year. Fortunately, there are steps you can take to prepare for the next holiday season right now, as explained by U.S. News & World Report.

Plan ahead

It’s never too early to get a jump on holiday budgeting. Instead of purchasing gifts a month or two before, consider spreading your shopping out all year long. That way you’ll have more time to look for deals and discounts, which isn’t possible if you wait until the last minute. Also, when using credit to purchase gifts makes sure you have a plan in place to repay it. For instance, paying off your credit card bill in full each month is a great way to reduce interest.

Track spending

Keeping track of spending is a very useful budgeting tool. Most people spend more than they think, especially during the holidays. Keeping and tallying receipts will provide you with a clear perspective on holiday costs, as well as identify any areas where you could be cutting back. Make sure you track all types of spending, including costs for meal preparation, postage and shipping, and any travel expenses you incur.

Don’t feel guilty about price

Don’t feel bad if you end up spending less on loved ones than you wanted. The price of a gift isn’t what gives it meaning, especially when it comes to friends and family. Stick with your budget and look for gifts that will add value to the lives of the people you care about. Don’t feel pressured to spend more on those closet to you, as this will derail your budget and quickly add on unneeded stress.


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