Holiday overspending can create stress and anxiety that lasts well beyond the turkey leftovers. With the holidays rapidly approaching, Foundation Financial Group offers holiday budgeting tips to help people avoid the buyer’s remorse that often hits during the holidays.
“Overspending on the holidays can become a snowball effect,” said Tanya Mauro, Foundation Financial’s CFO in a press release. “You max out your credit cards, struggle to meet the minimum monthly payments, and spend the whole next year haunted by the real ghost of Christmas past: holiday debt.”
Mental Health America conducted a survey that identified the most common holiday stressors in 2006, and the findings have been widely agreed upon since then. Financial stress is reported as the number one source of holiday stress, and parents are the most financially stressed-out group. Reducing financial stress during the holidays is one way to make the holidays more enjoyable for everyone.
The best way to beat the bank account blues is to set a holiday budget and stick to it. Planning your gift, meal, and decoration expenses ahead of time will help you avoid impulse shopping, which is a notorious budget killer. Early and practical preparation will make a big difference, Mauro says.
Make a list of every person you intend to give a gift to and brainstorm gift ideas. If your list is too big for your budget, consider which people on your list will appreciate thoughtful gifts like holiday cookies or homemade decor. Use websites like Pinterest to find delicious recipes, easy crafts, and other creative gifts.
“Remember, the holidays should be a wonderful time of year to spend with family and friends, not stressful because you are spending too much money,” said Mauro, who says she gives homemade gifts to many loved ones.
On Black Friday (Nov. 29 this year), deals are notorious for luring shoppers on a bargain hunt that quickly escalates into chaos. Before you leave the house, make a schedule of the stores you will visit. Note the items you are looking for and a maximum amount for each item. Research prices online before hitting the stores and if credit card limits make overspending too easy, leave the plastic at home and use cash to force yourself to stick to the budget.
ILScorp knows how difficult budgeting for the holidays can be. We’ll be announcing our own series of December discounts on some of our most popular insurance training and licensing programs tomorrow. Check back at ILScorp.com Friday and learn how you can save and still get the insurance training you need this holiday season.
