Here are 4 surefire ways to manage your holiday spending

Dec 20, 2021

After toughing it out this year, most people simple want to celebrate in a grand way, and splurge. There are ways, though, to enjoy holiday shopping, reward oneself, and celebrate Christmas and the new year with family & friends without breaking the bank. Think budget holidays, so that you do not end up financially gasping when all the yuletide tinsel and hoopla are gone.  

Here are surefire ways to manage your holiday spending:

First, plan out everything to efficiently allocate your holiday money. Planning lets you veer away from mindless purchasing and giving. When drawing up a list of activities, people you will be giving presents to, and things you will need, you can better adhere to a set budget. Derive inspiration from Santa himself, who always makes sure he has a list and checks it twice.

Whether it is for your kids or adult family members and friends, opt for practical gifts – those that they could really use. Include a timetable in your plan, like when you will be taking advantage of special deals (without overdoing the deal-grabbing). If you think you can save a bundle by customizing e-cards rather than purchasing traditional ones or having yuletide greeting cards printed, set aside time to use the best free sites offering them. This pandemic era, one thing lots of people get to save on is holiday partying. An increasing number of people opt for a virtual party celebration, something that requires some planning.  

Second, get some budget help through apps or hacks. While it is understandable that most people you may encounter these days are ready to lay out a table groaning with food, drink, games, and presents, in keeping with tradition, it need not mean overspending or sinking into deep debt. When it comes to gift-giving, resourceful people often end up saving a lot.  One way budget-conscious people get to stretch their holiday shopping funds or show the makings of being a holiday finance whiz is by re-purposing value gift packs into a variety of practical gifts.  Others use earned loyalty points – whether for their smartphone usage or through frequent shopping that enables them to build up points — to purchase presents for loved ones.  The trick is to ask yourself, “what can help you meet your budget while shopping for important items?

Third, choose wisely when thinking of availing of some holiday financing. You may have waited many months to be able to enjoy Christmas holidays spending, but things do not always go as planned. Unfortunate events may happen – an immediate family member may become seriously ill, requiring you to use your entire savings, or an accident may happen, necessitating putting off that long-awaited cruise, home renovation, or planned purchases. When it appears like taking a loan will help you a great deal, check out and compare interest rates first. Consider also alternative financing, which may far less of a hassle than taking out a loan from a bank.  A  good example is an peer-to-peer funding platform like BlendPH.


Fourth, a successful to fully understand the myriad benefits of budget holidays is by seeing it from another person’s perspective – someone whom you trust, like an older family member such as a parent or sibling, or a friend who can serve as your “budget buddy” – one who can give you a financial reality check and offer sound advice. Having a budget buddy’s constant encouragement and support can help inch you closer to making sound financial decisions and on track with holiday spending. A budget buddy may even inspire you to build a stream of passive income, which would keep on growing even as you sleep. Do your own homework, nonetheless.

Indeed, getting into the holiday spirit need not mean throwing all caution to the wind and going overboard with holiday shopping. It is high time you rethink your priorities, adjust the scale of your holiday celebration, and nip out of control spending in the bud. Get the budget help you need now and prevent a whole lot of headaches down the line.