5 Tips to Save During the Holidays

The holidays have arrived. Red cups are back and nearly all the stores are already filled with holiday-related swag.  Although my partner and I love celebrating with our family and friends and keeping things minimalist, maintaining my debt plan isn’t easy around the holidays. There’s so much pressure to spend and from my own perspective, I want to be generous.

But I’m so close to paying off my debt, so I want to keep my spending in check, while still spending some money to go see family and spend time with them. I spoke with the people at Canterbury Law Group and they suggest treating your holiday spending like a business (remember YOU are the boss).

So this holiday season, my plan is to stay on track and keep things frugal during the most expensive season of the year.  I created these five tips with some expert advice from the bankruptcy attorneys in Scottsdale.

1. Strategize. Begin by creating a holiday spending plan. Decide how much you can afford to spend this season, including gifts, travel, parties, decorations, and any other holiday expenses. Make a shopping list with who you want to purchase gifts for. Determine how much you’ll earn between now and the holidays and decide how much you’ll need to set aside each paycheck to save the amount you will need.

1. Track your spending. If you realize you don’t need to spend as much as you planned in some categories, move the extra funds to your savings. Or even better, pay off debt!

1. Shop without your credit cards.  Yes, leave them at home unless you know you need them for a specific purchase and you already have a specific plan to repay the debt. You don’t want to accrue debt during the holidays, right? That is NOT the holiday spirit, my friend.

1. Shop smart. Shop online first so you can price compare multiple retail locations.  It’s also wise to ignore most of those “big” sales.  In reality, deals such as “Buy 2, Get 1 Free” often leave you spending more and acquiring items that you don’t need. Remember, a sale is NOT an excuse to spend.

1. Avoid purchasing on impulse. Instead, make a note of the product, where you saw it and how much it was. Only buy things on your list!

I’d love to hear from you! How are you saving money this holiday season?

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Melanie

Melanie Lockert is the founder of the blog and author of the book, Dear Debt. Through her blog, she chronicled her journey out of $81,000 in student loan debt. She is also the co-founder of the Lola Retreat, which helps bold women face their fears, own their dreams and figure out a plan to be in control of their finances. She is passionate about empowering women, helping others get out of debt, and focuses on the intersection of debt and mental health. Every September she organizes a Suicide Prevention Awareness Blog Tour, to help share resources for those struggling with debt and suicide. In addition to her love of personal finance, art and music, she is also a karaoke master and a cat mom to Miles and Thelonious.

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