It's officially the most wonderful time of the year! However, as wonderful as the holiday season is, it can bring about many expenses that can cause you to bust your budget. If you need help saving on holiday gifts, travel, and meals, check out this recent segment of Living Local Carolina Financial Friday, where I share a few of my holiday saving tips.
Saving on Holiday Gifts
Overspending on holiday gifts is easy to do if you're not prepared. A great way to avoid busting your budget is to make a list. You may already make a Christmas list of the gifts you'd like to receive; similarly, make a list of the gifts you'd like to give. Write down the name of each person you'd like to give a gift to and the amount in which you'd like to spend on them; if possible, try to think of a few good gift ideas before you even go to the store. By doing this, you'll avoid browsing the stores mindlessly and overspending.
Saving on Holiday Travel
There's no better way to spend the holidays than surrounded by loved ones, which is why it's essential to plan ahead for your holiday travel. Otherwise, you'll end up paying marked-up airfare prices. Consider using travel-saving apps or reward air miles on your holiday trips to offset the higher travel costs.
Saving on the Holiday Meal
It just wouldn't be the holidays without a lavish meal. However, buying all of the ingredients for a holiday feast can get expensive quickly. To help cut the cost of your holiday meal, turn it into a potluck. If you make the turkey or ham, have your guests bring their favorite side dish. Not only does this take some of the financial burdens off of the host, but it allows everyone to show off their cooking skills.
I hope these tips come in handy while trying to manage your budget this holiday season. And although it's a little too late to plan ahead for the holidays this year, it's not too early to start planning for next year. If you're looking for a good holiday savings option, check out Carolina Trust Christmas Club Savings Account. Happy Holidays and Happy Savings!