Enjoy Your Holidays Without Overspending at Christmas
Updated 10/19/2023 This post may contain affiliate links.
How wonderful would the holiday season be knowing you were able to complete your shopping without overspending at Christmas?
With the high costs of groceries and gas prices, money is a little tight for everyone this year. Which makes it even more important to spend wisely this Christmas season without going into debt.
With a little planning and conscience spending, you can still have an amazing holiday season without the overspending at Christmas and having a Holiday Money Hangover.
What is the Holiday Money Hangover?
A Holiday Money Hangover is simply overspending at Christmas just to feel the financial strain later in January when you receive the credit card bill.
Christmastime should be a blessing and an opportunity to spend time with loved ones and to give within your means. Racking up debt to purchase Christmas gifts is not a blessing. It only causes more stress later.
Tips to Avoid Overspending at Christmas
Here are 6 ways you can avoid overspending at Christmas and the holiday money hangover!
1. Stop Using the Credit Card
Like I mentioned above, the biggest reason why Christmas spending flows into the New Year is because of the use of credit cards.
I can understand why it is tempting to use credit cards for Christmas gifts. You want to purchase gifts for your family but may not have the cash at the moment.
But “remember the reason for the season” as some say. It’s not about buying tons of gifts, especially if you are going to be financially stressed 3 months later as the credit card bills roll in.
The rest of the tips on how to avoid overspending at Christmas will help you purchase gifts without using credit cards.
2. Make a Budget
Not only should you have a monthly zero-based budget in place but it is also a good idea to make a Christmas budget.
Decide ahead of time how much money you are going to spend on gifts, decorations, entertainment, food, etc. Track your spending as you are shopping so you know that you are spending within your budget.
Staying on budget and tracking your spending is simple to do with my new Christmas Planner!
3. Don’t Fall for the Marketing
I’m all about finding good deals to save money but don’t fall for the marketing if you didn’t intend to purchase that item anyway.
You don’t really need a 50 inch flat screen TV during Black Friday “just because it was a good deal” if you already have a working TV. (Sorry, not sorry.)
4. Earn Extra Cash
If your Christmas budget is tight and you’re short on cash, look for opportunities to earn some extra cash.
Personally, I want to declutter more than ever right before the holidays because I know more stuff is coming into the house. Take this time to sell some stuff to make room for the new Christmas gifts. Facebook Marketplace is an easy way to sell some stuff locally.
Besides selling stuff, you can also do some part-time work. Retail stores will be hiring extra help this season if you have the time to put into it.
Check out this article by Ramsey Solutions for more ideas on how to earn extra cash that will fit your time and your talents: 27 Side Hustle Ideas to Earn Extra Cash.
5. Use Rebate Apps
One way to save some money when you’re shopping online is to use rebate apps like Rakuten. After you sign up with Rakuten you can use the app or install the web extension on your browser.
I like to use my web browser. Once you install the web browser extension, Rakuten will send you a pop up window if they have a relationship with that store.
For example, if you’re shopping at OldNavy.com, the Rakuten window will pop up with a button that says “Activate 2% Cash Back”. Rakuten will track your cash back and send you money via check or Paypal.
New to Rakuten? Sign up with my referral code and start earning cash now!
6. Release the Guilt
I think it’s easy to overspend on gifts when we start comparing ourselves to others. If we expect to receive a gift from someone then we might feel we have to match the value or price tag of that gift for them.
Gift giving should not have any guilt attached to it!
Release the guilt! You can still come up with a thoughtful gift that is within your budget!
Make a List, Check it Twice
Santa isn’t the only one that needs to make a list and check it twice. If you track your holiday spending and find ways to stretch that dollar, I’m sure you can avoid overspending at Christmas this season.
The Festive Lights Christmas Planner helps you keep all your lists in once place!
Related Articles
Make a Budget: 5 Simple Steps to Get Started
How to Quickly Save $1,000 for an Emergency Fund (same tips apply for your Christmas Fund!)
