5 Spending Tips for a Stress-Free Holiday

The holidays are officially here and so is the financial burden of entertaining, shopping, gift-giving, and traveling. Keep this time of year stress-free by checking in with your budget. Get back on track with your spending this season with the help of our favorite holiday budgeting tips.

1. Set a budget and make a spending plan

Start by determining a realistic idea of how much you can spend this holiday season. Try to take a look at your spending habits in the previous years. Total up how much you typically spend on gifts, hosting and entertainment, and travel. By understanding where you went overboard in previous years, you'll gain a sense of where to be more cautious this year. Always shop with a list, too. Make a list of gift recipients and decide how much you want to spend on each person. By doing this, you'll be less likely to overspend on the wrong person. Although it's tough, prioritizing who you're spending on is an important way to stay on track.

2. Use credit judiciously

If you're shopping last minute, take cash out with you instead of your credit cards and hang on to your receipts. It's easier to keep track of your spending this way and with only cash, you'll be more inclined to stick to your budget. If you must rely on credit cards, try and take no more than one or two low-interest rate cards with you. Keep in mind that department store credit cards tend to be more expensive than others and avoid if possible.

3. Embrace alternative payment options

The holidays are our favorite time of year because Perpay provides you with a reasonable and responsible way to complete your holiday shipping. Rather than accumulating debt, dealing with interest rates, and worrying about payment deadlines, you can pay for your purchases over time with small, manageable, and automatic payments. Finally, you can keep track of your payments and make sure you're staying on budget by simply logging into your account.

4. Keep track of your spending

Monitor all of your holiday spending, from the large expenses like travel arrangements and big gifts to small purchases like wrapping paper and stocking stuffers. They add up! The receipts will come in handy here. Keep a spreadsheet or list of all expenses. By logging your expenses and checking in with your budget, you'll be more likely to stay on track.

5. Avoid Last Minute Shopping

Don't wait until Christmas eve to do all of your shopping. Give yourself time to find the best deal and best payment method. Last minute shopping almost always leads to overspending.

Remember, financial wellness is a way of life built on healthy spending habits, such as these. By rethinking your holiday spending habits now, you’ll have more time to focus on what is most important this holiday season, like spending time with loved ones and enjoying your favorite traditions!