How to Avoid Overspending During the Holidays

8 December 2021
Category: Uncategorized
8 December 2021, Comments: Comments Off on How to Avoid Overspending During the Holidays

The holiday season may be the most wonderful time of year but it’s also the most expensive. Between gifts, decorations, food, travel and other expenses, it’s easy for holiday spending to get out of control. By creating a plan for your holiday expenses, you can reduce financial stress and embrace the holiday spirit in a financially responsible way. Let’s talk about ways you can avoid overspending this holiday season.

Create a realistic holiday budget

Holiday budgeting is a way to set limits on your purchases and still enjoy the season. It’s important to be realistic and create a budget you’ll actually stick to. Start by subtracting your typical monthly expenses like housing, utilities and subscriptions, and then figure out what you have available to spend on gifts. Once you decide on a limit, stick to that, and don’t give in to temptation.

Make a list and check it twice

If you love gift-giving, then you probably have a long list of people you want to buy gifts for. We know it’s hard but try cutting down that list to just immediate family members, and let Santa take care of the rest! Once you have your final list, check it twice, and stick to it.

Draw names for gift giving

If you have a big family, see what they think about drawing names instead of everyone buying for the whole group. This way, you can focus on a few people, and you’ll have more room in your budget to give them the perfect gift.

Use credit cards wisely

It’s easy to shop ‘till you drop during the holidays, especially with a credit card. If your only option is to put it on a credit card, then you can’t afford it, so don’t buy it! You don’t want to ring in a new year with a stack of credit card bills you can’t pay.

Gift a future experience

Forget the material gifts. Give them something to look forward to! Gifting an experience is a great way to make memories with loved ones. Invite family members from out of town to stay at your house for a weekend or make your own coupon book with different outings they can cash in during the year ahead.

Provide personalized gifts

You don’t have to spend a fortune to get a nice gift. Personalized gifts can be super affordable, and it’s something they will appreciate and have forever. If you’re not sure where to look, Etsy is a great site for personalized gifts, and there are plenty of affordable options.

Collect coupons and codes

This time of year means your physical and digital mailboxes will be filled with coupons, discount codes, and more from your favorite stores. Keep an eye out for emails and flyers so you can take advantage of these deals.

Pay with points

If you’ve built up points on your LCU VISA rewards card, now is the time to maximize your credit card cash back! You can cash some or all of them for gifts, parties, and other seasonal expenses. This is a great way to boost your holiday budget.


If you need help developing a budget for holiday shopping, contact us! Our financial experts are ready to help.





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