Holiday gift-giving without over-spending

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The holiday season is frequently a joyful time spent with family and friends, however it is also a costly time of year. Between purchasing gifts, food, and attending gatherings, you may find your budget has been stressed, potentially leading to consumer debt come the new year. But, with a little planning, you can celebrate the holiday season without breaking the bank.

Decide on a Gift Budget

Over the next few weeks, look at your finances and decide on a budget. Break the budget into different categories: gifts, food, holiday events, and any other categories that are necessary for you and your family. You may wish to live on a tighter personal budget during this time in order to maximize the amount you have in each of these areas.

Once you’ve made your budget, stick to it by tracking your spending. One great way to remain organized while saving is to set up a Cambrian savings account specifically for holiday spending. It is easy to give your savings accounts customized names in CambrianOnline. Simply log in on a desktop computer, click “Account Services”, and then click “Custom Names” on the left hand side. Here you can give any of your accounts a customized name, making it easy to keep your savings accounts organized.

Limit Gift-Giving or Make Home-Made Gifts

Plenty of people are wanting to stick to a budget during the holiday season. Have budget-minded friends or family? Consider doing a Secret Santa, which will limit the number of gifts you need to buy, helping everyone to save some money.

Alternatively, if you’re crafty, you can make a gift for your loved ones. Knitted sweaters, paintings, and homemade jewelry are thoughtful, and personal gifts that can be less expensive than things bought at a store or online. 

Be Mindful of Personal Spending

During this time of year you’re frequently shopping more than you would during other times of the year. While purchasing gifts for others, resist the urge to buy something for yourself. Adding an extra “gift” to your shopping cart may seem minimal, but it can add up quickly. Consider waiting until January to make any personal purchases – you may receive gift cards you can use, or there might be sales you can take advantage of.