10 Budget Tips for the Holidays - Refresh Financial

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10 Budget Tips for the Holidays

It’s that season again – but calm down – your financial situation doesn’t have to freeze over like that pond-turned-ice-skating-rink in your backyard. If you've been working hard to better your finances and build your credit score, now is the perfect time to prove to yourself that you’ve got this when it comes to your finances. Give your poor bank account a moment to relax with these 10 budget tips for the holidays and find out what it really means to be merry! 

  1.    Suggest Secret Santa to your family this year

Why must you buy for every single member of your family, anyway? If you can get away with it, suggest a money-saving arrangement for everyone: Secret Santa!

  1.    Set a budget per loved one

If the Secret Santa suggestion doesn’t stick, be sure to set a numeric budget to spend on each loved one. This should help to keep your budget in-check while suggestively guiding your purchase decisions per family member and friend. Put it in writing!

  1.    Avoid signing up for department store credit cards

An extra 15% discount sounds enticing, doesn’t it? Well, DON’T FALL FOR IT! It’s the season to be merry, not to go into even further credit card debt, so when the cashier asks you “Would you like–” simply say “No, thanks.”

  1.    Go debit, not credit

You're better off foregoing your credit card altogether when you’re headed for the mall during the holidays. Leave your credit card at home, and instead rely on your debit card or cold hard cash to get you through the holidays financially unscathed.

  1.    Start shopping now

One of the best budget tips for the holidays that’s surprisingly underutilized? Not waiting until last minute to hit the mall. By commencing your holiday shopping now rather than later, you’ll feel less stressed and will therefore be less likely to overspend.

  1.    Shop pre-holiday sales

Another benefit of shopping now is that you might actually be able to get your paws on some pre-holiday sales! This year especially, retailers are trying to get you to spend more with their pre-season sales. As always, buy only what your budget allows for. Don't be tempted by things you don't need. 

  1.    Compare online

Particularly if you’re looking at making a sizable investment into a gift, be sure to do your research online before you splurge in-store due to your unmanageable excitement. You’d be surprised at the deals you can find online!

  1.  Use coupons and discount codes

Okay, coupons might be for nerds, but there’s never been a more beneficial time to pull out your inner geek. Plus, online discount codes are sometimes just a Google search away.

  1.  Get to baking and making

If you’re totally broke this season, don’t worry. Just get resourceful and do whatever it is that you’re best at. Whether it’s DIY pop-up cards or delicious treats your family can’t resist, get the job done with your love, sweat, and (happy) tears.

  1. Get in on communal gift-giving

A “from all of us” gift is one of those budget tips that will easily go unnoticed. You get to save money while your family member still gets to feel loved. It’s a win-win, really – unless we’re talking about your significant other...

As you can see, the holidays are not synonymous with sending yourself into early bankruptcy. Implement these holiday budget tips to finally realize what this season is meant for: being merry!

Are you worried about your credit score? Do you wish you could build your score so that you are not paying high interest rates in the future? Check out Refresh Financial's credit building program. No money required upfront, build a nest egg of savings over the program, and cancel at any time! Learn more about our credit building solutions!

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