Follow These Three Tips to Avoid a Financial Hangover Heading into 2018

Even though the holiday season is the time when a lot of store sales take place, you should not give yourself an excuse to spend more than you can afford. Good planning is the key to avoid overspending so that you will not face financial woes in January. The following are three tips on how to avoid experiencing a financial hangover as you enter into 2018.

1. Set a Budget and Stick to It
You must set a budget which you will stick to for the holiday gift shopping. It is important to stick to the budget you set and only buy the gifts that you can afford. You can discuss the budget with your spouse or close friend so that both of you can watch each other on the spending.

To stick to your budget, you should avoid using your credit card and use cash to do the shopping. Using your credit card may cause you to become tempted to charge more than the initial budget that you have set. If you decide to use your credit card, make sure you are able to clear off the balance at the deadline.

2. Look for Ways to Save Money
Since you have small budget, you should look for ways to save money on the holiday gifts. Setting a smaller budget on each gift can help you to save money. The thought behind the gift is what people appreciate the most compared to its price. Besides, you can save money by avoiding giving a gift to everyone you know. If you are tight on budget, you can choose to only buy gifts for your closest friends and family members.

To have more money to buy holiday gifts, you can cut down unnecessary personal expenses for example coffee break at restaurant, manicure services, and online streaming subscriptions. You will be surprised at how much you can save by cutting down all your unnecessary expenses.

3. Shop Early for the Holiday Season
It is always best to shop early so that you can give yourself ample time to find the store that sells the gift at the cheapest price. Shopping at the last minute can lead to an impulse shopping spree and you may eventually end up buying a gift that is more expensive that you have planned.

When you shop early, you will probably be able to find something that is cheaper than your budget and save even more. Many Christmas sales are hold in advanced of Christmas. If you wait until the last minute, the items on sale that you want to buy will already be grabbed by someone else. Shopping early allows you to grab the discounted item that is available on sale.