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LifeStyle of Monday, 20 December 2021


How to avoid overspending during the holidays

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The holiday season is a time people try to avoid overspending because it is when some take the opportunity to shower themselves and their loved ones with gifts surrounding the festivities.

Overspending could affect personal finances in the long term, here are some ways to avoid it during the holidays;

Stick to a budget

This might seem nearly impossible, but sticking to a budget would help avoid holding your head in your hands when the holiday ends. When you have a budget with a list, you would be able to spread costs over a period of time, making it less likely for you to overspend.

Look for affordability and not what you want. Avoid making card payments whenever you can. You are likely to spend more when making a card payment than with cash.

Buying on impulse?

Avoid it!The holidays are arguably the most time people engage in impulse buying because there is a variety of thing to buy and places to visit. Vendors know this and they bank on the razzle-dazzle of the season to make profits from shoppers with their mouthwatering discounts.

While the discounts on other products might seem enticing, avoid deviating from your list; only buy what you need. As holidays begin, UK looks out for forced marriages

Run from rush-hour purchases

If you wait until the last minute before shopping, you are setting yourself up to overspend. It is never too early for holiday shopping. The closer it gets to a holiday, the higher prices of items go because vendors would want to take advantage of the last-minute shoppers.

Doing your holiday shopping ahead of the rush will save you a lot and help you spend within your budget.

Where there is a bargain, grab it!

The holiday season is a time for year-end sales with many items on sale or ‘giveaway’ prices. However, this could set you up to overspend. Remember to only buy items you would purchase on a regular day, but this time, at a lesser price. You could do your holiday shopping during Black Friday in November since there are usually great bargains during that period.