The holiday season is here and with the merrymaking & celebrations also comes a long
list of expenses. There’s the Christmas shopping, the many gifts you need to buy
for loved ones, the decorations, the family lunch or dinner and maybe even a New
Year getaway. Basically, you’re going to be spending a lot and while doing so, there’s
a chance you could be making some costly mistakes that could ruin your festivities.
We don’t want this to happen to you, which is why we are highlighting the most common
holiday season money mistakes. Read on and stay away from them!
1. Not budgeting for the festive season
Numero uno is not making a budget for your holiday expenses. You need to figure out
how much disposable income you have at hand and the number expenses you need
to cover with the same. If you’ve got travel plans, make sure your budget expenses
such as airfare, hotel expenditure, food, etc. If you plan to pamper yourself
with a little shopping spree, it’s best you decide in advance how much you want
2. Overspending on gifts
Gifts might seem like an area where overspending is fine. After all, Christmas is
all about giving right? However, though this is true, every gift that you overspend
on only adds to the total expenditure. So, before you set out to buy gifts, make
sure you know your upper limit and try as hard as possible to stay within this
3. Sales are good but stay away
Impulse purchase can leave a hole in your pocket. No matter how much people promise
themselves they won’t give in, once they see the sales & discounts, things
go down a different road. So if you’re going shopping in a mall or just browsing
through the internet, try and block out any sales. If you’re willing to risk
it, you can have a look, but as long as you don’t go ahead buy yourself anything.
4. Overusing your credit card
This is one of the most common and costly mistakes. Many people put all their Christmas
expenses on their credit card. Sometimes, this will result in you paying Christmas
several months into the New Year. So, gift yourself a debtless 2019 by holding
off on the credit card. If you’re falling short on cash, a personal loan would
be a better idea. Such a loan would also be great if you want to consolidate
an exuberant credit card bill and other debts into one installment.
5. Waiting till the last minute
Expensive gifts, high prices, rip-offs and the lot await you if you leave your festive
purchases for too late. And you won’t have any option but to give in to poor
deals, resulting in unwanted expenses and major disappointments. So go ahead
and get planning now, you’ll save yourself from a potentially costly experience.
These were 5 of the biggest mistake to avoid during the holiday season. We hope this article helps you enjoy the festivities
the max without any unwanted financial complications and burden. Good luck and
all the best. We wish you a very merry Christmas and a prosperous New Year.