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Prevent Overspending This Holiday Season With Our Top Budgeting Tips

Do you find yourself spending more than you would have liked to on gifts every year, no matter how much you try to be careful? You’re not the only one, but we’re here to help you out with some useful pointers that can guide you back into better spending habits. Take a moment to review our top budgeting tips to prevent overspending this holiday season, courtesy of your trusted financial advisors at Maggi Tax!

The most effective way to prevent overspending during the holiday season is to calculate a realistic budget and take it seriously. You can also get creative with the types of gifts that you give to help you spend even less.

Find A Realistic Budget And Stick To It!

We’ll say it again, the most efficient way to prevent overspending during the holidays is to find a budget and stick to it. Keep all of your receipts and tally up your spending on paper if you have to! But how do you find your budget before you go shopping? The easy way to calculate our budget is to take your income (and any money you already have saved up) and subtract all of your expenses like bills, food, etc. while taking emergencies into account. Whatever your total comes out to, subtract a little more for good measure.

If you’re going to be using a credit card to buy your gifts, make sure you’re capable of paying it all back in full. The main goal is to have the mindset of staying out of debt territory, even if it’s only by a dollar or two.

Understand That Not All Gifts Need To Be Store-Bought

You could avoid spending altogether by making homemade gifts. In this economy where people are fighting against rising interest rates and high inflation, no one would blame you. The important thing is that you put care and thought into whatever you give, even if it’s just a batch of sugar cookies!

Cater Your Gifts To Each Individual Recipient

Another thing to keep in mind is that not everyone has to have gifts of the same price value. In fact, personally tailored gifts are the best kind because they show your loved one how much you’re paying attention to them. For example, someone who just recently burned an oven mitt due to an unfortunate baking accident would be thrilled to receive a brand-new mitt from someone they care about.

Make The Most Of Any Available Deals Or Coupons

It’s okay if you’re still dead set on going on a small shopping spree for the holidays, but you might want to make use of any available coupons or limited sales. There’s no shame in capitalizing on a great deal, especially if it can get you the gifts that you want to hand out while staying under budget.

Cut Down On Your Own Spending Budget

You can make room for a larger budget simply by cutting down on your own unnecessary spending like daily fast food lunches and crafted lattes. Even cutting down those extra expenses by half can pave the way for more holiday gift spending.

Learn more > How To Make A Spending Freeze That Works

Get A Head Start On Next Year!

It’s never too early to get a head start on next year! If you set aside a small amount from each paycheck for an entire year, your gifts could end up being taken care of without you needing to create a budget!

New To Budgeting? Let Us Give You Some Pointers!

To learn more about budgeting and how to better handle your income, consult your reputable tax advisors at Maggi Tax by calling (727) 799-1701 today! We’ll evaluate your situation and help you find the best course of action.

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