{"id":87566,"date":"2023-11-22T13:26:39","date_gmt":"2023-11-22T18:26:39","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/the-holidays-are-not-a-good-time-to-overspend-your-budget\/"},"modified":"2023-11-22T13:26:43","modified_gmt":"2023-11-22T18:26:43","slug":"the-holidays-are-not-a-good-time-to-overspend-your-budget","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=87566","title":{"rendered":"The Holidays Are Not A Good Time To Overspend Your Budget"},"content":{"rendered":"<div>\n<p>As the holiday season officially begins tomorrow, we will be met with the same typical voices that we hear every year:<\/p>\n<p>\u201cThe holidays are a time for family, togetherness, faith, and gratitude.\u201d<\/p>\n<p>And&#8230;<\/p>\n<p>\u201cSpend, spend, spend. Your holidays can always be better if you spend a little more!\u201d<\/p>\n<p>In the most brilliant of scenarios, the marketing messages we see will combine both.<\/p>\n<ul>\n<li>\u201cYour family will have a better Christmas if you buy this&#8230;\u201d<\/li>\n<li>\u201cYour kids will experience more joy if you get them this&#8230;\u201d<\/li>\n<li>\u201cYour perfect Christmas morning is missing only one thing&#8230;\u201d<\/li>\n<li>\u201cYour joy will be complete if you purchase this&#8230;\u201d<\/li>\n<\/ul>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>No wonder the holiday season is a Consumer Wonderland of last-minute purchases and unchecked consumerism.<\/p>\n<p>Here are some statistics for the holiday season:<\/p>\n<ol>\n<li>Americans spend approximately $1,000 on Christmas each year. <\/li>\n<li>7 out of 10 Americans exceed their budgets during the holidays.<\/li>\n<li>37% of those taking on holiday debt said it would take them at least five months to pay it off. <\/li>\n<\/ol>\n<p>Unfortunately, when the calendar turns to January, the negative effects of this spending begin to set in: higher than expected credit card statements, tighter finances than imagined, increased stress, and regret over the amount of money spent.<\/p>\n<p>Why let a month of festivities undo a year&#8217;s worth of careful budgeting?<\/p>\n<p>The pressure to spend comes from everywhere during the holidays.<\/p>\n<p>But before the season gets into full-swing, I invite you to consider a different approach this holiday season\u2014one that respects your budget and values experiences over extravagance.<\/p>\n<p><em>The holidays are not a good time to overspend your budget.<\/em><\/p>\n<p>Why jeopardize a year&#8217;s worth of budgeting discipline for one festive month? Starting January in debt not only negates your year-long efforts and sets you back financially, it drives another thought into your head that you\u2019ll never overcome your financial woes.<\/p>\n<p>Reject that messaging this year. Continue your growth and discipline. You don\u2019t need to overspend to enjoy your holiday.<\/p>\n<p>In fact, to help, here are seven practical strategies to help you stay on budget this holiday season:<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">1. Set a Clear Budget for All Expenses<\/h2>\n<p>Start by deciding your <em>total <\/em>holiday budget. Think about all aspects: gifts, travel, food, and decorations. Don\u2019t just think, \u201cI\u2019m going to spend <em>$x<\/em> on mom and <em>$x<\/em> on my co-workers.\u201d Consider every expense. Sometimes realizing that plane tickets home cost $400 this year requires you to change the amount you plan to spend elsewhere.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">2. Recognize Retail Tricks<\/h2>\n<p>Stores have a knack for getting us to spend more, especially during the holidays. Be aware of these tactics and remind yourself that you don&#8217;t have to give in to them. Your love for the season (and others) isn&#8217;t measured by what or how much you buy.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">3. Challenge Self-Gifting<\/h2>\n<p>Almost 50% of Americans are considering buying themselves a gift during the holiday season.<\/p>\n<p>It&#8217;s easy to get caught in the self-gifting trend, but ask yourself: Is this necessary? Especially when I\u2019m about to receive numerous gifts from others?<\/p>\n<p>Reducing self-gifts can significantly cut down your spending.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">4. Avoid Convenience Costs<\/h2>\n<p>While the holidays can be hectic, resist using convenience as an excuse to overspend. Planning ahead can save you from those small, yet accumulating, expenses. Skip the coffee or lunch out while shopping.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">5. Set Expectations Early<\/h2>\n<p>Communicate with your family and friends if you&#8217;re planning to change your gift-giving approach. Very few of your family members want you to go into debt to buy them a gift. They want you to live a financially-stable life&#8230; not receive something in a cardboard box.<\/p>\n<p>Honesty helps set a precedent and keeps everyone on the same page.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">6. Be Smart About Travel<\/h2>\n<p>Travel can be pricey during the holidays. So look for cost-effective options and remember that the joy of the season is in being together, not in how much you spend getting there.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">7. Track Every Expense<\/h2>\n<p>Keep a close eye on your spending. A simple notebook or a budgeting app can help you stay within your limits. Every penny, every expense, needs to be tracked\u2014especially this time of year when last-minute purchases are so entirely common.<\/p>\n<p>This holiday season, let&#8217;s not fall for the myth that more spending equals more happiness.<\/p>\n<p>And let\u2019s work hard to end this year on a high note, financially secure and content, ready to welcome the New Year with open arms and a balanced budget.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/joshuabecker\/2023\/11\/22\/the-holidays-are-not-a-good-time-to-overspend-your-budget\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As the holiday season officially begins tomorrow, we will be met with the same typical voices that we hear every year: \u201cThe holidays are a time for family, togetherness, faith, and gratitude.\u201d And&#8230; \u201cSpend, spend, spend. Your holidays can always be better if you spend a little more!\u201d In the most brilliant of scenarios, the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":87567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-87566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Holidays Are Not A Good Time To Overspend Your Budget | iFintechWorld<\/title>\n<meta name=\"description\" content=\"As the holiday season officially begins tomorrow, we will be met with the same typical voices that we hear every year: \u201cThe holidays are a time for\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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