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The Importance of Budgeting and Managing Your Holiday Spending

The holiday season is just around the corner, and with less than three months away, it’s crucial to start preparing and budgeting for your holiday shopping. A recent survey by Bankrate found that a staggering 65 percent of Americans don’t have money set aside for holiday shopping, and 27 percent expect to go into debt while making purchases for the holidays. In a recent interview, Real Simple Editor-in-Chief, Lauren Iannotti, shared her insights on how to avoid panic shopping and wasteful spending during the holiday season.

Getting organized and creating a clear strategy for your holiday shopping before Halloween or Thanksgiving is essential. Iannotti stressed the importance of budgeting ahead and offered some useful tips on how to do just that.

List, Limit, and Track Your Holiday Expenses

Iannotti recommends starting by listing all your holiday expenses, including gifts for loved ones, tips for service providers, gifts for colleagues, and any Travel or hosting expenses. Once you have a comprehensive list, you can then begin to estimate the budget for each expense. By doing so, you’ll have a limit for your overall holiday spending, which will allow you to track your expenses as you go and make adjustments if necessary.

Staying Efficient in the Face of Early Holiday Sales

With retailers starting their holiday sales earlier and earlier, it’s easy to feel bombarded with deals and promotions. Iannotti suggests taking advantage of these deals while also staying organized by setting up a separate email account for all your holiday shopping. This will allow you to filter out sale alerts and keep your main inbox clutter-free. By allowing the sales to come to you, you can avoid feeling overwhelmed by constant promotional emails and stay focused on finding the best deals.

Making the Most of Credit Cards

Credit cards can be valuable tools for managing holiday expenses if used wisely. Iannotti emphasizes the importance of treating a credit card as an advance on money that you already have and taking advantage of rewards and points. By using credit cards strategically, you can earn cashback, rewards, and points that can be used for holiday expenses or saved for future use. Iannotti recommends paying off the full balance every month to avoid going into the new year laden with debt.

Conclusion

As the holiday season quickly approaches, it’s important to start planning and budgeting for your holiday expenses. By creating a clear strategy, setting limits, and tracking your spending, you can avoid panic shopping and unnecessary debt. Taking advantage of early sales, organizing your inbox, and using credit cards wisely can also help you stay efficient and make the most of your holiday shopping experience. By following these tips, you can ensure a financially stress-free holiday season.

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