4 Tips for Holiday Spending When You're Away From Home
During the holiday season, it’s way too easy to overspend. Gifts, decorations, holiday events; there are just so many appealing options! This is especially the case when you travel for the holidays. It’s so tempting to spend more attending events in a less-familiar city or to buy extra gifts for family members you haven’t visited in a while.
How can you make sure you don’t regret the credit card bills that start rolling in come January? Here are four tips to keep holiday spending in check when you’re away from home:
1. Buy gifts before you leave
Rather than shopping for gifts once you reach your destination, shop in your home town. You’re less likely to get caught up in “the magic of the season” and overspend in familiar stores. Set a budget for each gift, and don’t let yourself go over-budget. If you set a budget of $100 for your brother’s gift, don’t splurge and spend $120.
If you are flying, transporting gifts will be a hassle and an expense. Consider shopping online and having the items shipped directly to your destination. Just call your friends or family members ahead of time and let them know they should hold packages for you (And no peeking!).
2. Attend one paid event with everyone
When you arrive, one person may ask you to a festival of lights; a family member may want you to attend a Nutcracker performance, and an old friend may invite you to a black-tie gala. It’s hard to say “no” to these invitations, but the cost can really add up.
A more affordable strategy is to plan on attending one paid event with all of these people. Start setting this up a month or so in advance, so everyone has time to plan and put it in their schedules.
If there are people who can’t attend the one event while you’re in town, make plans to visit them separately. But have a cozy gathering in their home instead of a night on the town. Bring a bottle of wine and some holiday cookies, and you can have a lovely time reconnecting for less than $20.
3. Bring cash only when you go shopping
Shopping is definitely a big part of this season, and your family or friends may want to go shopping with you when you arrive. If this activity is important to you and them, bring cash only to avoid overspending. It’s okay to treat yourself with some holiday candies and souvenirs. When you run out of cash, you’ll have to stop spending.
4. Cook meals together
Another way to keep holiday spending in check when away from home is to reduce the number of meals you eat out. When you’re busy with holiday activities, it’s tempting to stop for a restaurant meal, but the cost of doing so can add up fast — especially when you’re in a celebratory mood.
Cooking with friends and family members you haven’t seen in a while can be just as fun. Plan ahead by buying groceries for your favorite recipes. You can all cook and enjoy the food and each other more affordably.
Keeping holiday spending reasonable can be tough when you leave town to visit loved ones, but it’s certainly possible. Rather than bracing for big bills in January, stick to your budget with simple strategies. You’ll still enjoy yourself, without hurting your wallet.
Equal Housing Lender