On this week’s Common Cents Wednesday’s we give you a special holiday edition. The holidays can be financially stressful and we have already told you about the top money wasters this holiday season, so instead we have created common cents list of holiday money mistakes for you to avoid this season.
- Dipping into Savings
This is much more common than you would think, and most of the time means that you have not stuck to your budget. Your savings shouldn’t be used as a cushion when it comes to purchasing items for the holidays, but if you are dipping into them make sure you proceed with caution and do not get carried away as you don’t want it to harm you financially in the future.
- Tossing Receipts
Keeping your receipts is an easy way to track your budget, but also makes the gift return or exchange process much easier. By tossing or losing your receipts, most retail outlets will only be able to provide you with a store credit and some stores won’t let you do returns at all. Make sure you’re getting the most out of your money by keeping your receipts for a full return.
- No Financial Cushion
As mentioned above, when it comes to the holidays it is always good to have a financial cushion and be prepared for the unexpected. Not having budgeted a little bit for extras is what causes financial strain. It is always good to budget enough for a surprise event or guest showing up, around this time of year many things can pop up last minute and a cushion will make sure you are ready for whatever comes your way.
- Impressing People
When it comes to gifts, it really is the thought that counts. Do you need to buy the most expensive type of that specific item, or will the cheaper model do the same job? Of course, we want the person to love the gift you’re giving, but is it worth breaking the bank?
- Procrastinating
Waiting till the last minute will not only leave you stressed out, but it is more common to go over budget when trying to rush. No one wants to head to a crowded mall for last minute shopping and online shopping is not always the solution here. Most stores charge extra for expedited shipping, so do your best to be prepared and place those orders ahead of time for free shipping that is commonly seen throughout the holidays.
- Gift Guilt
Do you suffer from gift guilt over the holidays? Gift guilt can lead to over-giving and pricey items that can break your holiday budget. Wanting to please is a natural instinct, but you can still give the coolest gifts this season by doing your homework and limiting yourself. Find out where the items are sold and for how much, watch for deals and specials and have control over the number of gifts you purchase.
Do you suffer from any of these very common holiday money mistakes? Let us know in the comment section below how you stay on budget and avoid overspending this holiday season.
