Trim Holiday Spending

Although the winter holidays haven't arrived yet, it's a good time to start financial preparations. For many, this involves making a plan, setting a budget, and following it. Here are some ways to do that.

Be Accountable

Set a holiday budget. Create a list of items you plan to buy with their expected prices, and ensure the total matches your budget. Hold yourself accountable. If it's not on the list, don't buy it. Try this exercise weekly to keep your spending goals front and center.

Be Thrifty

You can find coupons for just about anything online, in print, and through apps. Many stores also offer cash and discount rewards, but beware of those that won't honor multiple promotions. Also, don't buy a sale item if it wasn't on your original list, no matter how low the price goes. No discount is greater than the 100% you save by not buying an item.

Be Card-Smart

One of the easiest ways to avoid overspending during the holidays is to leave your credit cards at home. It's hard to exceed your budget when you only have cash. If you do use a card, choose those with the best cash-back offers for extra savings, and pay your balances in full each month.

Be Money-Smart

If the thought is what counts, consider baking cookies and gifting them in a nice tin during the holidays. Have to give multiple gifts at work? Re-gift unused gifts you received in the past (but remember who gave you what the previous year).