(GivenUs.com) – The Christmas holiday is upon us, and the first thing that comes to mind is wrapping up that last-minute gift shopping. Financial woes are also prevalent this year; an awful lot of people are worried about how they’ll pay for it all.
Fulfilling a holiday gift wish may be your primary goal, but what if that’s the wrong approach? Dave Ramsey cautions shoppers on overspending in this video, reminding those who indulge that gifting excitement lasts far shorter than painful debt.
So, how can you avoid this? First, stop stressing — that can lead to overspending all on its own. Instead, limit your spending with these tips.
- Stop trying to keep up with the Joneses. Ramsay notes the average household in America spends about $900 a year on Christmas gifts. But every household is different. No matter how much your neighbor or family member spent on Christmas this year should have no impact on you. Make the best of what you have to work with and stop comparing yourself to what others have.
- Create a Christmas budget and stick to it. Now is the perfect time to make a list and check it twice. Where can you cut back? Go over your existing budget for December and January. Does it involve money set aside for presents? Whatever that amount is, that is what you need to stick to. Going over your Christmas budget can lead to an increased debt load and financial woes down the road.
- Don’t sacrifice your mental health. Some people stress out about pleasing others: they buy the perfect toy, the expensive tech tool, or a gourmet holiday dinner table spread. If it’s too much, you need to evaluate the situation. Don’t put your mental health in jeopardy to please others. Use free time for mediation, reflection, and self care.
Remember, the world doesn’t end just because your child didn’t get a PS5 this year or you couldn’t afford that charm bracelet for mom. The true meaning of Christmas is about caring and sharing your love with others. Now more than ever, we need to be thankful for health and everything we do have.
~Here’s to Your Success!
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