Library of Congress Federal Credit Union

With all of the upcoming festive fun, spending can get a little out of hand. This year, try these holiday spending tips.

Set a Budget: The first and most important step in spending less during the holidays is establishing a set-in-stone budget. This dollar amount should include all holiday-related purchases such as food, gifts, postage, travel (car or public transportation), as well as meals out while shopping.

Make a List (and stick to it): Before you go shopping for gifts or ingredients for a holiday feast, make a list of the items you’ll need. Then, when you get to the store or shop online, refer to the list. If it’s not on the list, don’t buy it.

Always Plan Ahead: While it feels better to give than receive, it can also get expensive. To keep from giving too much and blowing your budget, write out a list of people who will receive a gift from you and how much you are willing to spend on each person. Remember, just because someone buys you something doesn’t mean you have to return the favor.

Keep Your Receipts: Then use those receipts to track and add up every holiday expense after each shopping trip. If you have a Library of Congress FCU credit card, you can track those expenses online. The goal is to add up every shopping trip so you know exactly how much you’ve spent and what you have left in your holiday budget.

Don’t Wait Until the Last Moment: Late holiday shoppers will either pay more or they’ll be forced to buy gifts that nobody really wants. Shop early and you’ll have the luxury of sale prices, online options, and other incentives. 

The Stories from the Stacks blog is for everyone. From those facing financial challenges to those who simply want tips or a better understanding of their relationship with money, this is designed for anyone interested in advancing their financial life story. Let us know what topics you’d like us to explore next!