The holidays are the time of year when people feel the most pressure to spend more than they should. Let’s look at the worst financial mistakes we make during Christmas.
1. Not setting a clear spending budget
Starting to shop for the first few people on your list, only to realize that this may cost a lot more than you anticipated. We all went through this situation. With a $199 gift here and a $99 gift there, plus a couple of $50 gifts, you’ve already spent five hundred bucks.
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It doesn’t stop there. You still need to buy gifts for more than 10 people on your list. Some of the people on your list who are closest to you will probably get more than one gift from you. Everything adds up quickly.
This is why it’s important to set aside the amount you want to spend and the number of people to whom you’ll give gifts. It will be much easier to shop knowing these facts, which will also ease the stress of the shopping experience. In the end, it’s not about spending as much as you can, but spending time with your loved ones.