Discovering YOU Magazine November 2017 Issue | Page 28

Article by Coinstar.com

Five Tips for Staying on Budget and Keeping the Holidays Jolly

Candy cane cache: Maintain your holiday budget

through these 5 tips.

(BPT) - If you're one of those savvy consumers already strategizing how to best fund gifts and other expenses this holiday season, you're not alone. Sixty-five percent of U.S. adults who give holiday presents establish a budget for these purchases, according to a recent Coinstar survey. Yet 85 percent admit they still tend to go over budget when it comes to gift buying, entertainment, travel, decorating and other holiday expenses. Fortunately, planning ahead can reduce the risk of overspending. Consider how implementing the following ideas can help you stay on task and on budget when it comes to this year's holiday expenses.

1. Estimate all of your anticipated holiday expenses, not just gift purchases. Consider costs for decorations, food/alcohol, travel and special events to gain a realistic idea of your projected cash output. If the total is out of reach, consciously decide where to cut back so you're less likely to spend impulsively. You may have to acknowledge that you're not able to host a lavish party or buy generous presents for everyone on your list.

2. Reduce your stress by starting your shopping early and taking advantage of sales throughout the year. These strategies will help spread your costs so they don't all hit at once and reduce your overall holiday spending budget. A full one-third of U.S. adults shop throughout the year, according to Coinstar's survey, and 27 percent buy the majority of their presents on sale. Only 14 percent are last-minute shoppers. Looking for bargains and unique gift items at stores, at special events and on websites can even be fun when you're not in a panic.

MONEY MATTERS