Budget-Friendly Holidays: Tips to Keep Your Spending in Check
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The holidays are a time for celebration, giving and making memories — but they don’t have to break the bank. With a little planning and creativity, you can enjoy a festive season without financial stress. Review these actionable tips to help you stay on track and keep your budget in check!
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Set a Holiday Spending Plan
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Start by figuring out how much you can afford to spend this holiday season. Don’t forget to include gifts, food, decorations, travel, and any special events. Use budgeting tools like a spreadsheet, an app or a simple notebook to outline your expenses. Need a starting point? Visit Oklahoma Money Matters’ Budgeting Basics for free tools and tips.
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Make a Gift List - and Stick to It
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Write down everyone you plan to give gifts to and set a spending limit for each person. If you’re feeling crafty, consider making personalized gifts, like baked goods or DIY crafts, to stretch your budget and add a personal touch.
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Borrowing is sometimes necessary, but it’s important to manage debt responsibly. The key is to borrow only what you need and can afford to pay back, and to use credit as a tool, not a crutch.
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Compare Prices: Use online tools or apps to find the best deals before heading to the store or making a purchase.
- Start Early: Spreading out your shopping helps you avoid last-minute panic buys that can cost more.
- Consider Alternatives: Instead of expensive store-bought items, explore secondhand shops or gift services like homemade coupon books offering “free babysitting” or “family movie night.”
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Embrace Budget-Friendly Traditions
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Holiday cheer doesn’t have to come with a hefty price tag. Host a potluck-style dinner, participate in a “white elephant” gift exchange or plan a family movie night with hot cocoa and popcorn. Focusing on quality time over costly events can create lasting memories.
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It’s tempting to swipe your card during holiday sales, but remember: what you charge now, you’ll have to pay later — often with interest. Stick to cash or a debit card whenever possible. If you must use a credit card, choose one with low interest and commit to paying off your balance quickly.
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Once this holiday season wraps up, reflect on your spending and start planning ahead. Opening a holiday savings account in January and contributing a little each month can make next year’s celebrations even smoother.
For more holiday budgeting tips and resources, visit Oklahoma Money Matters or check out our free financial tools. A little planning today can help you enjoy the season without the stress tomorrow!
Happy Holidays!
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Check out December’s edition of Financial Friday, Oklahoma Money Matters' online personal finance question and answer forum; this month, we answered a question about utilizing health savings accounts.
As always, if you have money-saving tips you'd like to share, email us at OklahomaMoneyMatters@ocap.org or visit Ask OKMM to submit a personal finance question for a future edition of Financial Friday.
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We’re hiring an Outreach Specialist for our Oklahoma Money Matters team. This position will provide financial education, financial literacy and student loan management programs to high school / college students and community partners.
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We offer webinars for educators, students and parents on budgeting, saving, credit, and more. If you want to schedule a webinar, complete our workshop form and we'll contact you to plan the details.
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