5 Tricks to avoid overspending this holiday season

Christmas is here!  You might have just received your bonus already, and now you’re just too excited to spend it on this and that, go on a shopping spree, or give gifts to your family, friends, or even to random people – sounds good, because you have a lot to spend so you won’t end up broke this season, right?  NOT.  The truth is, you can’t truly spend just enough without a plan.

So, how do you plan it out?  Perhaps you’ve been reading too many budgeting tips since the –ber months started, so you might have noticed by now what they have in common.  If you’re trying to come up with a Christmas spending strategy, but you’re flooded with the hundreds of advices that you don’t know what to follow anymore, go back to basics and keep it simple.  Make your funds work with you with these five straightforward tips.

1. Do your pre-Christmas cleanup.  There’s more to it than just decluttering your closet.  Cleaning before Christmas will help you find the stuff you barely or never used—those that take up too much of your space.  Try selling them.  Or give them to friends or family members.  How about give them away as charity gifts?  You can also draw ideas from the things you’ll find: What do I have here?  What do I NOT have here?  What more do I need?

2. Make a list.  We know there are too many gift ideas you’d like to try, but before you rush in to Christmas shopping without a battle plan, you might want to think twice.  Identify what’s worth your budget – if you already set a budget!  Making a list (and checking it twice) is a must when you’re playing Santa Claus for this season.  It will help you plan and keep track of your spending, and most importantly, help you avoid impulse buying.

3. Check online.  Now that you know what you need, you might also aim for a cheaper version or an alternative.  From the many hours you spend on social media, try to take at least 30 minutes of it to research on the items you want to buy.  This will give you info about the product, or maybe if you know where to look, you’ll even find good deals.  So by the time you do the real shopping in a physical store, you’ll know the price range and specifications of your items.  This will save your precious time!

4. Take advantage of promos and discounts.   You know the best thing about online research?  You get to discover more affordable options.  If you already set a spending limit to your Christmas shopping, then buying things on sale or availing of promos might just be good for you; with cheaper purchases or installment promos, you’ll get a chance to add more items to your list without exceeding that limit. 

5. Set your budget.  Stick to it.  Have we mentioned this already? —Let us say it again: avoid impulse buying.  You’ve already tidied up your closet, made a list, checked online, so now you know what you’re going to buy when you visit the mall.
We know self-control is hard to practice when you find something that really appeals to you, but staying within your limits is crucial if you don’t want to overspend.  If you really can’t help it, remind yourself of #4.  And you’d be surprised – you may even get the product you want by paying through monthly installments that fit your budget.

Installments?  But I have no credit card!  Don’t worry, we’ve got your back!  Home Credit lets you easily afford the things that matter to you.  Even without a credit card, you can pay for it through installments at 0% interest.  Through a simple, easy, and fast process, you can take home that item you want and still have a budget to spare.

Now if you succeeded with these tips, why don’t you reward yourself with that spare budget?  You deserve it!

The tricks to avoid overspending take less effort and more diligence in staying inside your budget.  So if you already set a limit to your spending but can’t stop yourself from buying the things that interest you, check your available resources, make your list, and do your research – you might find good deals that are just waiting for you!

For more info about Home Credit’s promos, loan applications, and store locations, visit www.homecredit.ph.

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