Annuity and retirement planning professional Cathy DeWitt Dunn of DeWitt & Dunn Financial Services shares some money-saving tips for the holiday season….(read more)

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The holiday season is a time of joy and celebration, but it can also be a time of stress and financial strain. With the expenses of gifts, parties, and travel, it’s easy to overspend and dig yourself into a financial hole. That’s why it’s important to take proactive steps to save money and budget as the holiday season approaches.

To get some expert advice on this topic, I sat down with financial planner Sarah Johnson to discuss some tips and strategies for saving money during the holiday season.

1. Start with a budget: Johnson emphasizes the importance of creating a budget for your holiday spending. “Sit down and take a realistic look at your finances,” she advises. “Figure out how much you can afford to spend on gifts, travel, and other holiday expenses without going into debt.” Once you have a budget in place, stick to it as closely as possible.

2. Look for deals and discounts: Don’t be afraid to shop around and look for the best deals. “There are plenty of sales and discounts during the holiday season, so take advantage of them,” says Johnson. “Consider using coupons, shopping online, and taking advantage of Black Friday and Cyber Monday deals.”

3. Consider homemade gifts: Instead of buying expensive gifts, consider making homemade gifts for your loved ones. “Handmade gifts can be more meaningful and personal, and they often cost less than store-bought items,” Johnson points out. “Plus, they show that you put thought and effort into your gift instead of just throwing money at it.”

4. Plan your travel in advance: If you’ll be traveling for the holidays, be sure to plan your trip well in advance. “Booking your flights and accommodations early can help you save money,” says Johnson. “Consider using travel rewards points or looking for last-minute deals to save even more.”

5. Avoid unnecessary expenses: It’s easy to get caught up in the holiday hype and spend money on things you don’t need. “Avoid the temptation to overspend on decorations, extravagant meals, or expensive parties,” advises Johnson. “Stick to your budget and focus on what’s truly important to you and your family.”

6. Use cash or a debit card: To avoid racking up credit card debt, consider using cash or a debit card for your holiday purchases. “This can help you stay within your budget and avoid the temptation to overspend,” Johnson explains.

It’s important to remember that the holiday season is about spending time with loved ones, not about showering them with expensive gifts. By taking a proactive approach to saving money and budgeting for the holidays, you can enjoy the season without putting a strain on your finances.

In conclusion, with these expert tips in mind, you can navigate the holiday season without breaking the bank. By creating a budget, looking for deals, considering homemade gifts, planning your travel in advance, avoiding unnecessary expenses, and using cash or a debit card, you can save money and stay on track financially during the holidays. Happy budgeting!