It can't hurt to spend a little extra during the holidays because, "tis the season," right? Wrong...it can and does hurt. No matter how festive you are feeling, not paying attention to these 25 money wasters will spell trouble when January rolls around:
1. Shopping without a budget
Before you make any purchases, figure out how much you can afford to spend, stick to your budget and track your spending. Don't make purchases you haven't budgeted for.
2. Not sharing the cost of entertaining
While it is tempting to just cover all the costs yourself, share your entertaining costs with guests by assigning out food, paper products and game supplies.
3. Putting purchases on a credit card
Most of us tend to overspend when using a credit card. We are also less likely to compare prices when you can just get it now, and pay for it later. We rationalize away a few dollars that quickly add up.
4. Using out-of-network ATMs when shopping
Those fees can add up, so plan carefully.
5. Last minute shopping
This is a tricky one. Sometimes in a rush, we buy and spend too much...but sometimes there are great sales that are only available right before Christmas. The trouble is, supplies are generally pretty picked over and the frustration of not finding your item sometimes isn't worth the potential savings.
6. Buying "little" gifts for too many people
Consider an alternative to gift exchanges. Determine a set amount that you donate to a charity, then tell all those would-be-recipients of your gift what you have done.
7. Buying party supplies at grocery stores
Try discount stores and dollar stores for your party supply needs.
8. Not comparing prices
Having the internet at your fingertips means being able to check prices...so do it! Free websites and apps include fatwallet, pricehistories, and consumerworld.
9. Buying new decorations every year
Cut back on the decorations this year, and use last year's decorations as much as possible. Get creative and put some time and effort into DIY decorations.
10. Getting new holiday clothes
We don't need new clothes for a family photo, gathering or night out. Learn how to dress up the basics. Wear a basic black dress than can be dressed up a dozen different ways just by adding less expensive accessories.
11. Not taking advantage of free activities
The holidays are full of free concerts, neighborhood parties and other free events. Go to these rather than spending money on pricey dinners and galas.
12. Buying specialty foods or drinks
Carefully plan menus for simple and economical meals for the majority of your holiday dining. Remember to shop the sales to save on food.
13. Not shopping a year in advance
Do you Christmas shopping the day after the holiday, when things are considerably reduced at the end of each season.
14. Not using coupons
This time of year there are some really good deals and promotions...so if there are discounts on items on your list, don't pass them up. Look at coupons online and in any newspapers or magazines you subscribe to.
15. Buying overpriced wrapping paper just to make your gifts look "extra special."
16. Splurging on meals away from home
, or tipping too much when you do go out.
17. Paying for warranties on appliances and electronics
You probably won't need the extra coverage because most major appliances don't break down during the extended-warranty period. Or you might already be covered. The four major credit card networks (Visa, MasterCard, Discover and American Express) provide up to a year of extended warranty protection for some cardholders.
18. Not clearly planning your charitable contributions
We all want to help out those in need during the holidays, but it's easy to go over budget if we don't set aside a specific amount.
19. Paying full price for gift cards
It is possible to find gift cards at a discount using websites like this and this.
20. Buying gag gifts
Though it might be funny to surprise someone with a gag gift, you'll end up spending twice when you give them their real present.
21. Going overboard on your kids
It's an easy thing to do, but be careful. Stay within your budget and have a financially stress free holiday season.
22. Running too many errands through poor planning
23. Paying too much for shipping
Look for shipping coupons and shop early to get free shipping before "this date" for your online purchases.
24. Spending too much on greeting cards
Use an e-card or design your own card and send it electronically to save on postage and cards.
25. Buying for yourself
While you are worth it, no matter how good the deal, pass it up. On average we spend about $130 on ourselves during the holidays. So be careful...that is a lot of money that could go elsewhere.
If you do it right this holiday season, you'll have the money to shop for yourself later this year - if you have the money.
