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6 Tips to Save Money this Holiday Season

It can be easy to overspend during the holiday season without even realizing it. From purchasing gifts, hosting parties, decorating, travel, holiday activities, and more, you could be turning a joyful holiday season into a few months of financial stress. However, it is possible to have a happy holiday season without breaking the bank. To avoid overspending, here are 6 tips to help you save money and budget properly this holiday season.

1. Set Up a Holiday Budget

By setting up a holiday budget, you will stay on track with your expenses and avoid overspending during the holiday season. To do this, you’ll want to start by figuring out what you are looking to purchase and what your priorities are. Then, determine how much you are willing to spend. Once you determine those key factors, break down your budget into different spending categories – gifts, food, travel, decorations, etc. and set up your budget accordingly. This will help you allocate spending appropriately, but only if you stick to your budget. Following your budget is the most important part of helping you save money during the holidays.

2. Make a Shopping List

When it comes to staying within your budget, lists are crucial. A list will deter you from making impulse purchases and overspending. You can easily itemize all your expected expenses and purchase what is on the list. This will keep you on track with how much you are buying in gifts, food, and more.

3. Shop During Sales

There’s no better way to save during the holiday season than by taking advantage of all the holiday sales. Take the time to look for sales, compare pricing on certain items, look for coupons, and research other cost-saving options. If you have made a shopping list and have a few special gifts in mind, wait for those to go on sale. Waiting for days, such as Black Friday or Cyber Monday, can help you save money and get your shopping out of the way early. Another option is to set up alerts through Google Shopping. This way, you will know when items are lower in price. You can even add a free browser extension to your computer, such as Honey, which will automatically search for and test available coupons at checkout. By taking advantage of all your resources, your savings could add up!

4. Cut Back on Extras for a Month

Depending on what your expenses look like each month, you may be able to cut back on those extra purchases that are not necessarily a need but more of a want. For example, if you purchase a 5-dollar latte before work each day, try to give that purchase up for a short period of time. If giving up coffee altogether is not an option, try substituting this purchase by making your coffee at home. Or maybe you are not a coffee person anyway, but you find yourself eating out for lunch and dinner frequently throughout the week. Instead, try to make your food at home and only eat out when necessary. During the holiday season, it is best to think of your weekly purchases that may not be a need and substitute them for a cheaper alternative. By making these financially conscious decisions, you will save money during the holidays.

5. Try a Gift Exchange

If you celebrate the holidays with your family or friend group, try doing a gift exchange, such as a Secret Santa or White Elephant. These holiday traditions only require you to purchase one gift for the group, relieving the strain and financial burden of purchasing gifts for each person. The point of these holiday traditions is to make Christmas shopping a bit easier while spreading the holiday spirit. Plus, this makes for a fun activity to participate in with your family or friends during the holiday time.

6. Consolidate Your Bills

If you are looking to save money this holiday season, consolidating your bills can be an effective solution. Whether it is managing your credit card debt, considering a home refi, or paying off your Texas property tax loans, consolidating your debt into one single loan or payment can help you gain control of your finances, lower interest rates, and make it easier to manage your bills.

Consolidation also can provide peace of mind by reducing the stress of managing multiple bills and due dates. By reducing the number of bills you need to keep track of, you can focus more on things that matter most this holiday season, like spending time with family and friends.

Are You Worried About Your Property Taxes This Holiday Season?

With the holidays right around the corner, Johnson & Starr understands the financial stress this time of year can bring, especially with the Texas property tax bill deadline coming up on January 31st. That’s why it is important to pay your Texas property tax bill on time to prevent accruing any late penalties or interest fees that can put a damper on your financial goals for the new year.

If you are worried you are not financially capable of paying your Texas property taxes on time, don’t worry, there are options. Contact Johnson & Starr today to find out if a property tax loan is right for you or to discuss other options when it comes to property tax repayment.