The holidays can make it very difficult to avoid overspending.

Rather than going into credit card debt to buy the perfect gifts, make a plan and stick to it so you stay within your budget.

CALCULATE THE COSTS OF GIFTS

First, identify what you plan to spend on gifts this holiday season. Consider the following:

• Make a list all gift recipients: This might include immediate and extended family members, friends, co-workers, neighbors, and service people. The small $5 and $10 gifts can really add up, so be sure your list is inclusive of all gifts you plan to give.
• Based on your budget, set a spending limit for each person.
• Shop sales and get creative: This can be a lot of fun. Get out the holiday sale ads, shop at garage sales or thrift stores, or wait for Black Friday or Cyber Monday sales. Or suggest a group gift and or a gift exchange, which can be fun and save money for everyone!
• Explore homemade gifts: Sometimes the best gifts are homemade ones. These gifts can be even more meaningful than store-bought gifts and they're often far less expensive. Do you have a knack for making ornaments, knitting scarves, canning pickles, making greeting cards, or baking cookies?

CALCULATE YOUR BUDGET

The holidays are a special time, and if you are committed to not going into debt for the holidays, you will need to use money you have saved up during the year. If you haven't saved any, set aside part of your paychecks to cover these expenses.

Go over your total expected costs and the money you have available to spend. If your costs outweigh your available money, make the necessary adjustments.

Ameris also offers financial calculators to help with budgeting.

Revised November 2022