Avoid The Hidden Costs Of Christmas
While many of us believe that our spending for Christmas primarily surrounds the
gifts that we purchase, we are often surprised at many of the hidden costs that can add up quickly. While everyone strives to enjoy their holiday season, many are placed into a challenging financial position following the holidays as they overspend, causing skyrocketing credit card bills and rising consumer debt. One way to control spending during Christmas is to create a personal budget. In this budget, all costs associated with Christmas should be noted, including those that are considered to be hidden costs.Some of the most commonly hidden Christmas costs include:
Clothes
Many of us love to buy new clothes for holiday celebrations, whether they be family get togethers, corporate parties, parties within our homes or events hosted by friends and family. While clothing for one person can quickly add up, the amount for an entire family including the children can be surprising.
Alcohol
When purchasing supplies for holiday parties, many people fail to include the cost for alcohol. Purchasing wine as gifts or stocking the bar in your home can quickly add up. Establish a list of what items you anticipate requiring during the holiday season and look for sale items during the year. Many alcohol items can be purchased months in advance, giving you a great opportunity to reduce your total costs if you start shopping early.
Magazines
So many of us pick up the holiday decorating magazines or holiday cooking magazines at the registers when we are checking out at our favourite retail stores. But, many of us fail to consider how $6 here or $10 there can quickly add up, especially now that magazines for the holiday season tend to come out months prior to December, giving several months of purchasing opportunities to consumers. Pay attention to what you are purchasing as even the smallest items can quickly add up to large expenditures.
Candy and Confectionary Items
While most of us love candy and confectionary items, their costs can sneak up on you during the Christmas season. Not only are these items popular gift items, but they are commonly purchased for holiday parties and simply to have in the home during the holiday season. Be sure to include these items in both your Christmas gift budget and your total Christmas budget to avoid overspending.
Holiday Decorations
The last item which is probably the most obvious is Christmas decorations. Not only do people purchase holiday decorations all year round, they are virtually in every retail store during the holiday season and are strategically placed to get shoppers to pick them up for purchase. But, the truth is that many of us do not need any additional Christmas decorations for our homes.
Beware of these types of purchases and if you do plan to make them, include the amount in your total holiday budget to avoid a financial shock once the holiday season has concluded.
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