7 Holiday Budgeting Tips to Make Sure You Don't Overspend

The holiday season is upon us again, and so are the parties, shopping, gift-giving, dining, and traveling. Christmas has always been a good reason to savor every fun moment; it's a reward for all the hard work you put in the entire year and an excellent opportunity to shower your loved ones with whatever they want.

However, this is also when people usually overspend or max out their credit. While spending is inevitable, staying on budget and avoiding debt to welcome the new year is possible. Keep your holiday spending in check with the help of these holiday budgeting tips.

How to Keep Your Holiday Spending in Check

1. Make a list
   
   Create a tentative list of your holiday expenses and arrange them by priority. When you list your expenses, you get an idea of how much you will be spending and avoid impulse buying to stay within that amount.
   
   While gift-buying is a major expense in almost any holiday budget, you also need to consider other areas—buying new holiday decorations, hosting Noche Buena with family and friends, travel —the list goes on. If you find yourself going beyond your budget for each expense, identify your priorities so you can select which categories can be trimmed down or set aside.
2. Set a realistic holiday budget
   
   Figure out how much you want to spend on gifts, decorations, and food, then add extra for unexpected expenses. It pays to be ready all the time, including during the holidays.
   
   If you live with others, be firm about how much you'll contribute and how much each person is willing to shell out for the holiday expenses.
   
   For example, your Noche Buena menu should match your budget. Consider the number of guests you expect for the gathering with family or friends and ask them if they have any suggestions on the food, then budget from there.
3. Reevaluate your gifting habits
   
   Indeed, Christmas is the time of giving. But that doesn't mean you give more than what you have. Go back to the list that you made and review your gift recipients. Not everyone you know needs to receive an expensive gift far beyond your budget.
   
   Then keep this list as short and meaningful as possible, and remember that there are other ways to show love and affection to others, not just material gifts.
4. Be smart about using your credit card
   
   Credit card companies offer discounts and promos during the holiday season by partnering with retail shops and food establishments.
   
   For instance, RCBC has partnered with ZALORA for the ZALORA Credit Card, which offers up to 6% cashback on ZALORA and other online purchases. Offers like the ZALORA Credit Card also entitle you to shopping credits and reward points that you can use to save money during your Christmas shopping.
   
   Credit card companies also offer buy-now-pay-later plans like RCBC's 0% installment + Buy Now Pay Later promo with top furniture and appliance stores like SM Appliance, Our Home, Crate & Barrel, and more. These offers make big purchases like furniture pieces easier on the pocket since you can divide the payment into smaller installments.
   
   Plus, RCBC has the Unli 0% Installment feature on all its credit cards. This feature lets you convert purchases into installments for 3 months with no added interest.
5. Take advantage of promos, discounts, and sales
   
   The holiday season is the perfect opportunity to go ham on promos, discounts, and sales. It makes a huge difference when you can save a couple of bucks in your overall purchase.
   
   Keep track of your favorite stores' sales events during Christmas or the New Year. Another way is to time your shopping during double-digit sales, particularly on online selling platforms like Shopee and Lazada. You can also do early Christmas shopping by November since most online stores also have big deals around this time.
6. Spend your 13th month pay wisely
   
   Spending your 13th month pay to splurge on holiday shopping is not ideal if you want to save some cash for the new year. You could allocate a portion of your 13th month pay or Christmas bonus to pay debts or invest in something profitable long-term.
   
   There is nothing wrong with treating yourself and your loved ones, but these days, you have to be smart with where and how you spend to avoid financial dilemmas in the future.
7. Stow money away where you can't touch it
   
   There are many ways to keep your cash out of sight, like putting it in your savings  or investments. By doing so, you will not be tempted to spend all your money in one go and be able to use them in emergencies, should there be some. This step also teaches you how to use your remaining cash after saving a considerable portion of your money.

Spend Wisely This Christmas

One of the resolutions people usually make during the new year is to have more control over their budget, yet many fail to do so because of a lack of planning and giving in to impulses. When you commit to these holiday budgeting tips, you can expand your earnings and enjoy your hard-earned cash for longer.

Break away from holiday financial worries and have a backup ready with RCBC Credit Cards. These give you exclusive perks, rewards, and discounts so you can save while shopping, traveling, and dining.

Apply for an RCBC credit card today!