It is officially one week until Christmas, which means it’s def con five shopping time for much of America. But as you make your lists, check them twice, it’s also important to check your bank account before you head out! We know, it sounds boring and responsible in the face of all that holiday sparkle but you’ll thank us later. We called on Steve Siebold, author of How Rich People Think, for advice on how not to break the bank this year.
While we recommend surfing the Internet for great sales, or even making wonderful homemade gifts, Siebold has interviewed over one thousand of America’s richest folks, so he really is the expert on how to keep an extra dollar in your pocket. Take it away, Steve…
- Allocate a certain amount of money for each person you plan on buying gifts for and don’t overspend by even a dollar.
- Don’t even think of using a credit card unless you are 100% sure you can comfortably pay it off at the end of the month. (Lux add on: Look for cards that allow you to earn point or rewards you will actually use!)
- Don’t get caught up in the moment. If your shopping cart is overflowing, step back, regroup and make sure you can really afford everything you plan to purchase. (Deep breaths everyone)
- There’s no shame in telling people that this year will be a lean holiday season when it comes to exchanging gifts.
- When it comes to spending this holiday season, leave your emotions on the shelf and let reason be your guide. (Even – and especially – when it comes to that amazingggg pair of heels you were thinking of buying for yourself this Christmas)
- Limit charitable giving. Helping others is a nice gesture and certainly in the spirit of the holidays, but until you’re financially comfortable yourself, you can’t give what you don’t have. A little leftover change is one thing, but those who try and support every cause known to man but can’t afford to are doing more harm than good.