The holidays are perfect for spending time with your loved ones and showering them with gifts. It's easy to get caught up in the Christmas or Hanukkah spirit, though, and go overboard with spending too much on presents and stocking stuffers. From setting a firm budget to tracking your checking account, here are some ways to avoid overspending during the most wonderful time of the year.

How to Stay Savvy This Holiday Season

1. Set a Budget

Before conquering your holiday shopping, figure out how much money you’d like to spend. Allocate a set amount for each person you’re shopping for, along with other holiday necessities like travel and decorations. You should also enter your budget in a spreadsheet where you can organize your purchases in an orderly, categorized manner.

2. Search for Sales

Waiting until the last minute to start shopping often means you’re missing out on steep discounts. Search for sales and deals before online shopping or hitting up your local department store. Before heading to the store, check local ads and sign up for alert emails to receive coupons. 

3. Manage Your Checking Account

Part of setting a budget is being mindful of the money leaving your savings and checking account on a daily basis. Keep track of every purchase, including the amount you paid for it, and compare it with the amount of money you allocated for shopping. 

If you notice more money leaving your account than you could afford, cut costs during the rest of your gift-shopping. This could be done by finding cheaper alternatives to presents you were planning on getting or cutting down on convenience purchases like food delivery or recreational activities.

4. Limit Treating Yourself

Many people like to buy themselves gifts while they’re shopping for other people. In fact, nearly 25% of shoppers admit to self-gifting during the holiday season. However, this could easily cut into your bank account. To avoid financial anxiety in the future, try to refrain from treating yourself until after the holidays.

Get other helpful tips to save your hard-earned money from a financial institution you can trust. Based in Fenton, MO, Alliance Credit Union has set the standard for reliable banking services since 1948. Along with offering versatile savings and checking account options, the not-for-profit financial center provides free online banking, flexible commercial property loans, and low rates on mortgages. To start the process of opening a checking account, visit their website or call (636) 343-7005.