CINCINNATI — If you're shopping for gifts for everyone on your list, the prices can add up quickly.
The last thing you want to do is start the new year with a ton of debt from your holiday spending.
Al Riddick, president of Gametime Budgeting, shared some steps to keep your finances in check this holiday season.
Riddick said one of the first things you should do is make a list of everyone for whom you plan to buy gifts.
"Once you do that, there's nothing wrong with putting a dollar value beside that name," he said. "Not that that is what a person is worth, but that's how much money you want to spend."
You're not alone if the holidays roll around and your budget goes out the window.
"It is a time of heightened emotions," Riddick said. "So, when you let emotions overrule logic when it comes to a time like the holiday season, that is what makes it so easy to overspend."
Once you establish the amount you want to spend, stick to it.
"If you don't have the money, and this is not going to sit well with a lot of people, but you should not be making that purchase. I know that's a tough thing for people to feel emotionally," he said.
Riddick said to remember that some of the best gifts don't cost much money at all.
"I’m a big believer in giving people very sentimental gifts," he said. “If you have someone in your family that likes the cookies that you bake or a certain cake that you make, you could give someone a free dessert, and you could even do things like giving someone a coupon for free house cleaning, free, babysitting, or something of that nature."
I asked Riddick for the best piece of advice he has when it comes to bettering your finances.
"The advice is to count your money," he said. "A lot of people don't even know what they get paid on a weekly or biweekly basis, because everything is on automatic deposit."
A lot of people don't carry cash anymore, and Riddick said that has taken some of the emotional attachment out of spending. Riddick said swiping or tapping your credit card sometimes doesn't feel like spending money, the way that cash does.
You can start planning for the next holiday season now. Riddick recommends setting aside a certain amount each month, so by the time next December rolls around, you will have gradually built up your 2025 holiday savings.
To stay in control of your finances in the coming year, Riddick said you should track your income, expenses, and financial goals closely.
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