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Following Black Friday and Cyber Monday, we know full well how expensive the holidays can be...not to mention December has just started! According to the National Retail Federation (NRF), consumers plan to spend $998 on average on items such as gifts, food, decorations and other holiday-related purchases for themselves and their families.

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Tips to Save

Create a Budget
Creating a budget for holiday gifts is the first step — sticking to it the second. And don’t forget to include taxes and shipping.

Use Cash
Using cash, rather than plastic, helps you avoid mindless spending. You can put the cash budgeted for holiday gifts in an envelope to keep your spending in check.

Limit the Number of Gifts
Limit you gift-giving to a small number of people. It may not be realistic to exchange gifts with everyone you have in mind. Think about your list and stick to it.


To help you master this month’s principle, check out the National Standards in K-12 Personal Finance Education and Jump$tart Clearinghouse, or get started with a few free resources.