As we move closer to the holidays, we will be tempted more than ever to shop, spend and overindulge in celebrations. Oftentimes, we get caught up in the spirit of the season and start a spending frenzy that can quickly get out of control. Don’t let this happen to you! Consider the financial tips below to help you keep more greenbacks and stay out of the red.

Set a financial goal

Setting a financial goal for the holidays will help you identify how much money you will need to save to cover holiday expenses including gifts and groceries.

• Write down the goal and be realistic
• Organize the goal and write down the steps needed to reach the goal
• Revise the goal as needed
• Monitor your progress

Create a holiday budget

Creating a holiday spending plan will help you meet expenses and stay on task during the holiday season.

• Keep track of your daily spending with a personal spending diary
• List your income and compare it to your expenses
• Pay yourself first or have money automatically transferred into a holiday savings account

Decrease holiday spending

Decrease your spending and avoid activities that encourage trivial spending.

• Carry small amounts of cash to limit impulse spending
• Use coupons and shop for items that are “buy one get one”
• Use a grocery list and stick to it
• Pack your lunch for work and avoid vending machines

Increase holiday income

Increase income to help meet your financial goals.

• Negotiate credit card rates and fees
• Sell household goods that are no longer used
• Consider a second job to supplement your current income
• Recycle

Keep Accurate records

Keep track of spending habits and progress towards financial goals

• Keep records in a safe place
• Keep records organized
• Pay bills early to avoid late fees

Source: www.FDIC.gov

0