As a single parent, the holidays can be tough. This is especially true when it comes to buying presents for friends and family, which may be more difficult since your divorce. You also want to preserve your financial stability, which means you must avoid overspending. Bankrate offers the following tips in this case, which can help divorced parents in Michigan get through the holidays unscathed.
Make a budget
Before setting foot in a mall, devise a budget of what you plan on spending this holiday season. When making your budget, don’t just include the amount you plan on spending on gifts. Also add in other expenses, such as postage costs, decorations, and any other potential costs. Once you have a solid budget in place, you’ll have a much better idea of where you stand financially.
Even with a budget in place, you might still be tempted to spend more. By using cash, you can nip this problem in the bud, as you won’t be able to spend more than what you have on you. Conversely, shopping with a credit card allows you to spend as much as you’d like during a shopping excursion, which will also incur a greater cost due to interest.
Look for alternatives
Homemade gifts and crafts are another option to help you save money. Baking is a great way to show love to friends and family without spending an arm and a leg. You can also offer services instead of gifts, such as by offering to babysit for a loved one or running errands for an elderly family member. These efforts are often more appreciated because they come from the heart as opposed to the wallet.