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Don't let holiday spending ruin your home-buying plans for 2018

Don't let holiday spending ruin your home-buying plans for 2018

Author: Pranil Maharaj
Date: 2017-12-08

It's summer, it's holiday time and it's the season in which consumers want to take a break from worrying about what they spend. But with just a few shopping days left before Christmas, those who hope to buy a new home next year should actually be keeping an even tighter rein than usual on their finances.

Festive season shoppers worldwide are known to spend between 15% and 30% more than they had originally planned on gifts, holiday accommodation and food.

To help potential home buyers stay on financial course this holiday season, here are some suggestions:

1. Determine how much you can afford: First make sure you know how much you can really afford to spend on seasonal food, presents and holiday outings.

2. Stick to your gifting budget: Write down who you're buying presents for and how much you plan to spend on each gift - then stick to that list when you go shopping.

3. Avoid last-minute shopping: Avoid shopping at the last minute, especially for gifts and party food. The stress will lead you to buy whatever's easiest, not most economical.

4. Be an economical host: Don't be too hospitable if everyone is coming to your house this year for the Christmas or New Year celebrations.

5. Avoid car trouble costs: Service your car or at least have the essentials checked before you set out on holiday and lower the chance of a breakdown and the towing, repair and hotel costs that might follow.

6. Plan ahead: Lastly, you should plan ahead for January. There are always extra expenses in January.