The holiday shopping season is approaching, which is good news for retailers. But not so good for consumers who overspend and end up with big credit card bills in January and would prefer to spend less.
Buying gifts for people you love may make you happy, but there are ways to spend less money and still be happy during the holidays.
If you’re one of those people who buy a few things for yourself while out shopping for others, it may not lead to more enjoyment anyway. Researchers have found that investing in relationships and experiences “buys” more happiness than spending on material things.
If you want to spend less during the holidays and enjoy life more, here are seven tips from Pamela Yellen, a financial investigator and the author of “The Bank on Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.”
1. Wants vs. Needs to Spend Less
“Those slick Madison Avenue types would have us believe that we ‘need’ lots of things, from the latest techno-gadget to that trendy new shoe,” Yellen says.
“They tell us that we’re not sexy/successful/cool without what they’re selling.…What do we really need? Stop and think about it and get clarity for yourself. And if you have children, teaching them the difference between needs and wants will empower them for life.” [Read more…]