Do you have a bad habit of overspending during the holidays? Then, you might want to cut back this year. You can still have an amazing Christmas without emptying your wallet. These are six ways you can shrink your holiday spending:

1. Arrange Gift Exchanges

You’re not Santa Claus. You can’t afford to give gifts to everyone. Cut down your shopping list by arranging gift exchanges with your friends, family members and coworkers.

2. Put Your Points to Good Use

Have you joined store loyalty programs? Do you have rewards cards? Do you collect air miles? These benefits can help you reduce your spending on holiday gifts. Do some research to see what your accumulated points can buy this year. 

3. Minimize Décor

You don’t need to compete with the entire neighborhood at Christmas to see who has the best decorations. Of course, some people will cover their houses in lights and fill their yards with figurines, but all of that décor can cost a fortune. Stick to minimal décor, like a wreath on the door and a string of lights on your railing.

Minimize the décor inside, too. Re-use decorations you already own. If you want new décor, try DIY projects, like making paper snowflakes or painting pinecones.

4. Host Potlucks

Instead of hosting dinners where you shell out for the whole menu, host a potluck where every guest can bring a dish to share. This can get everyone in the spirit, and it can save you a bunch of money in the long run.

5. Go Thrifty with Stockings

Kids don’t need expensive stocking stuffers. Keep the contents of their stockings simple, cheap and fun. Some ideas for thrifty stocking gifts are stickers, bulkstore candy and craft supplies.

6. Shop Early

If you can, shop earlier rather than later. When you rush yourself, you’re likely to spend more. You’ll pile items into your shopping cart without thinking about the price tags and how they’ll fit into your budget. When you give yourself plenty of time to shop, you’ll be more mindful of your spending.

Shopping early can also help you take advantage of major sales events like Black Friday and Cyber Monday.

The Problem with Overspending during the Holidays

Overspending during the holidays can feel inevitable. It’s so common to get caught up in the frenzy of the occasion and spend everything you have on gifts, decorations and food. This spending might be fun in the moment, but it can be devastating when you realize that you have nothing left in your checking account by the end of the year.

It can lead to one big problem. What if you need to pay for something? What if your car gets stuck in the snow and you have to pay to get it towed? What if your pipes freeze and you need to pay a plumber to thaw them? When you overspend, you won’t have enough to cover an emergency expense out of the blue.

If you try to stop yourself from overspending, and it’s still not enough, don’t panic. You can try to use your credit card to cover the urgent expense and then pay down your balance through your billing cycle. Or you can look into options for small personal loans online and see whether you qualify for one. If you do, you could fill out an application and wait for the results. You just might get approved for a small personal loan. In that case, you can use the borrowed funds to cover your emergency expense, and then make your personal loan repayment through a billing cycle. It’s that simple.

Don’t get caught up in the holiday spending craze this year. Follow these tips and spend less!