In the video above, Entrepreneur Network partner Brian Tracy provides three tips to help you avoid overspending during the holidays.
It's easy to spend more if you don't have a clear-cut plan of action. So you don't spend outside your limits, you should start by setting an overall budget for yourself. Take a look at your current finances and figure out how much you can afford to spend without stretching yourself thin. Keep in mind you should be saving 10 percent of your income constantly, and the holidays are no exception.
Set a budget for each individual person on your list to help guide your purchasing decisions. If you're looking to cut back, suggest gift exchanges.
Lastly, keep track of your spending. Save your receipts and log them into a spreadsheet, or use a mobile app to keep up with your spending. You should always know how much you've spent on a single person -- and overall.
To learn more, click play.
Watch more YouTube videos from Brian Tracy on his channel.
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