It's that time of year again, when the holiday spirit has you socializing and making merry, or merrier than usual.

It's a time for family, friends and celebration – and the last thing you’ll want to focus on is your finances. But this is also the time of year when expenses can balloon if you don’t keep an eye on them. PersonalFN shows you 3 easy ways to not break the bank, and still have a wonderful time this holiday season.

1. Keep an Eye on Your Credit Card

Often, we start the last week of the year with the best of intentions – we will try to be sensible and not extravagant, be reasonable and not go overboard; but when the celebrations begin our best intentions melt away and we find we are swiping our credit cards at will – for lunches, dinners, movies, parties, presents for our loved ones, doing up the house, booking a holiday and whatever else catches our fancy during this last week of the calendar year!

While it's great to let your hair down and you certainly deserve it after having been hard at work for the last 51 weeks, you don’t want to start off the new year with a mountain of credit card debt and a side order of broken financial resolutions.

The dangerous beauty of a credit card is the ‘buy now, worry later’ feeling it brings out in us all. And an easy way to not fall into that trap is to keep a running total of your credit card spending, which you review on a weekly basis.

If you review your credit card spending every 7 days, chances are you’re much less likely to make that next purchase that you want but don’t really need. So be sure to check your credit card status online or simply call your bank customer care helpline to see what you’ve spent every week, and save yourself a nasty surprise at month’s end.

2. Avoid the Last Minute Rush – Plan in Advance

Haste makes waste.

Before you leave the house, make a list.
Slot your purchases into categories, figure out the best route to travel, be aware of any sales or prudent offers and deals that could help save money, and avoid impulse shopping. Your spouse and family members would benefit from doing the same. Remember, budgeting is the first step to building wealth.

3. Never, Ever Dip Into Your Contingency Fund or Compromise Your Investments

Yes, you want to have a great time and at PersonalFN we want you to be happy too – not just today, but tomorrow, and also when you retire!

Be sure to continue your investments, keep your contingency fund healthy and at no point let your financial plan progress suffer with too large an unplanned expense!

In fact, why not add a new financial resolution to your list for 2013 – take a giant step towards retiring early!

With this in mind – you will be sure to keep track of your spending and be a wise shopper. Remember its never too early or too late to start building wealth for your retirement and your life goals – including holidays and new cars! Speak to your financial planner today to help get you started!

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