Tips to keep your spending in check this holiday season
There is plenty of pressure to give great gifts, travel to all friends and family and be the life of the holiday party, but no spending is worth the cost of financial woes in January.
With adequate planning, budgeting and creativity your holiday can go from frenzied and frazzled to fun and fabulous with a debt-free that doesn’t break the bank.
The festive season calls for a heart-warming time to relax, unwind and get together with loved ones. However it’s also a time when spending habits peak and wallets run dry. There is plenty of pressure to give great gifts, travel to all friends and family and be the life of the holiday party, but no spending is worth the cost of financial woes in January.
Here are 6 Tips to Save Money During the Holidays:
- Treat yourself a little bit less
Small lifestyle tweaks such as automating your savings account, going on less lunch dates or buying less take-aways a week throughout the year will ensure you have more change in your pocket.
- Get to know your old friend “cash” again
An easy suggestion to track your spending, and save money during the holidays, is to use actual cash instead of plastic. The trick is to withdraw only the amount of cash for which you have budgeted. Once that amount is gone, resist the temptation to spend money you don’t have and call it a day.
- Make a shopping list (check it twice) and commit to it
Having a shopping strategy is key if you’re trying to save money during the holidays. Going grocery or gift shopping will have you tempted to load up on everything around you. When you’ve thought about who you are shopping for and have a rough idea of what you will buy them, the process will be smoother and your holiday savings potentially a lot higher.
READ: Christmas shopping on a shoestring budget
- Do your homework and start early
Depending on what gifts you’re hoping to buy and what holiday expenses are in store for your budget, it’s probably best to plan your budget early by starting to research and make holiday purchases in August or September. Come up with a plan for what you want to spend and give yourself ample time to pay for it so it’s not all shock.
- Give something homemade and from the heart
Giving something homemade can still show your gratitude and enable you to save money during the holidays. Cookies, cakes and other baked goods can be a fantastic option. If you’re a crafty person and all about DIY, putting in a little elbow grease to make jewellery, pottery or festive ornaments is also a good bet and can contribute to your holiday savings.
- Use technology
If you’re trying to save money during the holidays’ automated tools or apps which track your spending, round up your change and put it aside for you as a reward or in a separate account. At the end of the year, you could push those savings over to checking, resulting in spending money you have instead of creating debt.
READ: Dealing with the stress of Christmas
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