The holiday season is already upon us and this means one and one thing only for frequent spenders. Overspending and overextending your budget. Holidays can be more or less of a financial burden for many individuals and overspending during this season can really burn a big dent in your pocket. For many of us, it’s indeed an endearing task to find a balance between saving and spending. In this post we will see how you can enjoy the holiday season without compromising on your financial goals and staying on a budget:
1. Prepare a budget in advance:
It may seem like an obvious suggestion but the way to survive and stay on a budget is to plan well ahead. This means preparing a budget well in advance and a list of the people you would be buying gifts for. Doing this will help you accomplish your priorities and stay on budget. You will also need to figure out the list of parties, gathering and social events you will be participating in. Make a note if there is any traveling involved and how much would it take to cover the cost of travel? These are just the things you will need to consider while preparing your budget.
2. Adhering to the budget:
Now that you have chalked out a budget, you will need to be careful adhering to it. It’s quite easy to lose sight of your budget with incessant shopping at the last minute. Avoid this at all costs. If you are out shopping, prepare a list of things you need to buy well in advance and stick to it. Stave off the impulse of buying things and keep in mind the budget you are carrying.
3. Homemade gifts:
One sure shot way of saving your gift costs is to make your own gifts. Homemade gifts can be inexpensive and offer a more personal touch than store bought gifts. There are many great DIY ideas that you can check out online and make use of it to create your own personal gift. The same principle can be applied for your home décor as well. Homemade décor can really light up your personal space. So, gather yourself some supplies, think of some creative ideas and get to work on them. Chances are, your loved ones will love this gesture of yours more than any other gifts they receive this year. After all, who doesn’t like a personal touch to their gifts?
4. Shop smarter:
The holiday season brings along different sales and promotions that you can use to your advantage. All you need to do is keep your eyes peeled for the best discounts. These can come in handy while you are doing your shopping. Also, ensure that you pay off any pending credit card bills well in advance. Credit card companies tend to charge their customers anywhere between 17 to 19% on accumulating debts. The last thing you need is to pay off extra money on the purchases you made during the holiday season.
5. Go local:
Even though you may be fans of expensive labels, it is imperative that you stick to your budget. This year around, steer clear of all the expensive clothing store, jewellery store as well as overpriced beauty products and health items. All you need to do is a little research of your own and find out alternatives to all the things you need. If you still need to buy from big stores, make sure you do your research properly and go for cash backs. Flowers can never go out of fashion and go perfectly well with any gifts. Subscribe to Flowers for Everyone and get up to 10% off on your next order.
6. Use cash back credit cards:
Everyone is a fan of cash backs. You should be too. There are many stores that offer a cash back option to patrons on your purchases. You can always consult your credit card company and know more about the cash back offers that you can avail. Cash back credit cards today are increasingly becoming popular amongst the general public. There are also different cashback websites online that you can make use of in order to save money.
7. Make group savings:
Rather than attending two or three parties during the month, try and gather all your friends for a collective party, This would help save both time and money. You can try Secret Santa with your friends and rather than going for ticketed events, go for the fireworks display, park runs or beach picnics. The idea is to make your holiday memorable and not mainstream.
So, there we have some small tips on staying on a budget this Christmas. Make sure to follow these for insight about having a stress-free Christmas this year.