It is easy to lose control of your finances during the holidays. You have to pay for entertainment, gifts, and other expenses that may leave you in debt. So, plan for your holiday spending and enjoy yourself within your limit.
Use Money-Saving App
There are many money-saving apps you can use during the holidays. For instance, Honey and RetailMeNot apps give discounts if you shop online. However, check the prices elsewhere to be sure of the bargain. You can also consider the best budgeting app to controlling your holiday spending.
Make a Budget
The money you want for holidays should guide you in making a list and not vice versa. You will need to buy presents and vacations. All these can cost a lot of money, so make a list of gifts in advance and allocate the money. If the budget goes too much beyond your budget, you can reduce the list and spend within your means.
After making a budget, take the money out of the bank and pay for goods and services in cash; after spending every penny, no more shopping. For online shopping, use a prepaid card.
Give Handmade Gifts
It’s better to give a cheaper personalized gift that someone will appreciate instead of an expensive one that may never be used. If you like baking, you can make a cake or a handmade shopping basket for your mother. Such a gift can be more treasured than any other gift.
Create Holiday Fund
Holidays don’t just come. You knew the season would come. So, consider saving for the holiday early enough. The previous budget will guide you on how much you will contribute monthly to meet your goal. You can also buy gifts before the holiday rush, and you may get them cheaply.
Control Alcohol Intake
Holidays are meant for celebration with family and friends. However, take alcohol in moderation. Too much drinking can cause a hitch in your finances.
Award the Gift of Your Time
Your parents, aunts, and uncles may not demand much apart from visiting them. You can help your neighbor trim the hedges or walk their dog if their schedule is tight. Make meals for your relatives and spend some time with them. This way, you will make everyone happy without spending much.
Purchase Second Hand Goods
There’s always a temptation to buy the trendiest and most expensive gifts on the market. However, there are thousands of used goods, from electronics to clothes, as well as new ones. Some of them are unique and pocket-friendly on eBay or the Facebook marketplace, among other places.
Take Advantage of Discounts
Most shops offer discounts on some items during the holidays. Take advantage and shop when there’s a discount. This will save you a lot of money since some stores offer up to 30% discounts.
With a credit card, it is hard to control your spending. Keep the card away and shop on a cash basis. This means you will pay for what you can afford or need. You may not realize how much you spend on a credit card until you check a statement. Using cash will help you determine how much you’ve used and the balance.
Make a Realistic Budget
Budget for what you can afford. If you are financially unstable, purchase cheaper gifts or wait till next time. Furthermore, you once bought them a gift, so they’ll understand your situation.
You may have the best intentions, but holiday shopping can get out of hand. Make a budget and stick to it, avoid credit, pay in cash, buy cheaper personalized items, and gift them your time. Create a realistic budget and avoid impulse buying to help you save some cash.