Holiday’s are just around the corner and we are sure you already have your shopping list prepared. After all the largest sales of the year, Black Friday and Cyber Mondays are coming up and who doesn’t want to take advantage of those steal-worthy offers. Plus, Christmas and Thanksgiving are also not far away either; you need to make preparations for those endless parties and entertaining guests. And why not buy gifts for friends and family on sale right? It’s more economical that way.
Well, you need to stop and think how that extra spending during the holidays will show up on your bank statement and credit card bill. Although the holiday shopping for gifts and entertainment supplies is kind of indispensible, but that doesn’t mean you cannot shop smart or find ways to spend less and yet make your holidays special. We have come up with some great ways to help you save money during the holidays. Read on till the end of this article to know how you can spend wisely.
1. Start budgeting early
Just like an athlete prepares himself before he goes to the field for the actual competition, you need to prepare yourself before holidays actually arrive. If you start budgeting for holidays a couple of months before the holidays and give up little regular indulgences, it will add up to your holiday savings. Although, it is a bit late this year to start cutting off on those extras, you can add this to your list of resolutions. Even $5 or $10 saved every now and then throughout the year, can contribute in a great way during holidays.
2. Create a holiday savings account
If you are one of those who just don’t understand the meaning of savings or just have a really hard time managing your finances, than this tip is especially for you. You can create a separate bank account to save a few 100 bucks every month, especially for the holiday savings. This will surely reduce the financial stress during holidays. Don’t forget to automate the procedure, so that you never, ever forget to feed your holiday savings account.
3. Consider your expenses
With holidays come loads and loads of expenses. You need to buy Christmas gifts for friends and families and prepare for entertaining the guests. In addition to that there are expenses on travel, food, parties and charity as well. If you want to spend less during the holidays, you will need to consider all your expenses and cut down on the extras. Make a holiday shopping list and prioritize things you must spend on and those you can postpone are strike off the list all together.
4. Find the correct amount for you
How much an individual spends during the holiday depends on his/her financial situation. But still people tend to go overboard just to show the next door neighbor that they have a better Christmas tree and a more beautifully decorated house. You holiday spending should be regardless of how much or how little others plan to spend. A great thumb of rule everyone must follow is basing their holiday budget on their annual income and expenses.
5. Find ways to save on gifts and celebrations
Gifts and celebrations contribute majorly to your overall holiday expenditure. Therefore, if you can manage saving on gifts and holiday celebration you can surely save a lot. You can rely on DIY for many things like making gifts for friends and family. Alternatively, if you don’t think you are crafty enough you can take help of internet and come up with awesome creative ideas. Gift card is another amazing way to save during holidays.
6. Make saving fun with the help of a game
Don’t consider saving during the holidays a chore. We have an amazing idea that will help you enjoy saving. Heard about secret Santa? You must have. This incredible game can help you save a lot on your holiday gifts. This way you won’t have to buy gifts for each and every member or your family and all your friends. Plus, nobody will mind.
7. Take advantage of sales but be wise
Who doesn’t want to take advantage of the exciting deals and offers during holiday sales? We all do, but the fact is it is very easy to get lured by those heavy discounts and forget about the savings. It’s important that before you hit the stores to for shopping during sales, you have a budget and you stick to it. Make sales an opportunity to save money instead of overspending.
8. Use coupon codes generously
You can cut your expenditure on food, drinks, salon and gift items for holidays with the help of coupon codes. These days a lot of merchants sell coupon codes online to attract customers. All you need to do is search online for deals. You can also take help of price comparison sites before you hit the stores. A quick web search can help you save a lot during holidays.
9. Track your total expenditure after holidays
Don’t think if the holidays are over than you can relax and stop worrying about your finances. The period after holidays is a great time to get a head start and check over your budget. See if your holiday shopping went as planned and check if you stayed within the budget. You can also check the expenditures you could have avoided. This will enable you to plan your next holidays in a better way and allow you to enhance your savings.
Getting caught up in the spending cycle is really easy during the holidays but if you already have a plan in place you won’t have to fear your bank statement after the holidays.