While you might generally be good with money, a carefully considered spending strategy can easily be destroyed by the deluge of “must-have” gifts and enormous supermarket stores. As a matter of fact, the average household spends more in December than it does in any other month.
Holiday joy is in the air, and with it comes the challenging task of keeping your spending under control while having fun. While January can present a sharp contrast with the impending worry of bills and the aftereffects of holiday spending, December is frequently a frenzy of happiness and giving.
Lucky for you, we are here to help you navigate a period of wise spending in light of this. The goal is to assist you in avoiding the debt hangover and ringing in the new year with happiness instead of financial strain. Below are seven crucial money-saving ideas to help you make your holiday celebrations as bright and affordable as possible.
1. Establish a gift-giving philosophy
Before creating a budget, you must develop your own concept around Christmas gift-giving. What does giving mean to you? Is it about identifying the ideal gifts? Do you want to spend so much money on them to impress people? Or do you believe you must purchase gifts for others? Be sincere with yourself and consider your motivation for buying gifts before figuring out how you’re going to pay for them.
2. Plan ahead
Not only can creating a budget help you cut back on your expenditures, but it can also ease your financial anxiety. With a budget, you know exactly what you need and how much it will cost. Make sure to factor in the fact that many items cost more than this time last year when budgeting your money.
Create your budget by allocating specific amounts for presents, food, drink, and entertainment in addition to your regular monthly expenses. Knowing how much you’ll have in your Thunderbolt account in addition to the Thunderbolt casino sign up bonus is just as important as knowing how much you’ve allocated for gifts.
The goal is to avoid spending outside of your budget. Never hesitate to ‘trim your cloth’ to fit your spending limit. It’s much better to do this now and avoid a financial hangover on January 1.
3. Rein in your spending
Always spend as much as you can comfortably afford for this or any other season. What about the cash you need for Christmas? Some may ask.
You’re probably set if you’ve been shopping throughout the year or putting money into your Christmas sinking fund. If not, you must find another place to get that money. The first stage in this process is to reallocate funds within your budget, cutting back in certain areas in December to offset the additional expenditure associated with the holiday season.
4. Use cash
Find out how much you have to spend on décor, food, clothes, gifts, and other seasonal expenses, and if at all feasible, take out that precise amount in cash. After that, separate it into envelopes with labels according to the categories. By doing this, you can avoid overspending and reduce the unexpected charges on your bank account statements in January.
5. Resist marketing campaigns
Last year alone, Americans spent $936.3 billion on holidays! That is a lot of money. Refrain from getting sucked into the frenzy of sales and shopping. While most people believe these businesses are promoting these offers out of a genuine desire to assist them, their true objective is to share in the $936 billion holiday “magic.” Therefore, limit your spending and make informed purchases.
6. Do a Secret Santa
If you’re shopping for large groups of individuals, like extended family and friends, suggesting a Secret Santa is a terrific way to cut costs, and you can coordinate with apps like Elfster. Similarly, purchasing a “family gift,” such as a board game, a big box of chocolates, or a tin of cookies, can be an excellent alternative to purchasing individual gifts for a group of people.
7. Give your time
Consider giving your time as a gift this Christmas rather than purchasing presents. Do things like snowplowing, housecleaning, dog walking, carwashing, pet sitting, or just spending time together doing good deeds.
8. Buy secondhand
Purchasing a used gift for someone was once considered a faux pas, but this has changed as environmental consciousness and sustainability have gained more attention. It’s more economical and environmentally friendly to shop secondhand, plus you could uncover some real gems.
9. Track your delivery fees
Delivery costs to supermarkets might pile up. Getting a delivery pass, in which you pay a one-time price for deliveries from your preferred grocer, can be a cheaper alternative. They can save you money and time, depending on how much and often you shop.
Additionally, sign up for a 30-day trial of Amazon Prime to receive free shipping on large purchases from Amazon. Just make sure to cancel before the trial period expires.
Celebrate the festive season without financial hangovers!
You can enjoy yourself without worrying about overspending and high costs. It all comes down to preparation, a little research, and discipline. Consider these nine pointers when developing your spending plan. Merry Christmas!
