I love all kinds of holidays. We all know that holidays are the most memorable events of the year. However, holidays are also expensive. We can spend all our money if we aren’t careful. According to the National Retail Federation (NRF), Americans had planned to spend $998 on decorations, gifts and food in 2020. Moreover, this figure doesn’t include all the expenses that would occur during the holiday season. There is no need for us having holiday stress. Here are five effective saving tips for holidays that we can use.
Before we buy anything during the holidays, I need to create a spending budget. A spending budget gives me an idea of how much I should spend. This prevents me from making purchases that I may later on regret. I can use tools to help me work out my other obligations, such as a secured loan calculator and a budget spreadsheet, to factor these into this.
One thing I always do is write a list of everybody that I want to give and allocating the money that I want to spend on that particular person. I then allocate the amount of money I want to spend on food and entertainment during the holidays. A spending budget also gives me an idea of how much I should save so that I can buy other stuff that I might need.
Shopping during the high peak holiday season has never been a good idea. It is ideal to shop in early November. Retailers have discounts on products during this period. The Black Friday deals also happen in November.
However, I do not wait for Black Friday deals only because there are also other deals. I always look for other deals and then set up deal alerts on my phone so that I don’t miss out on any opportunity. Different brands send out deal alerts to subscribers once a product has been put on a discount.
In this period, I also look for products that have coupon codes. A mobile app like coupon Sherpa can be used while shopping so that we can see what coupons are available on the product that we are buying.
It’s never a good idea for us to buy goods and gifts at once during the holiday. If I buy everything at once I often end up overspending and buying gifts that were not in my budget. This also means that I will buy gifts at an expensive price because I won’t be giving myself the chance to look at the discounts on different products.
I have found that when I buy gifts little by little I save up extra money instead of using all my money. I therefore never have any money problems the coming January.
Shopping online is flexible. I can shop at any time of the day. I also get to have an opportunity of comparing different products and their prices in an easy manner. When I shop online, I also get to save the time and fuel that I would have used going to the store.
During the holidays I have found that people enjoy homemade gifts more than gifts bought in the store. Since I know most of my friends and their preferences, I make gifts that are suited to their preferences. I can make edible cookies, food and even clothes. By making homemade gifts I also get to save money.
The holidays can be stressful if I don’t prepare well financially. Good financial planning will save me and you the stress of having no money in January. It will also enable me to live within our means during the holiday season and even save.