Time flies by and it seems like we are always approaching some sort of holiday season. Whether winter o summer deals, specific dates, and birthdays, there’s always a festive reason to spend. In this age of the unpredictable that we are living in, we know that factoring in holiday expenses can be difficult but not impossible. Take a look at these tips so you can start saving and approach holiday spending in a positive way!
Budget is just another word for a financial plan. It’s not just knowing what your personal cash flow looks like and what your habitual living expenses are. It’s also important to know what your spending expectations are. \ In order to create an effective plan to save money, you need to make a plan on how you want to spend it.
You’ve probably heard of this rule but it’s always good to reiterate it. It’s a valuable piece of advice and a simple, smart way to manage your personal finances. The idea is that 50% of your earnings is for necessary costs, 30% is for things you want but don’t need, and 20% is to be saved.
Know whom you want to cater to and what they like. Make lists and keep them handy. This will help you stay on your spending track. Having a clear idea of who and what you’re buying is what will allow you to make smart shopping decisions.
Aligned with the above, if you already have an idea of what you want to spend, take advantage of the gift of time and start buying early. It’s a great way to avoid the high traffic and last-minute shopping spur. Also, if you shop out of season you’ll probably find some clearance deals along the way.
Speaking of deals, be on the look out for sales! These are found year-round so check your favorite sites for special deals and offers. Another tip to keep on your radar is gift cards. They are a resourceful way to get discounts and special fees. And don’t forget to keep your spending plan in mind so you don’t go overboard with purchases.
Bottom line: know your financial situation intimately and what your spending goals are. This way you’ll be able to manage the holiday gift-giving season smoothly.