More than any other time of the year, the festive season is one, which gives you plenty of reasons to break your wallet due to festive holiday advertisements and store promotions. During this period, a lot of people shop without plans, making them vulnerable to holiday deals and offers that could get the best of them.
Unplanned purchases and impulse buying during the festive season aren’t always bad as long as you keep your budget in check.
When you shop this festive season, follow these few tips to keep yourself safe from going overboard with your spending so as not to regret all that Christmas shopping when January rolls by.
1. Shop Early
Don’t wait till Christmas before you start shopping. Ensure you shop before Christmas in order not to be caught up with the usual hike in prices that come with the season. This way, you tend to save some money which will be very useful after the festive season.
2. Set A Budget For The Month
Create a budget for the month. This way, you can allocate more funds to gift shopping during the holidays. You can do this by downloading apps like Mint, Level Money, etc. to enable you to understand exactly what you have spent and how it will affect your budget later in the month.
Start with creating a budget that works with your plan and your wallet. Write a list of all the people you want to buy a gift for and set an amount for each person. Once you have purchased a gift for someone, cross them off your list. All those little trips to the store add up, so avoid going to the store too often.
3. Stick To A Daily Spending Limit
Try to analyze your bank accounts and decide on the maximum amount of money you should spend each day. Avoid impulse buying and ensure that whatever you buy must be very important and within your daily spending limit. When you go shopping, leave your credit cards at home and only spend as much cash as you have allotted in your budget. This is the best way to follow through with your holiday spending budget. Just assume if you do not have the cash, then you cannot afford it. Buy exactly what you are there for, then leave.
4. Draw Up A Food Budget
Our tendency to overindulge during the holidays can translate into higher grocery bills. Holiday food shopping often includes planning for parties and large dinners, so it’s no wonder that budgets can run wild. A smart shopping list will allow you to set a budget for grocery shopping and will help you adjust your list to stay within your range.
5. Avoid Spending Too Much on Holiday Cheer
The festive period is filled with cheer, but the dent they can make in your budget might leave you broke for some few months after. When you get swept up in the festivities, it’s easy to forget how much money you’re spending at the bar and other places. Monitor your drink intake and your cash output to avoid spending too much on drinks and entertainment.
6. Avoid Credit And Have A Truly Happy New Year
Buying things on credit sinks a lot of budgets through the holidays. It’s logical, of course. You want to provide the very best for your friends and family, and credit lets you expand your buying power. The trouble is that those purchases come home to roost in just a few short weeks, and you could end up paying for them plus interest for months.
The fastest way to avoid debt is to spend within your means. The way you create your budget is up to you, but one thing is for sure; you need one. Create yours before the season hits full steam, and revisit it often to make sure you’re spending within your means.
All the best as you follow these tips. Enjoy Christmas and New year.
