With the holiday season right around the corner, now is a great time to organize your finances and create a budget to ensure you don’t ruin your financial security. To help lessen the financial strains holiday shopping can induce, our list of the best money saving tips will you properly manage all the spending efficiently.
While it can be tempting to overspend during the holidays, adhering to the best money saving tips will help avoid having to break the bank or take on debt to pay for all your holiday shopping. With the average person planning on spending over $1,000 for the winter holidays, according to the National Retail Federation, many shoppers will need to get creative to achieve their shopping goals.
Source: National Retail Federation
To help shoppers find efficient ways to manage holiday spending, we’ve compiled our best money saving tips which include:
- Craft a Budget and Stick to It
When creating a holiday budget, there are many factors to consider. Whether you want to implement a spending limit or set aside a certain amount of money for each person on your holiday list, taking time to set a budget will help avoid overspending.
The best tips to save money while creating a budget include having a realistic spending plan that gives you room to go over your budget without spending a fortune. Don’t just set a budget either. Taking the time to analyze your finances will help you allocate the ideal amount of holiday spending that is within your limits. During the process of setting a budget, you also want to consider adding overlooked expenses to your budget including holiday meals, parties, travel and activities.
- Cash is King
Sticking to your spending limit is much easier when you don’t have the temptation of using credit cards. With cash you can’t spend what you don’t have which helps shoppers stick to their budget. Avoiding credit cards during the holiday shopping season also means you won’t have a big credit card bill to pay off or spend even more money paying back interest. Using cash is also a more efficient way to track your spending which is another vital aspect of holiday shopping on a budget.
- Plan Ahead
Even if holiday shopping isn’t on your radar now, now is the time to plan your budget and begin researching potential gifts. Waiting until the last minute will add stress to the process and it could cause you to overlook potential downfalls.
By starting early, you can not only capitalize on deals, but it also gives you time to build a holiday savings account to help purchase everything on your gift list.
Regardless of how well you plan your budget, it’s extremely easy to get overwhelmed during the holiday season. But by planning a budget, starting early and using cash to your advantage, you can accomplish all your holiday shopping within budget.
The importance of starting early for saving is even more vital considering nearly 30% of Americans saying they don’t have any emergency savings to cover unexpected costs, according to BankRate.com.
- Use Technology to Your Advantage
Buying the first item you find doesn’t always translate into purchasing a good deal. With many price comparisons apps available on mobile phones, taking time to compare prices will ensure you get the best bang for your buck. If you do find a better price at a different store, many retail outlets have price-matching policies to help consumers score a better deal on the spot.
For the best money saving tips, make sure to consult a financial advisor, like Matt Logan, who can help identify saving opportunities and craft a budget that meets your financial needs.
Matt Logan is experienced with helping his clients maneuver through any financial scenario. If your family needs help achieving financial goals or more investing opportunities, Matt Logan has proven strategies geared to fit your financial needs. Don’t hesitate to reach out to Matt Logan to see how he can help you achieve financial independence. Give a call today: 336-540-9700.