The holiday season usually means your wallet is going to take a hit. Holidays are a time for excess in food, drinks, gifts, and shopping. Even if you have always been a savvy saver, your self-control will be thrown out the window when it comes to overspending during the holidays.
But it doesn’t mean that saving is impossible. It may actually be necessary for your financial health. Fortunately, browsing websites such as ILikeSales Catalogues helps you be knowledgeable about sales and discounts from your favourite brands and stores to help you plan a budget and be kinder to your bank account in the coming holiday season.
Cut back
It is crucial to cut down on spending for nonessentials some months before the holidays. Expenses such as eating out and going on trips bleed your pocket. The sooner you cut back expenses, the less you have to adjust. Once it is too late to cut back, you may have to limit your expenses on holiday-related shopping and events to help balance your budget.
Make a plan
Crucial holiday expenses will include holiday travel, entertainment, perks, and gifts. Because of this, you may want to check your calendar and lay down a holiday budget plan. Decide on what you can afford. There should be a spending limit on every occasion and make sure to stick with it. It will include planning a budget for gifts you want to give yourself.
When you have a budget, it permits you to splurge a bit. You might want to put aside money for self-pampering during the holidays, such as a haircut or spa treatment. You will thank yourself by the season’s end that you haven’t burned a hole in your pocket from gifts for yourself as well as gifts spent on others. It also helps to check out websites such as ILikeSales Catalogues to see the latest discounts and deals from your favourite brands. Factor in the dollars you can save to stretch your budget a bit.
Check your credit card
A majority of credit cards offer price protection. You have the chance to get some money back if the price is slashed after you have purchased an item. Others also offer deals such as a percentage or dollar amount repaid above a certain level. Every cent counts, and you can save a few dollars each time with the reliable credit card you own.
Another option is utilizing credit card points to purchase gift cards and presents. Depending on your credit card deals, you can utilize those points for travel, retail, and many others. You can even use these points instead of actual cash to save you more.
If utilizing your credit card for the holidays means racking up a balance you can’t confidently pay off, you might want to skip the shopping spree rather than get into debt. It is a good option to shop with cash, which helps prevent overspending. It keeps you out of debt. If you follow this route, you won’t be alone. According to surveys, 66% of people paid for gifts with cash in the previous year.
Early shopping
It is also a good strategy to start shopping early. You will save yourself from impulse buys and minimize the cost of express shipping during the holidays. Last-minute holiday shopping sprees can result in missing out on crucial deals and having to pay for the price currently available. If it is a little more than what your budget allows but if it is a necessary gift, you may have to pay the regular price. Keep in mind that next day shopping can also add to cost, especially for big items.
Holidays are fun and entertaining, but it will never be kind to your wallet no matter how nice you’ve been. Make sure not to get swept away by the shopping fever. Instead, stick to a plan. Following a strategy months before the holidays can be a fun undertaking that helps you save a significant amount of money.