The holidays are no doubt one of the most stressful events of the year. People always overspend and regret doing so once the holiday season is over. This does not have to be the case however, as there are a few ways in which you can help yourself stay within your budget.
1. Use a Budgeting App
A budgeting app can help you with your finances by tracking your spending and can help you save money. This is something useful all year round but especially during the holidays. It can be difficult to always be on top of spending and this will help you to move money around and save for things like gifts and food.
Budgeting apps also link to your bank, making it much easier to manage your money. These apps also send you alerts and reminders for paying off your credit cards and managing your bills which can be overlooked during the busy winter months. These types of apps are life savers during the holidays and are a must if you want to ensure you do not overspend.
This tip was submitted by Siddhesh Jain of Solution Tales.
2. Take Advantage Of Liquidation Outlets For Big Ticket Items
Liquidation outlets are often overlooked and many people nowadays choose to shop online. However, liquidation outlets are great places to go for large and expensive items as they are generally at a much more affordable price. Going to these outlets also saves you even more money by not having to pay for extra fees of online shopping such as shipping and handling.
There is always so much overstock at liquidation outlets which means more chances of finding that perfect gift at a good price. You will always come across unique gifts, and can even buy extra items to save for next year without breaking your budget. One of the best things about these outlets is that the majority of items being sold are also brand names. This means no knock offs and you can feel comfortable about making a purchase from these stores.
This tip was submitted by Jake Rheude of Red Stag Fulfillment.
3. Make a Detailed Gift List With Replacements Of Equal Value
It can be a big letdown when you go to purchase an item online or in store and find out it is sold out or will not ship until after the holidays are over. This is why it is important to always have a back up and to ensure it is not much more than the original gift.
Having a backup plan means less of a chance you will need to panic and overspend on an item that was not budgeted for. Even having two or three other replacements will make shopping much easier on you and will not impact the quality of the gift received.
This tip was submitted by Olivia Tan of CocoFax.
4. Make Sure To Include Food, Decorations and Wrapping In Your Budget
Many people forget to include food, decorations and wrapping in their budget over the holidays, but these items can add up and cost much more than expected. In order to keep the cost of these items in check, always keep an eye on flyer deals. Especially for groceries as these prices can add up unexpectedly. It is wisest to pick up food over the holidays sporadically to mitigate having to spend a chunk of money all at once.
As well, check out lower cost stores for decor and wrapping paper and accessories such as the dollar store. They often have good quality holiday decorations and large bundles of wrapping paper for very cheap. People never look closely at these things anyway so it is a waste to spend a lot of money on them.
Overall, saving over the holidays is about making smart choices and not panic buying. If you set yourself up properly, you should have a smooth sailing holiday with minimal impact to your finances.