The holiday season is back yet again, something that we anticipate, but not always appreciate. One of the main reasons this season doesn’t bring us the holiday joy we once possessed as a child, is because being an adult you no longer receive the gifts you actually have to buy them (gross). This also creates stress with our financial budgets especially when most of us are already living pretty modest. So, Lysten is here to provide you with a few tips to ensure that you do not become financially unstable this holiday season.
- Let’s fist begin with a budget, creating a budget for exactly how much you plan to spend this year is a sure way to not overspend. However, you also must have the willpower and strength of mind to stick to your financial plan. Ensure to include how much each gift you purchase for each family member is going to cost. This will keep you on track, when knowing how much your spending as whole and then breaking it down into further detail as to where it’s actually going. In addition, be sure to account for the activities that are non gifts items such as; travel expenses, food, postages, mailing fees, gift paper, bows, holiday bags and boxes, décor and etc. Lastly, if you must create a separate savings account with the total amount you plan to spend and stick to ONLY spending what was placed in your holiday savings account then do that.
- Do people still use cash!? Let’s all be honest it’s very easy to “stretch” the budget with credit cards. Try a technic called the envelope trick decide how much you’ll spend on each person and when the money’s gone, it’s gone. Take all of your debit and credit cards out of your purse or wallet and USE CASH ONLY, this will cease your ability to overspend. You have to have the will power to stick to your budget.
- This year let’s do it right, Make a list, and check it twice. Experts agree that it helps to write down a list of all the people for whom you plan to shop, before you hit the stores or turn on the computer. Next to each name write down exactly what you want to buy for that person, and how much you want to spend. You get a clear idea of the numbers involved and know in advance how many gifts you need to purchase. Stay focus andbuy only what is on your list. If you’ve forgotten someone, add them to your holiday budget and, if necessary, adjust the amounts you spend on others, so you keep the same total.
- Let’s not forget to checking your emotions at the store door “Gift-giving deals with emotion, and emotion and spending don’t go hand in hand,” says Ornella Grosz, the Atlanta-based author of “Moneylicious: A Financial Clue for Generation Y.” To keep the feelings out of shopping, Grosz suggests keeping a list of other financial obligations, credit card debt, car payments, mortgage payments on a slip of paper in your wallet. When tempted to overspend, remind yourself of what you owe and what you still have to pay for. Grosz also suggests shopping when pressed for time; less time in a store usually means fewer purchases.
- Who will be honest and admit you wait until the very last minute to purchase absolutely anything for anybody? Experts say that get your shopping done early can help with the overindulging spending habits. You’re not tempted to purchase the newest item with the newest sale. You’re not tempted by the glitter, glitz and holiday music each store department will display. Shop early, avoid the holiday chaos and anarchy.
- Shop for sales, once you have an idea of what you’re looking for, and for whom you are buying. Start looking for the sales, don’t let the sales look for you. Stick to your list and DO NOT, I REPEAT, DO NOT, sidetrack from your list. In addition, if you are purchasing a number of items from the same online retailer, buying all the items together can cut down on shipping costs. Most store will have bargain tables or aisle filled with marked down items.
If you follow some of these simple tips, you should have a successful and financial stress-free holiday season let us know what you think in the comments below.
