How to Save Money During the Holidays
Gifts. Parties. Travel. Food. It’s no secret that the holidays are an expensive season, and the costs of the festivities are unavoidable. There is often a pressure to give great gifts, make all accommodations, and be the life of the party, but no cost is worth the price of post-holiday debt or financial struggles in the aftermath.
However, with planning and creativity, holiday savings are possible. Here are a few ways to save when it comes to this expensive upcoming season.
- Make a budget before hand
If you approach the holidays with a premade budget, you are less likely to spend money on unnecessary things, or expensive things. Sticking to your budget is essential to saving money for the holidays.
Also, once you have a predetermined budget, you’ll have more incentive to spend less on other miscellaneous things that you might be able to go without, like candy cane and holiday lattes and random lunches in between busy days. A budget allows for you to check for holiday sales, and score some deals.
- Pay with cash
A tried-and-true way to avoid holiday debt is to pay with cold-hard cash. Swiping a plastic card can become addicting and lead to overspending, so once your pre-determined budget is finalized, withdraw the money from the bank and stick to your spending plan. Once the money is gone, you’re done shopping for gifts, buying food, and making travel arrangements.
And if you’re shopping online, using a prepaid card to limit the spending amount that is loaded onto the card. Prepaid cards are a great tool for tracking and limiting your spending.
- Give creative gifts
If you are trying to save money around the holidays, but can’t afford to buy anything, consider giving the gift of your time. You could babysit for a child, walk a dog, or offer to help clean the house. An elderly relative might appreciate someone to run errands with or drive them around. And if you don’t have spare time either, or that isn’t your forte, consider a homemade gift like baking cookies, or a DIY candle.
- Make a shopping list and commit to it.
If you stick to a list, you are more likely to stay on your budget. Not to mention, if you’re hungry while grocery shopping, you might end up putting anything and everything delicious looking in the shopping cart. Also, using a list to shop is a proven way to save time, money, and sanity when it comes to holiday shopping. Like a budget, a pre-prepared shopping list will help you go into a store with an idea of what you are getting, and how much money everything should be.
It’s easy to get wrapped up in the holiday spirit and overspend. This year, take control of your finances (and your wallet) and don’t let the thrill of giving nice gifts and hosting big family Christmas dinners cause you excessive stress. At Galaxy Lending Group, we want to take the stress out of refinancing and loans by providing affordable rates and fees to our customers. Let our loan officers help you evaluate your needs, contact us today.
