The Ber months are coming!
This five-word sentence undoubtedly puts fear in the hearts of our collective wallets, whether for gifts or gatherings. The holidays are a sure hit to everyone’s bank accounts; after all, they are when everyone has time to meet and spend with friends and family.
Tis the time for Christmas decorations, attending Christmas parties, noche buena, buying the perfect gift and exchanging gifts, visiting friends, midnight masses, cooler weather and doning those gorgeous sweaters.
However, the holidays do not need to inspire gloom and doom. Unlike the context of Paul Revere’s infamous quote, the holidays are a time for celebration. And while it does hurt everyone’s pockets, it is not something that preparation can not help.
You may ask, “Is there a technique to help me manage my finances better to get everyone everything for the coming holidays?” The answer is yes… and no.
There is a better way to manage your finances and spending habits for the holidays, but controlling expenses also means you must be wiser about your spending.
The holidays is not a contest about who gives the most expensive gifts or throws the most lavish parties. To help you better, here are a few money-saving tips for the upcoming holiday season!
Money-Saving Tips for the Holidays
Create lists
Fortunately, we begin with one of the better and lighter parts of the activity. Creating a list allows you to plan everything, make the extra cash — from listing all your Christmas dinner groceries to your gifts.
First off, plan your potential expenses. Have you considered the people you will be giving gifts to this year? List them from your parents, kids, nieces and nephews, friends, and co-workers for your Christmas party.
Have you checked your pantry? See which ones are available at home or need replacing and restocking. This way, you do not double down.
If your list seems too long, feel free to trim it. If not, adding more is always an option.
Creating a list lets you plan what things you will get and when you should be getting them. This saves you money, stress, and time, lowering the chances of forgetting someone important.
Schedule your shopping
Once your list has been settled, group which ones you will buy simultaneously. Non-perishables can be purchased earlier, while items that quickly expire can be bought near their use.
Categorize your Purchases
Buy toys, appliances, or gadgets at an earlier date. Separate your shopping dates per category, depending on the number of things on your list, if necessary.
You can save time, effort, and oh-so-expensive fuel by buying online. Stores such as AllToys and AllHome offer delivery for those who would rather spend their weekends resting at home.
Take Full Advantage of Sale Seasons
Scheduling your purchases during sales (keep an eye out for double-digit and mall sales!) and taking full advantage of special prices as the holidays approach will also lessen your load and help you get better options due to the abundance of stocks.
Watch out for Credit Card Promotions
Watch out for bank promotion like offering of lower interest rate and tax refund. The last and most crucial pro of shopping early is that you would not feel the immediate blow on your bank account in one go.
Storage Space
More importantly, you need to account for space available to store up early purchases. Most condos do not have a lot of storage space so you might end up having a messy living room area.
What about food, you ask? Shopping for food can come from the last week of November until the first week of December. This will give you ample time to shop while stock is aplenty while people are out buying gifts.
Meanwhile, another safe option would be to bring your groceries straight to you, with stores like AllDay offering same-day delivery services.
Plan your budget
Now that you have your list, you will realize that amending your list will be a constant occurrence. As you see the total of your first draft, decide if you will lower the allocation per gift, or if it is just within your budget, then you are already good to go!
Remember, it is the thought that counts.
There are many ways to save money when it comes to purchasing Christmas gifts. What others would do is open a separate savings account or a checking account about three to six months before Christmas and start building on their budget.
Identify a monthly budget that you will take out from your salaries or allowances to set aside for this purpose. This way, you do not end up paying interest on credit card purchases.
Unload to reload
You may think you may not need it, but disposing of items around the house that are no longer in use can make you some extra income. Online websites such as Carousell, Shopee, and even Facebook Marketplace give you the option to sell and trade items you no longer use or enjoy.
While people often look down on trades, finding the right deal can score you excellent and usually hard-to-find items for yourself or as a gift!
Your income from these can go directly into your holiday or savings fund. Either way, allocating your money gives you a little wiggle room. As a bonus, it frees up more space around the house!
Buy smart, check for coupons and promos
Remember the flood of email notifications you have in the morning? You know, the ones you usually ignore and swipe away? Well, this is the time to check your email. Catch up and search for unused coupons and offers to save up on your shopping.
Deep discounts, flexible payment options, and free items and deliveries may be in your inbox now.
Meanwhile, taking advantage of mall sales, bazaars, and trade events can get you great finds at even better prices if you know where to look.
Stick to your plan
Things may only sometimes go our way, but do not let this be a justification for deviating from your plan. Remember that you have planned your expenses to save, so do not spend anything other than the ones on your list.
Plan for next year
Preparing your budget for the holidays is a small but essential piece of your financial future. This way, you will be more comfortable with your holiday spending. Opening a bank account specifically for your holiday fund may sound too much.
However, it can give you a better perspective on your spending practices while putting a safeguard on your main account so you do not go overboard.
Thankfully, thrift banks such as AllBank are here to help. Thrift banks differ from large commercial banks, with their main difference being higher yields for savings accounts.
AllBank features numerous services for deposits, loans, and many more!
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