As the holidays approach, it's easy to get overwhelmed by the spirit of the season. Suddenly, when it comes to gifts, it's easy to forget about how much money we're spending. With the convenience of credit cards, this uninhibited spending can be even harder to resist. At this time of year, most of us could use a bit of help when it comes to managing money. If you're concerned about your budget this season, or just need a reminder to not blow your budget, here are some helpful tips:
Spend with a plan and with a limit.
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The most obvious is often the least considered -- be honest with yourself. If you're heading to your local mall or department store, even just to browse, admit there's a big chance you'll make a purchase. This casual spending can definitely have bigger consequences on your bank account than gift giving with a plan. Going to the store without a clear goal leaves you much more vulnerable to making impulse decisions and spending much more money in the long run. Even if you don't have a specific purchase in mind, admit you're going to shop, and there's a chance you will spend money. Then, set yourself a spending limit.
A good way to set a spending limit is to determine how much you can have paid off by the end of January. Think ahead and keep in mind any big purchases you may need to make in the upcoming year: Will you move? Buy a new car? Refinance? Consider any major events that will require your credit to be in good standing. Most importantly, if you're using credit cards, only spend what you know you can repay once February rolls around.
Remember when budgeting to include items that aren't gifts and expenses that you'll have to take care of right after the holidays. While gifts tend to be all encompassing as the time draws near, you still need to remember to budget for everything else.
Make a list.
Be sure to check it twice. Then, cut it back a bit. If you're trying to control funds, it's acceptable not to give a gift to everyone you know. Stick to immediate family and close friends, and give others a gift of homemade candy or a holiday card. Be creative! Just because you don't include them in the major spending doesn't mean you've forgotten them.
Now that your list is done, you can go shopping. But here are a few more things to keep in mind...
Shop online.
Online shopping can save you quite a bit of money if you start early enough and do your research. Avoid the crowds and the pressure to buy-shopping with a plan is much easier online. However, shipping charges can definitely wipe out your savings fast, so make sure you shop early enough to avoid rush delivery.
Avoid the rush.
Shop if possible during the week or at smaller retailers. Not trying to compete with the crowd at your local mall on a Friday or Saturday evening close to the big day may help you avoid stress, and give you the time and space you need to compare prices and make a good decision.
Be careful of aggressive sales offers (and salespeople).
Most retailers will push special offers that may ultimately leave you in debt not worth the initial savings. For example, you could save 10% that day by signing up for the retailer-specific line of credit. Don't fall for it. These custom credit lines can have high interest rates, even if you have a good credit score. Have willpower, spend what you came to spend, and don't be convinced to go over your limit. If you're in a hurry, overwhelmed, or feel pressured by the holiday crowd, you're especially susceptible. Politely decline, finish your purchases, and save yourself the after holiday headache.
Stay calm.
Enjoy your holiday shopping, and keep your budget always in the back of your mind. It may take some adjusting, but you'll be glad you did when you're not afraid to open your mail once the holiday season has ended.
Check 'n Go offers many other tips on budgeting and other financial advice. Visit us at www.checkngo.com.
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