How to Reduce Your Spending This Holiday Season and Save More
The holiday season is supposed to be absolutely relaxing for us, a time to enjoy the company of friends and family and recharge for the coming year. But many people max out their credit cards and go broke in the spirit of celebration. This article provides tips to help you reduce your spending and save more this holiday season.
Plan Your Trips Better
Planning is essential, especially during the holiday season. If you are traveling to see loved ones, book your flight early. The Fridays before Christmas are usually busy for air travel, resulting in more expensive flight tickets. You can avoid traveling during such peak periods in order to secure cheap airfares. Also, since you won’t likely spend so much time on your trip, pack light. That way, you’ll avoid paying more for excess luggage. Take advantage of discounts that can help you cut down expenses during the holiday season.
Avoid Accidents and Unexpected Expenses
Accidents can happen at any time, but during the holiday season, the chances are higher since the roads are usually slippery. The Barnes Firm, a team of slip and fall lawyers in NYC, emphasizes that ‘’too often, property owners fail to remove hazardous debris, such as snow and ice, from their sidewalks, stairways, and other paths. Failing to keep these thoroughfares clear can easily result in a serious injury.’’ It’s crucial to take the necessary steps to avoid getting into accidents and spending money on treatments.
Have a Budget for Gift Shopping
The first thing to do is to create a budget. Decide how much money you can actually afford to spend on gifts. Then, make a list of all the people you plan to buy presents for, such as your co-workers, friends, kids, and neighbors. Split your budget among each person and factor in shipping charges and the amount you’ll spend on cards and gift wrapping. Try to stick to your budget, and if your list includes up to seven people who are not your immediate family, consider cutting the list. You can send out home-baked pies or cookies to the people you removed from your original list.
Give Personalized Gifts
What makes gifts count is the thought that goes into them. Instead of breaking the bank to buy expensive items for loved ones, offer personalized gifts. Personalized gifts are great choices for those who are hard to shop for because they seem to have everything. By sending out such gifts, you show people how much they mean to you.
Organize a Group Volunteer Day
While many get stressed about family gatherings and the pressures that come with organizing fun events during the holidays, there are people who don’t have food to eat or family to spend time with. You and your friends can forgo buying gifts for each other and make plans for a volunteer day instead. There are so many ways to spread holiday cheer. You can help out at a retirement home, assist veterans around you, or volunteer at a hospital that organizes a holiday celebration for patients. When you help out those in need, you put things in perspective and realize that you have so much to be grateful for.
Split the Party Prep
If hosting parties is one of your holiday traditions and you don’t want to change it, consider doing things differently. You can still have fun entertaining large groups of people without exceeding your holiday budget. Have your guests come along with appetizers, desserts, drinks, and side dishes while you prepare the main course. Even if a few guests don’t bring any food when coming, you’ll still have enough to go around while keeping costs down.
Develop Better Spending Habits
Being caught up in the ‘’holiday rush’’ can make you waste money on impulsive buying. If you have good spending habits, you’ll be in absolute control to make thoughtful decisions, and you won’t be vulnerable to impulsive buying. So, consider your long-term benefits before spending your hard-earned dollars on any item. Also, plan to pay off your credit card balances at the end of every month and keep track of your spending.
Start Saving Early
People usually run into debt during the holidays because they do not have savings. You can avoid this by putting money aside for the season. When the holiday season is over, and you’re back to business as usual, tally up your expenditures from the previous holiday season and divide the amount by 12. Start saving that amount each month for the next season. When you do this, you’ll be in a better place financially when the end-of-year expenditures arise.