It’s almost that time of year again: Christmas. The time for snow, hot chocolate, family, and giving thanks. With the Christmas holiday approaching, you may feel that impending weight on your shoulders to save, not to mention spend. Buying presents, your Christmas tree, and decorations for your home can make a big dent in your wallet, but you don’t have to empty your pockets this holiday. Here are some quick tips on how to include Christmas into your December budget this year.
First, write down your monthly income. Try to figure out roughly how many paychecks you will be receiving before Christmas. In doing this, you will know what money is coming in, in order to incorporate it within your budget. Allow yourself some time to sit and write this all down.
Start by using a journal to write down your income, and also your expenses and money that will be going out. Figure out what days your bills are due and write them down as well. This will help you know what money you will have remaining until your next payday. By making a budget journal you'll see exactly where your money is going. If you know that you have many bills due around the 3rd week of the month, limit your spending the week before. This will give a cushion to ensure you have the money to pay bills, and not be down to your last dollar.
It is very easy to overspend when it comes to a credit/debit card. We all hate that moment when we have to check out bank account to see, well, what you have left! If you experience this moment of fear and anxiety before checking your account, you might be overspending.
Constantly swiping the card, may mean you're tapping into money that you could be saving. There is a quick solution to this large problem. When getting your paycheck each week, designate an amount of money to place directly into savings. This will prevent you from touching the money you'll need for bills and Christmas shopping.
Having cash in your wallet (versus using your credit card) you have a strong visual of how much money you have left. Keeping cash on you can really prevent overspending - once you're through with your stack, you're through with your purchases. Some people save much better when they have the money in their hands rather than the magic plastic card. It's much harder to spend money that you can see than it is to spend money that you can’t.
One of the easiest ways to save and budget your money for the holidays is to utilize sales. There is a downside to this though. It is possible to tend to overbuy when shopping with sale prices; try to avoid that. If you are about to make a purchase, do a google search for online coupons and sales. You can also choose to shop on Black Friday.
If these tips are just not enough for you to save for the holiday, you may want to consider taking out a loan. By doing a quick google search for “title loans,” you can put some extra money into your pockets for Christmas and the New Year.