Practical Ways to Save Money Around the Holidays
Even though we set aside money for this time of year, it always hurts to see so much money spent in such a short amount of time. Although my first reaction is to freak out and throw the emergency brake out for spending, this won’t help. If you have planned for all of it, you will be fine. Even if you haven’t, let’s check out some easy money saving tips to give you some hope!
Budgeting!
Yes, I am going to start with this one. We will always come back to this step because it is the most crucial. If you are already following a budget, and sticking to it, great! You would be surprised how many people still do not have a budget for their money. Whenever I am asked to consult with someone, the first thing I always ask is, ” Can I see your budget?” Just create one! Check out multiple posts about creating a budget HERE, HERE, and HERE!
Buying Online
This one if a bit counter-intuitive, and it may not work for everyone. However, think of it in a different manner. How many times have you gone to the store to buy 1 thing at $10, and come out with 15 things and spent $150? This happens to us all the time. Stores are created to move product in the most ingenious ways possible. If you have a list of stuff you need, you should be able to quickly search and select the items to add to your cart. You can then either have them delivered to you or even pick them up in store (typically at the customer service counter). This should help prevent you from any mental hijacks from in-store browsing. It will also allow you to see how much you are spending BEFORE you actually check out.
Cash Envelopes
This is a common idea we have discussed before. It was made popular by Dave Ramsey and is widely used. It ties back to your budget. With the help of your budget, you set aside a cash amount for the items you need to buy on a monthly basis. You then pull this cash out of your account and put them in the envelopes for each expense. Thus, when you go to a store to buy groceries you are limited to the amount you can spend based on your current cash. This technique is especially beneficial to beginners who are trying to get back on track with their money spending. It helps to provide structure and re-learning of Needs Vs. Wants.
Detoxing
No, I am not referring to your physical detoxing or dieting. Unless you are like me and eat WAY too much during the holidays. Actually, I am referring to your spending. I mentioned throwing the emergency brake down to avoid spending more. However, this will just make you skid if you are spending money fast. It would be better to pump the brakes and slow down at a safe pace. This way, after the holidays are done, you can be done spending as well. After the holidays are up, it might be beneficial to run your spending through a detox. This would mean a month or two of spending money for only the basics and using the extra to pay a debt or save. As with all detox diets, they are not meant to be prolonged indefinitely.
There are a ton of ways to successfully save money. Some are as basic as NOT SPENDING MONEY. Whatever you choose, be sure to be conscious of what and why you are doing it.