Keep your holiday spending in check
We are close to the end of the year, the holiday season. Spending your time with family is the most ideal way to spend your holiday. Everyone wants to spend and create the best memories during this season. Some will take the family outside country, others will go for a vacation to the coast side, others will go upcountry to reunite with their extended family. Whichever way you choose, you must keep in mind that things are waiting to be done after the holiday season. The more you spend the more the possibility to have financial problems. To avoid bankruptcy, you must be vigilant on your spending, especially if you want to buy a house.
To save during the holiday season, you must come up with a plan, be creative plus create an account that will be dedicated to saving during this season. Lucky enough, we have tips that are going to help you to save and spend time with your loved ones stress free:
1. Go low on your spending
If you are an extrovert, then I presume that you struggling when it comes to saving during the holidays. In this case, make a budget and also make a plan that will allow you to save and at the same time go out. For example, you can choose to not renew your entertainment subscriptions since most of the time you will be out, you don’t need it. Instead, use this money to spend while you go out with your family. By making a plan, you will be taking control of your money rather than letting the money control you.
2. Create a holiday spending account
Using the money in the main account, possibly allocated to buy your dream house, will be one of the biggest mistakes you can make during the holiday season. Having a side account allows you to spend as you stay on budget and also prevents you from overspending. It is advisable to use the mobile phone apps that allow you to save and withdraw the money anytime you want at a zero per cent rate. This will save you the interest rates the banks have.
3. Be open with your family
It is not easy to save during the December holiday, especially if you have a family. Additional expenses keep popping up and if not careful, all your savings will be drowned in one month. Being open with your family about your savings plan will let them have in mind that they can’t overspend. Also, let them know your reasons for saving so that they can provide support, making things a lot easier for you.
4. Look for cheap gifts and activities
Families are different. Some families must give each other gifts for the festive season while others just hang out together and that it. If your family likes gifting each other, you can look for the cheap items or make use of the discounts that are available in most supermarkets.
For activities, you can offer to cook instead of eating out which will consume the money you are trying to save.
4. Don’t get new clothes
As we all know, there are many activities and family gatherings that are bound to take place this season. Most people will want to look elegant and classy or wow people with our outfit. There is no need to buy new clothes for different events while you have clothes you can wear. Because you are trying to save for a house, this is not the time to create extra spending.
Buying a house is not an easy thing. You will have to sacrifice that expensive holiday or postpone it for the next holiday. Have in mind that it is not about the amount of money you spend on your family but the quality of time you give them. Happy holidays everyone.