Budgeting for the holidays can be tough, it’s a very expensive time of the year. Between buying gifts for family and friends and decorating, expenses can pile up. Check out these tips to see if they can help you save a few extra dollars this holiday season.
1. Make a list of who you need to buy for/what you need to buy Making a list may be the easiest way to track spending. You can write down which family members/friends you need to buy gifts for. If you have gift in mind, do some research and see where you can find that item for the cheapest price.
2. Set your spending limit Set a hard limit on how much you’re willing to spend during the holidays. Your budget should be solely based on your own finances, only you know how much you’ll make and be willing to spend.
3. Start saving early If buying gifts for family and friends is very important to you, start saving as early as possible in order to afford them at the end of the year. Maybe putting a little bit of money aside each time you get paid could be helpful. (Boxing day is also a great day to start buying gifts for next year!)
4. Give up indulgences If trying to save, try giving up some of your normal indulgences. Instead of buying a coffee every morning or buying lunch each day, try brewing coffee at home and bringing a packed lunch. It might be tough, but it will be worth it in the long run.
5. Use coupons and discount codes Coupons and discount codes can save you quite a bit of money. Discount codes can be found online or even on some social media sites. Some companies may advertise codes on their Instagram, Twitter or Facebook pages, keep an eye out for these. Most retailers will price match if you show them proof of another store offering the same item for less.
6. Look for sales Keep an eye out on stores or specific items that you’re interested in. Many retailers offer discounts leading up to the holidays, especially Black Friday. These sales are usually available online as well, meaning you can shop while avoiding the crowds. 7. Shop second hand Thrift stores can be great places to find gifts for loved ones at discounted prices. With websites like Kijiji and Facebook marketplace, you can find new and used items for much less than you would in stores.
8.Make a list of monthly expenses Keep a total of all the money you spend during the month can help you see where most of your money is being spent. Putting your expenses into different categories such as Food, entertainment, transportation, bills etc. (any other categories you need) puts into perspective what areas is costing you the most.
Hopefully you found these useful and they come in handy this holiday season. Happy shopping!