It's almost that time of year again: the time for family, snow, hot cocoa, and giving thanks. With Christmas approaching, we all feel the weight on our shoulders to save and to spend. Buying presents, Christmas trees, and decorations can really make a big dent in our pockets. You don’t have to empty your wallet completely this holiday. Here are some quick tips and tricks on how to incorporate Christmas into your December budget this winter.
Write down your monthly income. Figure out how many paychecks you are going to receive before Christmas. By doing this, you will know the exact amount of money you have coming in, in order to figure out your budget. Take some time and write it all down. Make a journal that not only lists your coming paychecks but also your outgoing expenses. By figuring out what dates your bills are due, you'll know the amount of money you have remaining until your next payday. In writing your budget, you will also find where the bulk of your money is going. If you know that around the last week of the month you have many bills that are due, try to limit your spending the week before. This will allow you a cushion and not bring you down to your last dollar when paying for your expenses.
When using a credit card or debit card, it's very easy to overspend. We all have that moment of truth when it comes time to check the balance in our account. If you experience that moment of fear and anxiety before checking your account, you may be overspending. There is a quick solution to this problem, however. When you receive your check each month, designate an amount to place into your savings. This will prevent you from spending money that you need for shopping and bills.
Keep cash in your wallet to prevent overspending. By using cash, you can see the exact amount that you have and that you're spending. Some people save better when they can actually visualize their money. It's harder to spend money once you see the pile getting smaller and smaller.
The biggest way to save and budget your money for the holidays is to utilize sales. Try not to impulsively buy. If you see something that you would like to purchase, do a google search for sales and coupons. You can also choose to go shopping on Black Friday as well to save big.
If these tips are just not enough for you to save and budget this holiday, you may want to consider taking out a loan. By doing a quick google search for “payday loans near me,” you can put some extra cash in your pocket for Christmas and the coming new year.