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5 Tips To Save Money On Holidays

5-Tips-To-Save-Money-On-Holidays

Holidays are all about the spirit of giving and sharing. However, there is such thing as being too generous, especially during this time of the year. With all the sale sign flashing on every corner of your favorite mall, it might be particularly challenging to resist pulling out your wallets. So here are some tips for minimizing your expenditures without sacrificing any of the holiday experience.

Stay On Top Of Your Spending

Create a shopping list and commit to it. One easy way to track your spending is use cash instead of plastic. Stick to your budget as well.  Spend wisely by reviewing your bank’s balance, upcoming bills and monitor your cash flow. Only withdraw the amount of cash for which you have budgeted. When that cash is spent, you’ll resist the temptation to spend more and call it a day.

Learn The Truth Behind Each Holiday Deal

The truth of the matter is, retailers are really good at enticing people to buy. From their display placement to pricing the deals and even lights and music, all are carefully crafted to lure buyers into making impulsive purchases. Some store “sales” (ie End of Season Sale) might not really have a huge of a markdown as compared to perhaps one-day promotions (ie Black Friday, Cyber Monday). Remember that these stores spend plenty of resources doing market research to find ways for the buyers to keep spending. To counter that phenomenon, stick to your shopping list and leave the store as soon as you’ve purchased all things on that list.

Price Check And Track Your Purchases With Your Smartphone

Use technology to your advantage. There are plenty of finance tracking apps that can help you monitor your spending and at the same time the range of prices for certain products at different stores. Having that data at your fingertips can help you save tons of cash especially when you are buying presents for multiple family members. Also remember to keep an eye on service or shipping fees, as some deals may not be the as good as they seem when you factor in those fees.

Make Homemade Presents Instead

Nothing beats a gift that is crafted with love and dedication. By giving something homemade, you can express your heartfelt gratitude to your loved ones and save money during the holidays. If you’re a crafty person and are great in all things DIY, then creating ornaments, painting, jewelry, shirts and other festive items can also be a great way to send as a gift so you won’t have to worry about post-holiday debt and go over budget.  

Examine Expensive Holiday Traditions

While traditions are important and admirable, some of these practices might be a financial burden. If you are used to spoiling your kids with fancy gifts or jet setting across the globe then perhaps it’s time to re-examine and chose something more financially sustainable.

With little creativity, you’ll be surprised how you can find some items and activities that are equally as exciting but far less expensive. By doing research, you can save cash without having to cut down on quality time spent on the festivities with your loved ones.