Most Christmas shoppers wait until near Christmas time before hitting the malls. Since left and right shops offer sale items during this period, you’ll ride the waves and buy as much as you can using your credit cards without limiting your budget. This is called impulse buying.
But mind you, this is not a good habit as you tend to spend more at the end. There’s still more saving tips for Christmas shoppers like you, aside from just simply getting all that sale items. Here are some tips to save you money this Christmas.
Set Your Holiday Budget
How not to overspend in your Christmas holiday shopping spree? Simple first step – set a budget. List everything from the amount you’ll spend on party favors, down to the smallest miscellaneous expenses you might incur like Christmas cards, postage and gift wrappers.
As quoted by Mr. Ric Edelman, “The first thing they do is come up with a list of people (to buy for). Shoppers tend to prioritize listing those whom they want to give gifts instead of setting a budget first. As creating a list can somehow limit you from buying too much, make sure also that you already have in mind the amount of money you can spend per gift.
Open a Christmas Savings Account
Saving money early for Christmas is a very sound budget habit. Not only will it prevent you from stressing where to get the funds you’ll need come near holidays, it’ll also make your cash flows run smooth.
Two ways to save money – open a bank account (look for a bank who can offer higher interest rate on savings and minimal or no maintaining balance) or have a piggy bank at home where you will keep the money you target to set aside per week or month.
Either way, it is very important that you maintain your discipline in setting aside your target amount and ensure that you won’t use it for other reasons. Follow your own rules in saving. By doing this, you’ll most likely have the funds you need just in time you hit the malls offering sale items perfect for Christmas shopping. And the best part is, you can enjoy shopping your heart out. Still, stick to your budget.
Some wise savers are even preparing in advance and are starting to save money for Christmas in January, during the first year of the month and just after the Holiday season.
Get Your Credit Score High
So how does having a good credit score connects to money saving tips? Here’s how: For every penny saved no matter where did it come from, a Christmas budget savings or savings realized from a mortgage, is still a penny saved.
A study made showed how a typical 35 year old male saves $274,918 as to having an excellent credit rating versus poor credit scores. That is how important credit scores are and how critical you should manage it.
A website, Credit Sesame, can show you the following without any charges. You just have to sign up, also for free.
- See and get monthly updates of your current credit score.
- Get alerted to know if there’s any critical changes made on your credit report.
- Get tips specifically patterned based on your credit profile.
Consider Personal Loan
Face the truth, even if we have already allotted a budget, there will still be an unexpected expenses we cannot control, like unexpected relatives visiting you but you haven’t included in the budget.
Christmas as we all know is one of the happiest holiday celebration, but this is also one of the reasons people fall into unexpected debts.
To prevent this to happen, opt for an easier and flexible way to get cash. If you were able to save for the past months but the budget isn’t still enough, consider getting a personal loan. This will not harm you as instant cash loans offer terms easy for you not to achieve. It is still important though to discipline yourself by getting only the right amount you need.
Save and Pay Cash
Yes I know it is already the end of this year, but guess what? You can still do this and be prepared for Christmas 2018!
This is easy peasy, just save a little amount each day, week, and month, then voila! You’ll have your 2018 Christmas less stressful and spending less painful. Why? Because you already got the funds right in your savings account.
Tip, do a $20 a week savings challenge! This will give you a total savings of $1,040 easily! Happy shopping!