The “stock” advice for the upcoming holidays is not to overspend. Everyone knows that. You know that. The financial experts know that. And people who overspend know that as well. Now, the question is- with item prices skyrocketing everyday how do you ensure that you’re not blowing your budget on the smallest of items? Here are a few tips to check your holiday spending in 2015.
How to check your spending this holiday?
Let us start off by saying that you necessarily don’t have to turn to an Economics book in order to dig out essential financial tips. Look around and you can actually recognize avenues of saving from even the smallest of items. For instance, why cough up $100 for gift bags? Rack your cupboards and drawers in order to find old gift bags. Recycle gift bags and ribbons instead of purchasing new ones. Here are a few other tips to save up more in the upcoming holidays.
Stop depending on your credit cards
You are stacking most of your expenses on your credit cards simply because you don’t have the money to buy these items. Not a prudent move. Let start off the New Year on a really different note. Why not assure yourself some peace of mind this holiday? How about ditching those credit card bills? In fact, studies have shown that buyers spend much more when they are buying with credit cards than what they do when they are not using these cards.
Take your time
Don’t be in a rush to get your hands on everything that you come across in a flash sale. Herd mentality remains one of the major reasons why people end up buying much more than they had intended to do initially. And, you necessarily don’t have to be accompanied by your friends in order to “succumb to over-buying”. You can just see people around you jumping on stuff and you can jolly well follow suit as well. It happens even when you are buying online. Checking out deals after a hectic day at work- when you’re all exhausted does not make you immune from imprudence as well. The key is to wait and watch your deals properly and then buy—doesn’t matter if you’re shopping offline or online.
Make a list of people who you need to buy gifts for
Yes, you cannot really keep hopping (in your mind) from one friend to another relative in the shop. “Oh! I have taken a gift for Martha but what will her half sister think if I don’t gift her anything?” What if you have already spent a huge amount of money on Martha’s gift? Lack of planning often gives way to more spending. It is very important to ensure that you are actually making a list of the people for whom you want to buy gifts. It helps you spend your money evenly or at least prioritize. Take time to make this list. Don’t rush through it.
Do watch out for deals and discounts and invest proper time in comparing these deals. However, do not be too late in reaching a decision.