When the holiday season is around, you know you have to cut short your expenditure and start saving some good money for the big celebration. If you live individually, then you can manage easily. But it becomes quite difficult to maintain it within a family. There are some simple tricks to follow for making some good savings this holiday season.
Given below are a few ways which you can use in daily life for maintaining your savings during the holidays.
It is tough to stick to a budget after making it. So what you need is to set a more realistic budget this time. Make a list of all the paying out you will incur till the big day and estimate a reasonable amount for these purchases. Don’t count only the festivity gifting and parties. Count in your daily routine necessities as a single head as well. Once you calculate the total spending amount with a list, cross off all the less necessary requirements. This will help you save the money you spend on unwanted needs. Now, make a budget taking a little extra margin than the estimated spending. This way, you can balance any unbalances in the budget.
#2 Tracking the spending
Download an app on your phone or go for budget excel spreadsheets or pen it down in a diary, track your spending. By tracking what you have spent, you can make out your total savings every day. This way you will also know about any extra spending which would require compensation. It is a natural process, and you can do this least bit to make significant savings. Make sure that you are regular and record every bit of spending.
#3 Spend less on luxuries
It is a particularly common habit of Americans to spend heftily on a latte coffee with a stylishly whipped cream or a framed picture with Santa Claus or buying expensive chocolate because they looked good. These are just unnecessary temptations that will never let you save. If you want to save good money, fight your inner self against these everyday luxuries and restrict your spending.
#4 Holiday bank account
Banks understand your desperation to save money. There are many Christmas club offers that the banks provide to their customers. You can open a separate holiday account to keep aside all the savings that you make every day or week. This will keep your money safe from your tempting desires and at the end of the season, you will get a surprise from you in the form of all that big money you have saved.
#5 Use Secret Santa or DIY
The number of friends you have will use up all your savings in buying them Christmas gifts. The excellent way to do it is, using Secret Santa offer. This will benefit all the friends, and all of you will get a gift for the festival as well. This way, you end up buying just one gift instead of the 30 separate gifts for all of them.
Another cool idea is to make some creative do-it-yourself gifts. If you have even one bit of craftiness in you, then make some cool DIY gifts following the YouTube tutorials. These will not only increase your savings but also make your friends feel loved.
#6 Potluck dinner
If you are the family that hosts the Christmas dinner every year, then you know the burden and expense of it all. It is fun and cherishing, but at the same time, it hits hard on your wallet. The much better way to host a dinner is the potluck. Tell all your friends to bring in their food recipes and enjoy the distinctive flavors of different food items. Saving money on the grand dinner means you save more money for gifts.
#7 Go for Sales
The Christmas season is synonymous with the Sale season. Every brand and every store give mind-blowing offers on their products and services for the Christmas festivity. These sales can help you save a lot on buying gifts, dresses, decoration, and delicacies. Save a big deal of money by purchasing gifts at almost half their original prices during the festival sales. Make sure you collect the coupons for these sales to avail more benefits.
#8 Stop the shopping
You should be aware of the time you need to stop with your Christmas shopping spree. If you go on even after purchasing all the necessary items, it can lead you into a mess. Stay aware of your actions and make sure that you stop the shopping visits when the time is right. Some people go on with their shopping by getting tempted by the sale offers. But if you want to save better, ensure your stopping point arrives at the right time.
Christmas is the best of all occasions of the year. You decorate your house, wear good dresses, eat delicious food, give gifts to your loved ones, and celebrate life. But this celebration can get bigger and better if you just take care of your spending and saving activities through the above-given steps and save some good money for the holiday season.