30 November 2022

Hey Luv,

The holidays are a time for love, joy, and spending a lot of quality time with your loved ones. The good news is budgeting during the holidays does not imply staying at home and missing out on the festivities.

I will be sharing 6 budgeting tips to help you enjoy the holidays without depleting your savings account:

1. Examine your finances:
Take a moment to review your finances before making any holiday-related decisions. Understanding your overall financial situation is an excellent habit to develop. In addition, it will help you be realistic about how much money you have this holiday season.

Savings accounts allow you to categorize specific savings goals. Starting a holiday fund early can give you peace of mind and a few extra dollars from the interest.

Ask yourself:
– How much money do you spend regularly?
– How much money do you save each month?
– Are you meeting any other financial objectives you’ve set for yourself?


2. Verify your credit card:
Credit cards should be more frequently used. Although you can charge purchases to your account, credit cards often have additional perks. These can include cash back, bonus points, and other incentives. If you already have a credit card, take a close look at what it has to offer. For example, you can book less expensive travel arrangements or use your cash back, points, or miles to book flights and hotels.

3. Make a list and double-check it:

It’s all too easy to get caught up in the holiday spirit and overspend on gifts. That is why it is critical to creating a budget ahead of time.

To stay within your budget, list the people you want to buy gifts for and the amount you want to spend on each person. For example, family and close friends may use up more of your budget than neighbors and coworkers. Then, calculate the total and ensure it is an amount you are comfortable spending. If not, rework your calculations until you arrive at a more reasonable figure.

4. Go for the sales:
I enjoy a good sale, and many stores are overstocked and slashing prices to clear things out. This is in addition to traditional seasonal sales such as Black Friday, Small Business Saturday, and Cyber Monday.

So whether you’re looking for more affordable gifts or new additions to your holiday wardrobe, these early-season sales will often get you good deals on larger ticket items you’ve had your eye on.

5. Reducing, reusing, and recycling:
It’s essential to recognize that the holiday season can feel overly commercialized, but it doesn’t have to be, especially when it comes to gifting. While gift-giving is undoubtedly a love language for some, it is always the thought that counts. So make a charitable donation in their honor this year.

Save money by buying unique thrifted items, re-gifting items like books you loved, or creating DIY gifts based on your hobbies. You can also be creative with wrapping brown paper bags; repurposed flyers make excellent gift wraps.

6. Avoid giving physical gifts:
Finally, the holiday season isn’t about the physical gifts we give or receive. It’s about spending quality time with loved ones and creating memories together.

Instead of spending money on gifts, use that money (or less) to create fun experiences. Instead of going to the salon, ice skating with a group of friends, having a cozy holiday movie marathon, raiding each other’s closets, or painting each other’s nails. Create kits for those in need, host a book or cookie exchange, experiment with new holiday recipes, make seasonal cocktails at home, or throw a fun PowerPoint party. Gifts are wonderful, but memories are priceless.

Pro tip: Discuss your finances. You’re probably not the only one who is concerned about money. Don’t be afraid to ask your friends and family how they’re saving money this holiday season!

How are you planning to save this holidays?

Yours in Business,

Jeanetta Cardine

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