A savings plan created at the beginning of the year in anticipation for the coming holidays is the best way to set aside money for the season. However, if you were not able to begin with it, there are still lots of things you can do to avoid overspending. Here’s how to do it.
1. List down the things you will buy and stick with your list. Determine early on what to spend. Divide your money among the recipients and do not deviate from it in any way. Take advantage of sales. Use coupons because they are great cash extenders. Buy more so you can get them for less; say, buy five $5-gift cards for only $20. You can use your savings of $5 for someone else’s presents.
2. Do not use your credit card in making the purchases. You will have the greatest tendency to overspend when you begin to use that card. Pay in cash.
3. Begin your shopping early. Black Friday may still be several days away. Keep watch of the clearance racks. Browse over the classified ads and look for sales flyers. Track down when the items you are looking for gets reduced.
4. Make personalized gifts. Use your aesthetic skills if you possess them. Aside from saving money, putting your skills to use and the fun, personalized gifts would be cherished more. Making personalized gifts is a win-win deal.
5. Skip the Black Friday if you can. While it is true that there are great deals during Black Friday “event”, it is nothing more than a day when you buy things you don’t really need or things that are bought at a good deal at the moment but are not a great buy in hindsight. Go shopping online. You get rid of the crowd, the pressure, and a great time to compare prices.
A good holiday spending plan is a great way to save money and avoid overspending for the holidays.