INSURANCE . RETIREMENT . INVESTMENTS
Christmas is the time of the year when shopping reigns supreme, but if you are not careful you may end up spending more than you budgeted.
While we would want to shower our loved ones with gifts they deserve, it is also important to be mindful of your financial limits. This is particularly important for those of us who are paid monthly and must wait until the end of January for our next salary.
Here are some fast tips on how to manage your money this Christmas:
1. Make a list and check it twice - Log the gifts you are buying for each person and the money budgeted per gift. Online shopping may save you both time and money with your gift shopping when completed early in the year.
2. Allocate money toward groceries, food and drinks for the season – Throughout the world, Christmas is associated with food and drink and these should be your staples. Be sure to allocate money toward these expenses first.
3. If travelling, budget for ALL of your expenses – Whether you are travelling to Europe or America this Christmas, ticket costs, travel insurance, rental vehicles, petrol usage are all expenses that you must take into account. Should these expenses exceed your budget, you may have to rethink your travelling plan or vacation somewhere less expensive.
4. Track your spending - Check your budget daily to ensure that you are spending within your parameters. By tracking your spending, you can compensate for any unforeseen additional spending you may have had to do and stay on track with your budget or make adjustments to your spending where necessary.
5. Use discounts or coupons when shopping online – There is absolutely no shame in seeking discounts or using coupons when shopping online. In fact, a combination of discounts and coupons can save you up to 50% on your purchases.
6. Take advantage of Pre-Christmas and Post-Christmas Sales – Pre-Christmas sales start quite early in the year and if you are early, you can save hundreds of dollars when shopping.
Post-Christmas sales start immediately after Christmas and continue into January. These sales can provide you with good deals and you can use this opportunity to purchase gifts up to 11 months in advance for Christmas of that year.
These simple financial tips can help you better manage your money this Christmas and save hundreds of dollars in your shopping. Always remember to spend within your means and stay within your budget!
Thanks for reading and join us again next week for more!