5 Tips for Getting your Finances in Order Before (and During) the Holiday Season
With Halloween only one day way, we are entering one of the most expensive periods of the year. From Oct. 30 through the first week of January, most folks begin a spending spree based on tradition, holidays and/or religion. Others just engage in plain old “spirited spending.”
NOW is the perfect time of year to begin taking a closer look at your finances and getting a firm grip.
Financial security may not have the immediate appeal or be as red hot as a new pair of Christian Louboutins, but delayed gratification with a greater goal in mind is one of the keys to saving and spending wisely. It’s also quite sexy to tout having your #financesonfleek.
Below are five ways to save more and spend less while getting a grip on your purse strings before the holiday season begins.
1. Get your Spending in Line with your Current Lifestyle
Most of us work hard to pay our bills (mostly on time...lol) and to have as much fun as possible. However, when meeting with new budget clients, many don’t have a budget that is reflective of their current lifestyles. They live by the mantra, “Work hard, Play Harder.” Don’t get me wrong, I believe in being rewarded for your efforts however, overspending is one of the oldest tricks in the book and it often leads to over-reliance on credit. Do you have a budget that is reflective of your current lifestyle? If not, check out our R.E.A.L.I.S.T.I.C Budget Method. It’s an awesome educational tool to use in conjunction with nearly any free budgeting app. Not sure which app to use? Check out this list of budget and investment apps.
2. Set it and Forget it
Automatic savings works like a charm. The key is simply setting it up. Setting up automatic savings is as simple as having your bank deduct a set amount from check each pay check. NOTE: Be sure to adjust your budget template to account for the amount being deducted! Even if you can only afford a few dollars each paycheck, every bit counts. After a while, you won’t even notice these funds are gone, and you will be building your emergency savings, and eventually your nest egg, in no time.
3. Just Got a Raise…Not so Fast
Yes, you worked for it and you certainly deserve it, but if you were able to live comfortably before you received it, consider banking it. The same goes for bonuses. If you know you have an increase coming, put it into our FREE R.E.A.L.I.S.T.I.C Budget Companion Tool and earmark it for savings and investing.
4. Plan for the Best Deal
If you are planning to shop this holiday season, avoid last minute purchases by comparing prices online and doing a bit of bargain shopping.
5. Clean Out your Wallet
Pick one debit card to use for weekly and/or monthly expenses. Remove your other credit cards and store them for safe keeping. When you do have a credit card purchase, use it and return it to storage. This simple, yet effective method of cleaning out your wallet can help you guard against overspending.