This is the most joyful moment of the year, despite having a year with increased prices for goods. This can make individuals more concerned about Christmas and spending this year than normal. Luckily, there are ways to cut expenses without abandoning the holiday spirit. In this article, we give you our top advice for having a fantastic Christmas and kicking off the New Year without a financial headache.
1. Have a Budget
If you want to stay on Santa's good side, establish a spending limit and abide by it. Creating a budget will not only help you restrict your buying, but it will also decrease your financial stress. Some products are more costly now than the previous year, so keep that in mind while making your budget.
2. Track Your Spending
Monitoring your expenses once you've established a budget reduces your chances of overspending. Find a method suitable for you, whether it's a notepad, software on your phone, or a google spreadsheet on your computer. If your bank gives notifications whenever your account balance falls below a certain threshold, enroll, so you are always aware of what is going on with your finances.
3. Spend Time Rather Than Spending Money
"It's the thought that counts," many individuals say. Several people prefer spending quality time with their loved ones instead of the delight of receiving an actual present. You may save money this season by being proactive about spending time with each other in person or digitally.
4. Fewer Gifts
When you're pruning the tree, consider pruning your Christmas list. You have certain obligations to deal with. You can't give gifts at the Christmas party and say, "My bad, Uncle Zac... I wasn't able to get a present." However, not everyone requires a present; this Christmas, maybe give your best wishes to certain folks on your list in the form of a meaningful letter. If you wish to save additional money, talk to your relatives. Would you all want to reduce spending on individuals? A frank discussion about bypassing gifts this year in favor of a shared dinner (if possible) and stocking stuffers might be precisely what your household and your funds need.
5. Stay Away From “buy now, pay later”
These plans may seem enticing; however, ignore them unless there is a strategy to pay back the loan throughout the interest-free term. Otherwise, once the 0% deal goes away, you'll be assessed a high-interest rate, and that new couch, clothing, or Computer might cost you much more. When you miss payments, it may hurt your credit score.
6. Go Online Early
Internet shopping allows you to buy items from the comfort of your armchair while roasting chestnuts over an open fire. This is the type of versatility we're looking for. Compare the cost of that expensive game system at several places without ever slipping on an outfit. However, ensure you do it early enough to receive the best online shipping deals, and keep in mind that delivery is taking significantly longer this year. The last thing you need is a budget shattered by all those extra rush order fees.
7. Do Not Do Gift Exchanges
Here's a great Christmas idea: Stop doing secret Santa or junk-for-junk gifts at your workplace, friend group, or club. Christmas is already pricey, and you do not have to feel obligated to do these events that could potentially affect your financing. Be courteous, but simply decline.
8. Join a Club
Registering for a company's club might result in an instant deal, such as 10% off your next order. You also could be the first to know about Christmas sales.
9. Do Not Go To The Mall
Avoid going to the mall to save money, frustration, and time. Skipping the mall generally includes avoiding all of the pestering salespeople. Furthermore, you will not be confronted with the millions of temptations, such as scary mall Santa, the delightful smells of food, and all those enticing store window displays. Oh, and we can not forget the parking lot congestion. And the insane crowds.
10. Create Your Presents
Create your gift to offer something unique, personalized, and unforgettable. Pinterest is an excellent resource for concepts and directions. Consider preparing a tasty treat, building a gift basket, or making homemade hand soaps and body wash. Nothing says Happy Holidays like creating a gift from scratch.
11. Utilize Old Gift Cards
Consider the amount of money remaining on outdated gift cards and the cards you'll never use since they're for locations you never buy, eat, or visit. Assume the cards are discounts and utilize them to purchase gifts. Give your remaining cards to individuals who will value them. Don't allow those tiny bits of plastic to go to waste this holiday season!
12. Do a Split Gift
A larger, more costly present does not have to be ruled out simply because you're on a tight budget this year. Simply join forces with another person. Collaborate with your siblings to purchase a significant gift for your parents. Suggest to your teammates that everyone goes in for a good gift card for the coach. Email all of your children's classmates and urge them to give little gifts for a gift basket for the teacher.
Schedule A Consultation with an Experienced Financial Advisor
We hope this article has been helpful and that you and your loved ones have the best Christmas yet! After the holiday season, as the new year approaches, if you are ready to start planning for your financial future, we are here to help. At Fourth Avenue Financial, our first priority is your overall financial success, no matter what life events come your way. We want to help you develop, implement, and monitor a strategy designed to address your individual situation to ensure all your investments are setting you up for a path of financial success. If you are ready to start planning for your financial future, we are here to help. Contact us today at (304) 746 7977 to schedule a meeting with one of our experienced financial advisors or schedule online: https://calendly.com/fourthavenuefinancial/introductory-zoom.
Securities are offered through J.W. Cole Financial, Inc. (JWC) Member FINRA / SIPC. Advisory Services are offered through J.W. Cole Advisors, Inc. (JWCA). Fourth Avenue Financial and JWC/ JWCA are unaffiliated entities.