The holidays are coming, meaning lots of gift buying and expenses. To help you look after your finances this season, here are a few valuable tips:
Set Aside Some of Your Money for Savings Each Month
Going into the winter months, we know that there will be lots of holidays and birthdays too. This combined with parties you will be attending and gift buying, your wallet and credit cards may be constantly put into action.
We have all been in situations where we just spend like crazy, and only later realize how much we paid. The key is to set aside a certain amount for savings and never dip into that amount, no matter the situation.
If you are the type of person who has a hard time doing that, you can use the latest apps to track your spending and current account and savings. Savings institutions today have created smartphone apps that help you to both save and understand your spending habits so they can get a better handle on things. With these tools, keeping track of your spending, and hitting your goals becomes much easier.
When You Shop, Make a List
Before you go shopping for gifts, make a list of the things you intend to purchase. If you are shopping online do some online window shopping before you purchase to get an idea of the cost of the gifts you want to buy. This will allow you to see what things will cost and to make adjustments if needed in terms of your gift list.
Let People Know You are Giving Smaller Thoughtful Gifts
At the time of gift giving people often have expectations for certain gifts. In some cases these gifts can be really expensive. Let everyone know that you are on a budget and will not be spending big money on gifts. Then take some time to buy things that are lower cost but are meaningful. These types of gifts are much more likely to be used by the person and after the initial disappointment of not receiving a high-priced item, will be appreciated more,
Watch Your Heating Bills
Your heating bills in the winter can easily triple. Some people have a habit of simply turning on the heat in their homes and leaving it on high all day long. As a result their heating bills go through the roof. They think that this is just a necessary evil during the winter months. But in many cases that money is being wasted and can be saved with some preparation and smart heating approaches.
Make sure that all cracks and leaks to any windows or doors in your home are plugged during the winter. Your heating unit constantly tries to bring your home to your desired temperature. If there are leaks it will cause the unit to stay on more, and cost you more money. Also, try to only heat the areas of your home that are occupied.
People make bad spending decisions when they are anxious about shopping. Lots of people do not like shopping and want to get it over with as quickly as possible but taking extra time to look at a few more stores can make all the difference to your wallet. So if you hate shopping take a few deep breaths and look at a few more places for gifts.
Use these 5 key tips to get your spending under control this holiday.