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With just over a month to the festive season, people are exhausted, shopping mall anxiety is in the air, all the while retail stores are lit up, geared up, and ready to go! Our bank accounts on the other hand are nervously awaiting all the taps and swipes. Yip, it’s that time of year where human emotion meets money and people tend to overspend without having a real plan in place. Since this isn’t news to most, let’s get a head start this year and avoid overspending this season.
Shopping addicts, “please queue here”, we have a few hot tips right now to help you control your overspend. So, before you even think about tapping that card on purchases for your loved ones, consider these ideas to see you into the new year!
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Cut back the unnecessary spend
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It might feel like there’s more month than money these days, but even if you commit to sacrifice just two or three things that you don’t necessarily need to spend on in the month, and you start today, you’ve got time to cut back and save.
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TIP: Avoid the regular morning Latte run and rather have a cup of coffee at home before you head to the office.
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TIP: Take a packed lunch instead of that takeaway Rueben sandwich you’re buying from the food truck every other day.
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Design a holiday budget
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You simply cannot enter into this task lightly, having a budget is key to avoiding overdraft applications and credit card limit increases. Design a holiday budget, stick to it, and you should get through this relatively unscathed.
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TIP: Hide your credit card away so well that not even you can find it.
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TIP: Comparison shop! Get those retail pamphlets that are generally a nuisance for the most part of the year and find the deals, bargains and specials that your typical day to day shops might not have.
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TIP: Shop NOW! Don’t wait any longer, the time is year and that tasty Gammon that you love so much is far more expensive in December than November.
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Make a list, check it twice!
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Mentally, this works! Statistics show that when individuals go shopping without a list, they tend to overspend. Create a list of all the things you need to buy. From the gifts to the food you need to stock up for the weeks that your extended family are here for, with a list in hand, you’re likely to get to the store, get in, tick the items off the list and get out.
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TIP: Black Friday is around the corner, after you have your gift list, watch out for any of these items popping up in a serious sale like Black Friday and GAIN on your budget!
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Regifting is an option!
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We’ve all received gifts that weren’t perfectly suited to us. It was tough to receive it in the first place with the awkward smile and thank you that followed the unwrapping ceremony. But when you think about it, it costs you nothing and you could have the perfect person to regift it to. Consider this, but just remember who bought it for you in the first place! Then that’s one off the list!
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Hopefully these insights will lift your festive spirits and carry you through to the New Year with a full heart, full belly and relatively still full wallet!
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