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It’s the most wonderful time of the year!!!! Well, almost. LOL.
When I think about the holidays, three words come to mind: celebrations, food, and gifts. In order to celebrate, eat food, and receive gifts; you need to have money! Gotta have that money honey…lol!
The holiday season can easily sneak up on you! If you’re not careful, you can find yourself scrambling around for cash just to make ends meet. Have you given much thought to how much money you spend between the months of October and December?
Think about it.
- For the month of October, your job is hosting their annual Halloween costume party. If you decide to participate – Your outfit costs money.
- In November, the job is having their annual Thanksgiving potluck. Your contribution costs money.
- For the month of December not only is the job is having a Holiday social but they’re having a White Elephant gift exchange. Mo’ money
- You’re expected to contribute funds towards the department gift for your direct manager – Mo’ money
- You can’t forget about the department gift for the director – Mo’ money
Have you seen that movie Mo’ money that features Damon Wayans? OMG, I am definitely dating myself by making this reference – lol.
I have a love/hate relationship for the holidays. Celebrating the holidays with friends and family is something that I’ve always looked forward to. However, my bank account doesn’t share the same emotions as myself it grieves during the holiday season.
I’ve recently added a holiday line to my monthly budget. In fact, I start planning in May.
Find out how to enjoy the holidays while sticking to a budget.
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1. Create A Budget & Stick To It
How many times have you gone to the store to purchase an item for someone else and you walk out with items for yourself? I’m guilty of this. At the time of purchase, I just HAD to have that item LOL. No budget in mind, just purchasing items on a whim.
According to the 2017 Coinstar Holiday Survey, 65% of Americans set a holiday budget. On the negative side, 77% of the 2,000 people surveyed expect to exceed their budget and only 37% will put a post-holiday budget plan in place to recover.
Overspending and being in debt is not the way you want to start off your new year! Holiday spending should not feel like a daunting task. Do you like being broke and having to make sacrifices in order to make ends meet? If you do not have the money to purchase, don’t spend it.
Why are you starting a budget? I started my budget because I wanted control over my finances. I got tired of starting the year off on the wrong foot.
There are a few components to take into consideration as you build your budget:
- Start early
- Create Budget Categories (Gifts/Clothes/Stamps/Travel, etc).
- Track your spending
Remember, life does not stop because it’s the holiday season. As you plan ahead for the holiday season, do not neglect your day-to-day expenses.
As I mentioned above, I start planning in May for the holidays. Planning early allows you to create a budget that does not create a financial burden on your current expenses.
2. Shop Early
There are several advantages to shopping early:
- Minimize Stress – The holiday season can be stressful in your work and personal lives. Running out to purchase last-minute gifts can send your stress levels through the roof, especially if you cannot find those items that you’re looking for. Shopping early minimizes your stress levels because you have enough time to purchase your items and you’re not purchasing gifts on a whim. You have a list and you know exactly what you’re buying and who you’re buying the gift for.
- Better Deals – if you’re an early shopper, you could take advantage of the end of season sales at your favorite merchant’s. For example, if you’re in the market for purchasing a television. You tend to find better deals around Super Bowl Sunday as opposed to Black Friday.
- Guaranteed Delivery – this is self-explanatory. You do not have to worry about paying for two and three-day shipping. If you purchase your gift, well in advance you can pay for regular shipping and your gift and it can sit on your closet shelf as you anticipate the arrival of the holidays.
- In Stock Items – Shopping early means you can find items in stock. If they aren’t in stock in the store, you have a greater chance of finding that item either online or at a different store location.
I’ve found great deals outside of the Black Friday/Cyber Monday season.
In fact, I’ve found the day after Christmas to be the BEST day to purchase gifts for the following year. I’ve found spectacular deals in the 70% – 80% range. Once I purchase these items (for close to almost nothing) I store them with my Christmas decorations so I don’t misplace them and I can easily locate them for the next holiday season.
3. Use of In-Store Coupons and Discounts
- Check your Email
I receive about 150 emails on a daily basis from retailers advertising the latest sales. As you make plans to shop, review your emails and check for coupons & additional discounts.
- Check the Newspaper/US Mail
Check your Sunday’s newspaper and the weekly Red Plum/Retail Me Not flyers. When you least expect it, you’ll find a coupon in the newspaper and in the mailer that you least expect to come across.
- Store Apps
Download the store app for current discounts & promotions.
- Money Saving Apps
There are countless apps available dedicated to saving. Research before you shop. Most of these cashback apps have mobile coupons, rebates, and percentage-off discounts. The great thing about these apps is that you’re able to combine these offers with in-store offers!
4. Take Advantage of Cashback Deals
I’m a novice when it comes to coupons. In fact, I’m still learning about how them. For the time being, I pretty much rely on Ibotta and Rakuten.
Get Cash back with Rakuten
Tis the season to shop! Let’s face it, this is probably busiest shopping season PERIOD. If you plan to do any online shopping, make sure you capitalize on opportunities to receive FREE MONEY from Rakuten. They give you cash back on every purchases and it adds up quickly. Rakuten is the largest online Cash Back shopping site & mobile app, offering Cash Back & coupons at over 2,500 stores and saving you money when you shop online! It’s a simple process and it’s free to sign up. Click here to sign up and start getting cash back on your purchases.
Earn FREE gift cards with Ibotta
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Ibotta is supported by 300+ nationwide retail stores in over a half million locations and includes grocery and convenience stores, restaurants, movie theaters, home improvement centers, pet stores, and pharmacies.
Take advantage of Ibotta today by, getting a FREE $10 welcome bonus from Ibotta when you sign up through my link.
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