7 Holiday Budgeting Tips To Avoid Overspending Again This Year
Being prepared for the season with holiday budgeting tips can save you hundreds of dollars. Holiday spending can be tough to resist even those who budget. After all, spending money is the easiest thing in the world – especially when there are gifts to give and joy to share.
So, to help you avoid overspending, we came up with a list of holiday budgeting tips you can easily implement without much effort. We’ll also tell you how a Utah installment loan can be an option if you run into an emergency.
Holiday Budgeting Tips To Keep Your Cash In Your Pocket
1. Set A Hard Spending Limit
What’s the maximum realistic amount you’re comfortable with spending this year? That’s your final budget.
Realistic is the keyword here. Obviously, no holiday budgeting tips will help you cut down your expenses to $50, but a hard limit will help you control impulsive spending.
2. Try To Go All Cash
Get a separate envelope for your holiday spending. Place the entire budget in cash inside it. Whenever you need to make a purchase, take a bill out of the envelope – no swiping card, no spending money from your wallet. What’s inside the envelope is what you get to spend. Seeing the decreasing amount of cash will also help control spending impulses.
3. Do Inventory Before Making A Shopping List
Before getting started on your shopping list, look around the house and determine if you can repurpose things you have for gifts.
Unused makeup, books you’ve only read once, jewelry you never wear, gift cards that don’t expire could make enjoyable gifts for other people while alleviating strain on your finances at the same time.
4. Don’t Fall For Deals You Don’t Need
As one of our holiday budgeting tips, this is probably the most important. Seeing that 50% off sticker can push you to buy things you don’t actually need.
While you should definitely use sales to buy the stuff you’ll need, make sure the item in question is included in the shopping list and your budget before you start shopping.
Items not on the list, you should avoid. Even if it’s a very good deal, it’s still 50% more than you would spend if you hadn’t bought it at all.
5. Leave A Wiggle Room In Your Budget
One surefire way to break your budget is to be rigid with it and assign every item an exact amount of money, down to a dollar.
There will be unexpected expenses during the holidays. That’s just how it is. You need some wiggle space in your budget, otherwise, it will be difficult to tackle emergencies or sudden expenses.
That’s why it’s better to set a spending limit and have a rough guideline, instead of doing a line-by-line budget when it comes to holidays.
6. Track! Track! Track!
Keep track of every purchase you make. This is easier if you go all cash since you have physical proof of the amount of money you have.
But there are plenty of tracking apps if you prefer sticking to cards. Even an excel spreadsheet would do if that’s what you prefer. But make sure you know what you’re spending every step of the way.
7. Your Time Is A Valuable Resource
This is starting to become a popular addition to holiday budgeting tips, and for a good reason. Prioritize your time with the people you enjoy being with during Christmas.
Avoid celebrations you feel obligated to attend while knowing you won’t enjoy them. Not only will you have a less stressful Christmas, but your expenses will drop significantly.
Dealing With Emergencies During The Holidays
Emergencies often catch us off guard. They are unpredictable by nature. So, when your budget isn’t ready for one, you may find that a signature installment loan is an option. This is a type of private fast loan that you can get at Utah Title Loans, Inc. to cover any unexpected expenses.
Utah Title Loans, Inc. welcomes clients of all credit types and all income sources, including non-salaried ones. All you’ll need to qualify for an installment loan are a state-issued ID or driver’s license proving you’re over 18, proof of income, and a recent statement from a checking account open in your name.
How To Get An Installment Loan
- Submit a filled-out form for online installment loans.
- Receive a phone call from the loan representative who will provide you with further instructions.
- Take the required items to the meeting they’ll arrange for you.
- Let the loan representative assess the items to determine if you qualify for an installment loan.
- If approved – finish the paperwork and get the money on the same day or the following business day!
Keeping Your Finances Healthy This Christmas
There are countless holiday budgeting tips out there, but we believe that these core tips for the holidays will help you go a long way in saving yourself from unneeded spending.
However, if an emergency catches you off guard, you can consider acquiring a signature installment loan. The procedural part of getting an installment loan takes less than a day, so even during the busiest holiday time, you can easily fit the process into your schedule. Submit the online form to get started today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.