Managing Your Personal Finance at Christmas
Christmas is coming soon and the big shopping malls are already in the heat of Christmas. We are certainly looking forward to the holiday, but often the stress of preparing for Christmas exhausts us.
Endless shopping, cleaning and baking take away all our free time and we are looking forward to finally having a rest.
Create a shopping list and budget
The stores promise better deals, the supply is huge, just money for it. It is very important to avoid buying impulses and not buying things that we will later regret.
This can be avoided by creating a shopping list that contains all the gifts you want to buy. Be careful not to miss something.
Once the list is created, let’s set a budget and, most importantly, stick to it. It’s a good idea to decide what value you want and can buy as a gift, so you’ll know how to distribute the money.
Make your own gift
Usually we spend the most on buying gifts at Christmas. With little money, why not make your own personalized gifts ?
They are much more valuable and personal. The Internet is full of Christmas gift ideas that anyone at home can make. Let’s unleash your imagination and make personalized gifts for your loved ones!
The only downside to this is that it takes a long time to make a gift, so you should start as soon as possible. If we leave it to the last minute, we will not be able to carry out our plan.
Pre-Christmas Expenditure Management
The best way to save money and spend on things that matter is to pay close attention to our expenses .
Do we really need a wreath on the door that will light up and greet visitors? Do I have to replace my Christmas tree decorations? We are talking about such unnecessary costs.
By tracking and organizing costs, we can better distribute our money. We can even use a phone application to do this to help us get a picture of our costs. If you do not like digital, then paper and pencil will do just as well.
Open a Christmas Savings Account
Although this year’s Christmas season won’t help, we can start preparing for the next. If the holidays start to get festive every year due to lack of money, then try to get ready for Christmas in time.
A savings account can help us in such situations. If we start saving now and set aside $ 3,000 a month, then next Christmas we will have $ 10,000 to use for whatever we want. This can be a tremendous help at the end of each year, and from this sum we can even buy something for us, which would be a reward for our endurance throughout the year.
If you are planning to take out a loan, you should be careful
It may be that before Christmas we are thinking of taking out a personal loan . We weren’t prepared enough for the holiday, but from next year we will pay more attention to our finances and start saving after the loan is repaid.
We may think so now, but taking out a personal loan is not the best option before Christmas, especially if you want to use it for a gift, car or vacation.
If we need this because of an emergency and there is no other way out, be careful. Before borrowing, it is strongly recommended that you compare lenders’ offers . You can do it here at Dennis Aklas.
With our loan calculator, you can find the personal loans that have the best construction and arrange them according to a variety of parameters to get the best loan.
It is recommended that you take out a loan only if you are absolutely sure that you will be able to repay it 100% . Otherwise, we may end up in debt, which will not be an easy way out.
Surely we know how crowded there is in a mall before Christmas. If you want to avoid stress and make a more peaceful shopping, you can do it online . This has many benefits:
- We can get the products we want faster
- We can easily compare prices
- Shopping takes less time
- No need to stand long lines
The internet generally has better discounts than shopping malls, and we can be sure of getting the best price on the product.
Take advantage of the Christmas deliveries
We know that Christmas is about love and giving, and it will make us happy if it is full of presents under the Christmas tree. But a small personal gift can mean a lot to loved ones.
If we are in a very bad financial situation, we can take a radical step to get the gifts you want at the best price. If the family comes together and decides to surprise each other after Christmas, we can get away with the bargain cheaper.
After the holiday, there may be larger deliveries than before, as stores want to dispose of unsold goods soon. For a fraction of the original price, we can buy what we want.
Such a solution takes a bit of the Christmas spirit, so it is enough to apply it only to Christmas-related products, for example, after the holiday, we can buy Christmas decorations, lights for next year.
Don’t leave the last minute shopping
Everything is about planning, and Christmas is no exception. It’s a good idea to start shopping as soon as possible so you can avoid the last minute hurry to buy gifts and make decisions that you will later regret.
If you’ve already created a shopping list, look for stores where you can buy these products and compare prices .
If we don’t have a list, or start shopping too late, we spend more money because we buy from where it’s more convenient or buy everything from a shop.
Try to resist tempting marketing
Everywhere deliveries, every business claims their prices are the best. For business, by all means. Ads follow us throughout the day, and we tend to make those choices.
Don’t buy something just because it’s shipped. If we spend our money unnecessarily, we will not be left with the really important things. Adhere to your budget and buy only what you wrote down.
If, on the other hand, you can buy a product at a bargain price, we need to first compare prices online . If it’s really a good fair, let’s get down to it as soon as possible!
Always pay in cash!
Credit cards seem like a very tempting solution, especially before Christmas. However, by using them, we will not feel the real value of the money, we tend to spend more because we do not see how much we pay.
If we spend our credit card balance recklessly and we cannot refund your used money within 45 days, we will be required to repay it at a high interest rate.
The best thing is to buy with your own money . If you spend your borrowed money, determine your Christmas budget in advance and withdraw it in cash. This will make it clearer how much money we have, how much we have spent and how much we have left.