How to save money and celebrate a budget Christmas
Only celebrations and happiness come to our mind when we hear of Christmas. The instant reaction is to have a good time with your family, along with food and drinks.
Everything requires money, be it celebrations or food or decorations. Amidst all the celebrations, one has to take care of the budget.
To avoid a financial hangover post-Christmas, the celebrations must involve planning, budgeting, and tracking your expenditure to have a clear picture of your finances.
Nobody wants a New Year with debts and liabilities. Everybody wants a happy start for which it is important to keep track of your finances.
Christmas is that time of the year when people try to resolve their differences and enjoy themselves with family and friends. People like to spend on their clothes, food, decorations, gifts, etc.
Christmas is celebrated by everyone irrespective of their financial status. Many people with low income also celebrate Christmas with great pomp and show.
So if you want to celebrate Christmas but have a tight budget, you can consider the following tips to celebrate and save at the same time:
Planning is essential
Planning is the first and essential step in everything we do from cleaning to shopping to Christmas celebrations. If we plan properly we can keep a check on our spending for any occasion.
Nowadays, there are many Christmas applications which help you to calculate how much to spend and how much to save for your celebration.
The first step of planning is to jot down all the things to do and the allocated budget for the celebrations.
Post planning, once the budget is set, keep track of your total spending to avoid overspending. You can take the help of an application, a notebook, or your phone, whatever is handy to you.
Making lists will help you allocate a specific amount to a particular area. After allocating your funds, be careful of sticking to your budget and not going over the budget.
Plan group gifts
To avoid spending excess on an individual gift on family and friends, you can go for group gifts. You can club gifts into groups like family gifts and buy a box of cookies or chocolates that will cater to everybody’s needs and will make them happy.
Getting any game or chocolate box will make a wonderful gift for your family.
Maintaining a bank account
Always maintain a limit for your bank account to avoid any overspending on any occasion, Christmas being one of the major ones. Keeping a limit on your account helps you keep track more easily.
Buy only if you have money
Many retailers and store owners, offer attractive discounts and offers during this festive season. There are many discounts and schemes on many products.
One of the basic rules is always to buy when you can deal in cash else you can postpone buying that product. Only if you can pay an interest fee along with the principal amount, you can think of buying it anytime.
If you wish to keep it interest-free, buy when the 0% scheme is still available. Following this interest-free scheme will improve your credit score.
Avoid delivery charges
To avoid any additional delivery charges, you can get a delivery pass or sign up for any application, especially for this Christmas time. Delivery charges can really add up huge on your Christmas budget.
Keep borrowing as the last option while planning your celebrations. It is always better to cut down on your exiting costs and save a chunk of money with cost-cutting.
Borrowing may add up to your financial burden and can bring you under pressure, defeating the purpose of your celebration. To celebrate Christmas lavishly many people borrow funds from lenders.
These lenders provide loans for people on benefits. These are unsecured loans with pre-decided terms and conditions. Although loans are easily available in the market, it is always advisable to budget your spending rather than borrowing.
These days, many applications provide various discount codes and deals on the product of your preference. While shopping online, you may encounter many codes and offers that will run automatically and find the best promotion available for which you are eligible.
Avoid impulsive buying
Do not end up buying what you do not need. Various companies offer deals on multiple festivals. Do not get carried away by them.
If you did not want it in the first place, there are chances you will not need it in the future too. Avoid impulsive buying because of the offers and discount codes.
The cashback way
During this festive season, many companies offer cashback to tempt you to buy more. Many websites and applications provide cashback to increase the traffic of the website and its sales.
The cashback amount decides on the sopping amount spent by you as it varies from person to person.
Many websites offer great deals on gadgets or stock. Once you have explored all the platforms, you can make a list of all the things required to benefit from these offers.
Apart from the discounts offered by retailers, there is another way to avail a discount. Many retailers have their newsletters. The best way is to subscribe to these newsletters to stay updated on all the offers and cash backs.
Christmas is the time of the year when everybody is happy and looking forward to positivity. It should be celebrated with honesty and happiness. Stay calm and avoid any financial stress to enjoy your Christmas to the fullest.