FINANCIAL BLOG FROM YOUR CHIEF FINANCIAL OFFICER
Title: 7 Strategizes to Energize Your Gift Giving This Holiday Season!
It’s that time of the year again. The Holidays, yeah! Thankful and grateful for this new season of sharing and enjoying gatherings again with families and friends. But hold on! Let’s not go crazy with all the money we have saved during the pandemic. You will want to budget your holiday spending to maximize all your dollar$.
1. Set Up a Spending Budget
Track your income and expenses. When you keep record of your spending you are likely to spend less, or at least not spend more than you should. Shoppers who make a list to purchase are more likely to not exceed their budget. This means making a complete list and staying with the plan.
2. Put Work Bonuses Towards the Holidays
If you get a work bonus throughout the year, put that extra money away in savings for the holidays. You may have been the lucky one to win one of the employee vaccination incentive drawings or received the vaccination incentive bonus; consider using those incentives towards your holiday spending.
3. Take advantage of 0% APR credit card
Keep your credit card usage to a minimum, especially this holiday season since we are still watching to see how well we will bounce back from this economy downturn. If you need a credit card to make a holiday purchase that can’t be passed up, use a credit card with 0% interest. The credit card companies are busy this time of the year, enticing you with zero percent credit card transfers; please be careful. If used correctly, this can help you save money and give you that cushion you may need to get you through your gift giving escapade. Remember to read the fine prints and pay attention to the expiration date to ensure that what was transferred is paid off within the time given.
4. Become a Smart Shopper
If you plan and take a little extra time, you can save money fast by becoming a smart shopper, especially during the holiday season. Smart shoppers compare prices, buy things on sale, buy generic vs name brand, and use coupons. In addition, make better choices when you are shopping or browsing. Be conscious of your spending and ask yourself “do I really need this”. If you are thinking of buying something, hold off at first. Then a week or so later, if you still want it – get it if it is in your budget.
5. Re-visit your closet
Sell items you do not use any more like clothes, toys, and furniture. In fact, when we get new electronics, furniture, etc. we sell the old ones to help pay for the new items. Furthermore, we have the kids pick 3 toys they don’t use/play with anymore and sell them before a new batch of toys comes in during the holidays.
Happy holidays and happy budgeting. Please stay healthy and safe. Your best years are ahead of you, plan better for the future!