Use these Holiday Spending tips to help your wedding budget planning as well.
The holiday season can be a time of happiness and festivity, but with so many obligations it can also leave many of us feeling the pressure when it comes to our finances. From gifts to décor, dinner parties and fancy clothes, managing spending can be overwhelming.
Here are some Holiday spending tips to maximize your earned dollars this season. Or if you are planning a Holiday Wedding.
1. Set a budget. One of the biggest financial stresses can be not knowing how much you have spent and whether you’ve blown through money you do not have. Setting a realistic budget that includes all expenses from gifts to travel to entertainment will give you piece of mind as you check off your list. You can try online budgeting tools as well. This way you can monitor your spending online or by checking your mobile banking app.
2. Do your research and shop around. Whether it is purchasing a gift. An outfit or finding the perfect table setting for entertaining. Do your research first to find the best deal. This can be done by visiting the online sites of retailers before you hit the mall or streets. This way you don’t make any impulse purchases while you are on the spot in a busy store.
3. Use a rewards card. Some credit cards earn money on every dollar you spend. A new survey from Tangerine found that the majority (61 per cent) of Canadians use a credit card for holiday spending to earn rewards on their purchases. Try a cash-back card which allows you to spend and save at the same time. Watch the interest rates on cards that don’t have annual fees. If it’s high, make sure you pay it off each month.
4. Opt for DIY. Reduce your overall spending by incorporating homemade DIY gifts. There are endless resources online with easy DIY gift ideas that will impress your friends and family. if you can take the time to get crafty, the gifts will be remembered for the personal and unique touch. And not the amount you spent on a gift. Don’t be afraid to re-gift that unused item that is simply not you. This is practical and financially savvy. But, just make sure it’s thoughtful and the gift makes sense for the recipient.
Holiday Spending Tips courtesy Krystal Yee, Give Me Back My Five Bucks blog.