‘Tis the Season to Save

Photo credit: StockVault

Photo credit: StockVault

The holidays often mean gift-giving and retail stores scrambling for your hard-earned cash. Remember that you are in control of your finances, and there are things you can do to keep holiday spending in check. Here are some tips to spend wisely this season:

  • Stick to a list and a budget. Decide ahead of time how much you can afford to spend on gifts. Come up with ideas that fit your budget and write them down in a list before you head out the door. Having a written guide can help you stick to your plan even when stores are showcasing those tempting, “can’t miss” deals.
  • Use free online tools to build your knowledge “toolbox.” The Internet can be a great resource for budget tips and tools to track your savings goals. One example is Find Financial Freedom, which lets you set a budget, teaches you the ins and outs of credit, and helps you track your savings goals. Best of all, it is a free resource!
  • Pay yourself first. While you are spending on others, don’t forget to keep setting aside money for yourself. If you don’t have a savings account already, adjust your monthly budget and  start setting aside some cash for an emergency fund. Even just a small amount each week can add up quickly over time. Your wallet will thank you!
  • Be cautious of store credit card “deals.” Some retail stores will offer additional discounts on items if you use their credit card. While the deal may be clear, what can be hidden in the fine print are high interest rates and steep costs for missing a payment. (Check out this blog post, “A Bargain Gone Badly,” for one person’s story of how an impulse purchase ultimately affected her credit score.) Think carefully before opening another card and adding another monthly payment to your list.

Want more savings tips? Like Find Financial Freedom on Facebook for weekly budget tips, and follow their new blog for monthly posts on how to save.

Leave a comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: