December 23, 2019Kevin Lounsbury
With the holiday season in full swing, it is common for college students to find themselves
facing financial troubles with all the extra spending that comes along with this time
of year. In order to help avoid this mishap, we have compiled a list of methods and
tips to follow in order to save money during the holiday season.
Create a budget
The most important step in this process is to create and monitor a budget for your
holiday spending. There are various ways you can choose to create a budget, such as
deciding on an overall spending limit or going through each specific person on your
gift list and allocating unique amounts to everyone. Either way that you decide, it
is crucial that you have a plan for your spending and that you revisit your budget
frequently in order to be sure that you are not overspending.
Cut back on unnecessary personal expenses
If money is tight, but you are determined to give your loved ones great gifts, it
is important to understand and accept the fact that personal sacrifices will be required.
Choose a few things that you treat yourself with often, such as coffee or going out
to eat, and make a plan on cutting back. For example, cutting out a daily $4 coffee
would save you $112 in just one month!
Know when to shop
If you begin shopping for your gifts right before the holidays, your chances of finding
a sale will be minuscule. That being said, if you plan your gifts out ahead of time,
you will be able to keep an eye out for sales or finding things when they are out
of season and on a discount. Poorly planned purchases are budget killers and need
to be avoided if you want to have a successful holiday shopping season.
Hope these tips can help you spend a little less and save a little more. We hope you
have a wonderful month celebrating all these Holidays.