Holiday Spending: 3 Crucial Ways to Save Money this Season
By Brad O’Connor (COL ‘22)
During the holiday season, it’s always a good idea to stay aware of your spending habits. It can be very easy to check your bank account on December 26th and realize your holidays were anything but jolly. At HMFI, we strive to help individuals improve their personal finances and everyday budgets through our Group Financial Coaching. Here’s some advice from our “Budgeting and Saving” lesson that can help you make sure you don’t lose the big bucks during the holidays:
- Broadly, the best actions you can take are to review past spending and set future financial goals. Having a concrete list, with specific amounts you’ll aim to budget, can be extremely helpful when you’re out shopping this season.
- It’s also really important to make sure these financial goals and budgets stay fluid. Things change all the time. Whether that means you got a promotion, or you lost your job, anticipate possible outcomes by padding your budget accordingly.
- At the end of the day, the biggest thing you can do is to implement strategies to save money. Obviously, that is no easy or small task. The key to these strategies is diligence. Try to stop yourself from spending too much at once and always keep track of your finances.
When it comes to money, it will always be easier to spend rather than save – especially during the holidays when it can be tempting to overspend. Outside the obvious worry of simply losing money, issues of credit and debt can make overspending even more of a problem. An individual’s debt can easily be affected by the holidays, and the consequences to their credit score will soon follow. At the same time, take our advice with a grain of salt. The holidays are a time to give back – something we’ve become accustomed to – and what is an economy when no one spends money? In this, it’s important to strike a balance and plan ahead. Whether you’re planning the best present ever, or no present at all – strive to manage your finances this season!
Published November 21st, 2019