The holiday season is supposed to be one filled with joy for adults and children alike, but balancing budget can create stress and limitations.
Here are some great tips on how to balance your budget this winter!
Download a Budgeting App
There are lots of great apps available for both iPhone and Android that will help you organize your finances. With the hectic nature of the holiday season, it can be easy to lose track of spending and put yourself in a difficult position. Many of these apps include automatic spending alerts and detailed analytics on your spending habits as well as opportunities to save money.
There are many great options available, but we would recommend Mint (Free), Truebill (Premium) version available, or the aptly named You Need A Budget (free).
Sell Old Items
With everyone in the shopping mood, now can be a great time to clean out your closet, bookshelf, or storage area. Channel your inner Marie Kondo and declutter your space selling it online or back to resellers. You probably won’t get rich, but with a high enough volume of items you will most likely be able to cover a good amount of those extra holiday expenses.
Great places to sell include Plato’s Closet (clothes), PoshMark, or Facebook Marketplace.
Start A Piggy Bank
It might seem childish, but why not let your inner kid out for the holidays? A piggy bank can be a great way to save money, and you can even use it as an opportunity to teach your kids the importance of saving a little over a long period of time. Even a dollar a day begins to add up, and you’ll always have your trusty nest egg right by.
Looking for a futuristic way to count change? Try Acorns, an app that rounds your purchases up to the nearest dollar, taking the difference between and adding it to a savings account. You hardly notice the extra spend; but, over the course of a day, a week, or a month, it really adds up.
This one might seem obvious. But, that’s only because it’s so essential and true to the shop-heavy times of our lives. Search for the best deal possible on every gift you purchase: use resources like Honey to find automatic coupons quickly and easily. Scour the newspaper and check retailers’ websites to find out about upcoming sales, deals, and more.
When you do a little due diligence on each purchase, just like the piggy bank, those savings add up. It might not seem like much at first, but after the holidays are over, go back and add those discounts up. I bet the money you saved is a lot more than you think!
With this little guide to balancing budget options, we hope we made it easier for you to manage your finances. Contact us here if you would like to learn more or sign up below to receive emails from us.