The holiday season is fast approaching, and you are probably wondering how you can save a little money. Although we are not saying that it is easy to set aside cash during festive periods, it is possible. Plus, doesn’t it feel good to have access to some extra bucks during times of unexpected emergencies?
Don’t worry, F.H. Cann & Associates, a company deep rooted in providing best-in-class accounts receivable management and outsourced customer service solutions in the USA will let you know just how to go about it.
In this post, they highlight the top ten tips every high-fly citizen can practice to start saving money during the holiday season, even on a small budget.
- Keep a record of your expenses
The first step to saving money is knowing where your money is going. You’d be surprised how even a few dollars here and there can make the difference.
Tracking your expenses entails recording all of your purchases and saving the receipts for an upcoming inventory. Regular inventory of your income and expenses helps you to know which cost to avoid altogether!
- Try a budgeting tool
We are in the technology age, and there is a lot of free budgeting software to help you track your money.
The use of a budget tool helps you to stay on top of your finances. For example, F.H. Cann & Associates will recommend to use different money apps. Some banking apps also have budgeting tools these days.
- Consider a weekly savings challenge
When you’re starting to learn how to save, it is preferable to start small, both in dollar amount and timeline.
A weekly challenge will open your eyes to your short-term financial habits. You’d also see the effect of the changes in these habits. With time, you can start a higher savings challenge.
For instance, start saving $1 in an envelope, then increase the amount to $2 the following week. Keep increasing the amount till you are comfortable saving that amount each week.
- Find a support system
F.H. Cann & Associates recommends to boost your savings habits through a support system.
How do you go about this step? The best method is to start telling your family and friends what you are trying to achieve. They can act as your accountability partner to ensure you hit your financial goals.
- Take advantage of the pantry
Most people have the habit of buying items they already have in their pantry. Make it a challenge to use everything in your store, fridge, and freezer before heading to the mall.
Most people have succeeded at this challenge, although some nights they tend to consume weird food combinations.
- Use cash
Always having your credit or debit cards can be tempting. Endeavor to use cash for your expenditures for transparent analysis of your expenses.
In addition, cash helps you become more aware of when and where you spend your money. For example, set aside $100 for groceries in an envelope.
- Give the gift of your time
Do you desire to give someone a special gift but can’t afford it? Here is the good news, you can give the gift of your time.
Ideas you can try out include; babysitting or rendering a dog-walking service for a friend, running errands for the elderly. Be creative!
- Sell things you don’t use
It wouldn’t be a bad idea if you sell items you no longer use. You can take the proceeds from what you sell and deposit it into a savings account.
Sell precious items on local websites, apps, or stores that can pay you for them i.e. eBay.
- Make comparison shopping a habit
Did you know several stores have varying prices for the same items? Take some time to scrutinize online to check where you can get the best deal. Many browser extensions and apps can search for coupons and do comparison shopping for you. Inbotta is one of such applications.
- Invest in yourself
The best investment you can make is in yourself. Learn about personal finances and how to increase your income potential.
You can get books that can show you how to do a salary negotiation, in order to help you take a break from your tight budget.