How To Manage Your Finances to Prepare For Holiday Expenses
Everyone looks forward to holidays like Hanukkah and Christmas because these are times when family and friends get together to celebrate. However, for many people, these can be stressful times because they often do not have enough money to spend on their loved ones. Although money should not be the main focus during these times, doing something special for loved ones can mean a lot. Here are some suggestions on how you can save up for the holidays.
To give yourself enough to save for holiday gifts, start saving early. You can set aside as little as $10 to $20 dollars a week. The early you start, the easier it gets because you would not have to save as much per week. You will be surprised at how muc money you can save up by Christmas. Open a separate savings account for your holiday funds, and watch the balance slowly go up.
You should not wait until December to do your Christmas shopping. Merchants know that December is a huge month for shopping, and they have less incentive to mark down anything significantly. In fact, you should do your shoppping earlier in the year. Retailers often have a schedule of marking down certain types of items. September or October is a great time to start buying winter items at a discount.
Department stores offer the least competitive prices in their merchandise. You can often find products of comparable quality or better in mass merchants. If you really want the designer brands, you can shop for those in factory outlets that offer good discounts off the retail prices. Online retailers are also competitive in their pricing, and their prices are often lower than traditional department stores. If you do shop online, however, make sure you take the shipping cost into consideration. Warehouse clubs are another place where good quality merchandise can be purchased at a discount.
Avoid shopping for everything during the same shopping trip. There may be sales opportunities offered on other days or at other stores. Spacing out your shopping spree will also give you a chance to review your purchases to make sure that you have made the best choices.
Look out for major sales that often anchor around holidays like Labor Day and Independence Day. Also look out for end-of-season clearances. Retailers often mark down merchandise significantly during these sales. Take advantage of these sales, and do your Christmas shopping early.
The day after Christmas is a great day for retailers to mark down merchandise. Look out for major after-Christmas sales, and plan ahead to shop for holiday gifts for next year. This is also a wonderful chance to get Christmas decorations at deep discount.
Not having enough to use for the holidays is a major stress for many people. If you follow the advice in this article and plan early for it, you will find that you will have enough money to use for the holidays, and you will avoid this financial stress. This will make your holidays much more enjoyable.