The holiday season is coming up that means the time to go broke buying gifts for your family and friends, but you do not need to expect it this year. Christmas means buying presents, throwing parties, and decorating homes and all this can take a large chunk of money out of your pocket leaving you tied up with multiple debts. Holiday shopping can be very stressful if you are on a budget, but you can still find great presents for your loved ones.
If you are living from paycheque to paycheque, celebration becomes more like a burden than fun. The good thing is some direct lenders provide access to small loans such as Christmas loans, guaranteed loans etc to help you fund your needs. Though you can borrow money easily, it does not mean that you do not need to consider your spending capacity. Here is how you can start budgeting foe holiday shopping.
Do not wait until the last moment
Start making your budget now. The sooner you plan, the better it is. Create a list of your expenses. You do not need to prognosticate the actual cost you will incur; an estimation only. The list should add in party, gifts, decoration and the like. Look back to your past expenses to get an idea. Make sure that you leave some room for additional funds because the real cost can be higher than your prognosis.
The last minute shopping leaves you frustrated and enervated. Make a list if you want to ensure you have bought all things you need. Mention everything in the list and it is better if you remember it.
save and save and save
Of course, you need to save money as early as possible if you want to enjoy your holiday season with gusto and bonhomie. Once you have found the estimate cost after reviewing your previous year budget, the next step is to start saving money.
Before you decide how much you need to save until the shopping, figure out how many paydays you have until you start your holiday purchases. Suppose you need £1,000 for your shopping expenses and you have five paycheques until the shopping time, you can start setting aside £200 every month. If you fail to manage stash away the amount you need, do not worry because you can take out very bad credit loans with no guarantor and no broker.
Spend money smartly
Remember that you need to be careful with your spending at the time of shopping. Do online research prior to go shopping. You are likely to get things online at affordable prices. Even if you have a very good budget, you should try buying reasonable gift items.
Try to look for coupons and special deals. During the festive season, many sellers offer discounts to attract a large number of customers. Consider using coupons and codes to get things at lower prices. Use cashback sites and credit card reward points. Try to avoid buying branded products to shop within your budget. Such products are expensive just because of higher recognition.
It is no wonder if you fall prey to temptation during shopping, but a smart financial planner is one who maintains discipline. Make a plan and stick to it. Do not get caught up in the madness of buying things that even you do not need as this will leave you strapped at the end of the carnival.
The bottom line
Start budgeting for your holiday shopping as soon as possible. Find out how much money you will need, begin to save, spend smartly and maintain discipline.