Stay on Top of Your Finances This Holiday Season
As the winter sun rises, many of us dread checking our bank accounts, fearing the aftermath of a spending spree. I used to be one of those people, avoiding my account balance like the plague, until I was forced to confront the harsh reality of my purchases. But with the holiday season comes a heightened sense of financial responsibility.
Be Vigilant
It’s easy to justify excessive spending during the holidays, but we must remain watchful to avoid financial chaos. With constant temptations to splurge on restaurants, nights out, gifts, and drinks, it’s essential to keep a close eye on our accounts. This is not the time to turn a blind eye to our spending habits.
5 Small Steps to Sanity
To avoid financial mayhem, I’ve come up with five simple steps to help you stay on track:
1. Daily Account Checks
Check your account at least once a day to ensure you’re aware of every purchase. This will help you detect any fraudulent activity and make you more mindful of your spending. Seeing the cost of your purchases regularly can make you think twice about that impulsive champagne purchase or ugly sweater.
2. Out of Sight, Out of Mind
Transfer as much money as possible from your checking account to your savings or a secure location. The less you see available in your account, the less likely you are to spend impulsively.
3. Gift Lists and Boundaries
Create a distinct list of people receiving “outer circle” gifts and stick to it. Come up with a thoughtful, affordable gift idea – like homemade cookies – for those outside your close circle. This will help you avoid overspending on gifts.
4. Pregame and Be Smart
When going out, consider predrinking at home with friends before heading to the bar. This will help you keep costs down and avoid racking up a hefty tab. Look out for specials and propose bars with great deals to save even more.
5. Wait for Sales
Resist the temptation to buy something on a whim while shopping for others. Chances are, the item will go on sale if you wait a few days. By January 1, stores will be offering incredible deals, and your wallet will thank you for your patience.
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