She Strengthens

Staying on Track: Essential Financial Strategies for the Holidays

As the holiday season approaches, it’s crucial to have a solid financial plan in place to avoid overspending and stay on track with your 2020 goals. With the ongoing pandemic, it’s easy to get caught up in online shopping and impulsive purchases, but consistency is key to successful budgeting.

Meal Planning Made Easy

One of the biggest challenges of meal planning is finding the time to cook healthy meals every night. Consider subscribing to a meal delivery service like Freshly, which offers a rotating menu of over 30 healthy meal options that can be heated and served in under 3 minutes. With single-serve portions and no meal planning or grocery shopping required, you can enjoy a variety of healthy food at a flat rate every week.

Breaking Down Your Budget

When dealing with uncertainty, it can be overwhelming to forecast your expenses for the month. To avoid overspending, try breaking down your budget into individual weekly allowances. After contributing to your fixed expenses, divide the remaining amount by four to get your spending allowance for each week. This approach will help make managing your money less stressful and more manageable.

The Cash-Only Rule

If you struggle with staying on budget, consider adopting a cash-only rule for discretionary purposes. Once the cash is gone, you’ll be unable to overspend. Simply withdraw a predetermined amount of cash and separate it into envelopes for different categories like food, fun, and coffee. This approach requires minimal thought and planning, making it a straightforward way to regulate your spending.

Avoiding Temptation

To avoid overspending on retail, eliminate temptation by unsubscribing from marketing emails and turning off push notifications for retail apps. By minimizing your exposure to advertisements, you’ll reduce the opportunities for impulsive purchases. Remember, out of sight means out of mind.

Giving Your Budget Wiggle Room

It can be challenging to set a definitive budget for irregular expenses. Consider giving your budget some flexibility by setting target ranges for your spending goals rather than specific dollar amounts. This approach will make it easier to stay on track and motivate you to continue working towards your goals.

Sinking Funds for Irregular Expenses

Many “unexpected” expenses can be predicted and planned for. Adopt a budget strategy called sinking funds, where you stash away money for things you only pay for sometimes, like gifts, medical expenses, and travel. Calculate how much to save by creating a rough list of these expenses and estimating their cost. Then, divide each figure by 12 to determine how much to save each month. This approach will help you cover the cost of irregular expenses without dipping into your emergency fund or resorting to credit cards.

By implementing these strategies, you’ll be better equipped to stay on track with your finances and reach your 2020 goals. Thanks to Freshly for sponsoring this article. Check it out and don’t forget to use the code LAUNCH15 to get $60 off your first four orders of Freshly!