Are you feeling the financial crunch this holiday season? There’s really no better time than now (when the sting of your newly accumulated debt is still fresh and painful in your mind) to plan smarter for next year.
Take the time now to make a plan for the new year. Most people feel, especially right after the holidays, that they can’t start any savings… but this really is the best time to do it! Not only does it give you an entire year to sock away the funds, but it can help to ensure you aren’t facing the same debt pain next year.
There are many ways to save money… the key is to be consistent. Keep it small and manageable. Commit yourself to putting aside $20.00 a week. In the scheme of things, for most people that amount is easy money to find… if you have to, cut out a couple lunches out, or coffees on your way into work, to make it work. Set up a separate bank account (TFSA is a great option) and have the money automatically go to this bank account. If you can be disciplined with this, and don’t touch the funds, at the end of next year you will have over $1000.00 for your next Christmas! Just imagine how much greater of a feeling that will be.
For those of you who are early shoppers, keep track of your spending by setting up a budget with $1040.00. Make a list of the people you shop for, and through the year, as you find things, subtract it from your total and write down what you got the person. This can help ensure you don’t forget about a gift you’ve already purchased, and keeping track of the total holds you more accountable of how much you’re spending on each person. Remember, the reason for gift-giving isn’t to find the most lavish and expensive item to impress the people who are part of your life: it’s to show them you care and have thought of them.
Do you have any money-saving tips to ring in the new year with? We’d love to hear from you!