The holidays are all about giving. If you’re like us, you found the perfect gifts for everyone and participated in all the holiday activities. It may have been a lovely season for you, but your wallet may be hurting. Start doing a few of these suggestions to whip your finances back into shape.
1. Write It All Down
This first step helps you see where you are regularly spending your money. It can also be an alarming wake up call. Are there areas that are hogging all of your hard earned cash? Time to readjust your budget and put more money toward your savings. Once you start regularly keeping a record, you’ll be more likely to think twice about buying something you don’t need. The less you spend, the less you need to track, and the more money you’ll save.
2. Give Yourself a Budget
Allot a certain amount of money to each of your spending categories. This way, if you’ve already spent that amount of your clothing budget, you know it’s time to stop. It may be easier for you to give yourself this amount in cash so that when you run out, you can’t spend any more money.
3. Cut Back on Eating Out
We love going out for Taco Tuesday more than anyone, but eating more meals at home can save you some serious cash. Have a potluck dinner and ask all your besties to bring an ingredient or meal so you can all have a cooking party at home. This way you have people to help you grocery shop, cook, and clean up! You can also start bringing your lunch to work a few days during the week as well. Trust us, leftovers can be wonderful.
4. Make Your Latte At Home
Doing a Starbucks run twice a day really adds up. We know it’s delicious and convenient, but you can’t afford to make it a regular habit. Instead, invest in a great coffee maker or espresso machine. It may be more expensive than a venti latte now, but will save you money in the long run.
5. Think: Would You Buy This at Regular Price?
There are so many sales around the holidays, and it can be tempting to buy everything you see just because it’s such a good deal. Don’t do it. It’s a little obvious, but you’ll save more money not buying anything than you will spending it on “a good deal”. If you wouldn’t spend the money to buy it at regular price, then you don’t love it enough and it is time to walk away. Bring a friend with you when you shop so you’ll have someone to hold you accountable.
6. Not Now, Later
Eyeing a new bag? Wait a week. If you’re still thinking about it, go for it! Make sure to reevaluate what you’re buying. Is the color not quite what you were looking for? Then don’t buy it. If it’s not exactly what you want now, it will never be. If you’ve completely forgotten about whatever it was after a week, then you didn’t really want it that much in the first place.
7. Put Away A Small Amount Regularly
Even the smallest amount of savings can make a difference. For example, start putting away five dollars a week. By the end of the month, you’ll have an extra $25. Keep it up for the whole year and you could have an extra $300!
xx, The FabFitFun Team