Advertising

10 Ways To Save Money This Christmas Without Losing The Sparkle

10 Ways To Save Money This Christmas Without Losing The Sparkle
Advertising

With Christmas just around the corner, many people are feeling the financial crunch when they think about all of the gifts they need to purchase for friends and family. The current economy has left many people with less money to spend on gifts that they’re used to having.

The truth is that you really don’t need to worry. There are many options other than going shopping at the mall and spending too much money. Additionally, Christmas is a time to reflect on the birth of Jesus, spend quality time with family and friends, and appreciate the important things we have in our lives.

This is not to say that exchanging gifts shouldn’t be a part of Christmas. Holiday shopping is fun, and gifts are a way to show how much you care for someone, or to simply share in your friendship. Here are some creative and festive ways to save money this Christmas so the holiday season doesn’t strain your budget, or lose its sparkle!

Advertising

1. Send Cards Instead of Gifts

A thoughtful Christmas card shows people that you’re thinking of them and can often mean more than a commercial gift. Save even more money by purchasing cards in bulk. Include a handwritten note that personalizes your card.

2. Make a Shopping List

When you go shopping, make a list of the items you need to purchase, this will prevent impulse purchases. Keep track of the amount of money you can afford to spend and stick to it. Establish a budget ahead of time to help you save money this Christmas.

3. Participate in a Secret Santa Gift Exchange

Instead of buying gifts for all your friends and family, draw one person’s name and become that person’s Secret Santa. Place a dollar limit on how much to spend. Instead of buying gifts for many people, you can focus your giving on one person.

Advertising

4. Save on Wrapping Paper

Purchase wrapping paper at discount stores. Save gift bags throughout the year, then you won’t need as much wrapping paper. Wrapping paper goes on clearance just after Christmas, so stock up a year in advance and you’ll save a lot of money.

5. Shop Online

Most stores extend their sales and promotions to their online stores. Compare prices easily and look for online promotion codes to save even more money. You’ll save on gas money when you don’t have to drive to stores, too.

6. Plan Your Online Purchases Ahead of Time

Most online stores offer free shipping when you reach a certain dollar amount. Plan your purchases so you can order your items all at once to make sure you can receive free or reduced shipping rates. Ship items directly to the recipient’s home so you don’t have to pay to re-ship items once you receive them. Most online companies offer gift options where you can choose gift wrapping, a gift tag, and a gift receipt.

Advertising

7. Give Homemade Gifts

One of the best ways to save money this Christmas is by creating homemade gifts. Consider crafting, or sending baked goods instead of store-bought presents. Homemade gifts often offer a sentimental touch that you can’t find in any department store. Look for homemade gift ideas online and plan ahead so you have plenty of time to create your gifts.

8. Give Gifts of Service

Create your own redeemable coupons that are good for services such as cooking dinner, serving breakfast in bed, a free car wash, a back rub, mowing the grass, doing the dishes, or running an errand. The possibilities here are endless and many people will appreciate your services more than a store-bought gift.

9. Focus on the Celebration, Not the Gifts

Talk to friends and extended family about spending time together instead of exchanging gifts. Sometimes people feel obligated to continue giving gifts to people year after year. Be willing to tell people that you’d prefer to have their presence—and not their presents—at Christmas, and suggest that you don’t swap gifts this year.

Advertising

10. Share the Costs of Holiday Meals

If you’re hosting any holiday meals or parties, don’t be shy about telling people what they can bring. Allow others to bring food so everyone can share in the costs of the celebration. Focus on spending time with your loved ones instead of making everything perfect and you can make it the best Christmas ever.

More by this author

Hypnosis to Quit Smoking with Tim Thornton 7 Common Retirement Pitfalls You Need To Avoid 10 Ways To Save Money This Christmas Without Losing The Sparkle

Trending in Money

1 Financial Freedom is Not a Fantasy: 9 Secrets to Get You There 2 40 Healthy And Really Delicious Meals You Can Make Under $5 3 Life Insurance: A Secure Way To Protect Your Future. 4 How To Save Money On Groceries: 13 Quick Tips 5 10 Investment Tips For Beginners

Read Next

Advertising
Advertising

Last Updated on July 20, 2021

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Financial Freedom is Not a Fantasy: 9 Secrets to Get You There
Advertising

Have you ever considered your life now, and how it would be if you had more time to spend with your family and less worries about money?

Nowadays, financial stress is one of the most troublesome weights in life. If you’ve ever encountered financial stress, you know the difficulty of not having enough income to pay your obligations or bills.

Many people say that money is not the ultimate goal of life. While that’s true, money certainly plays a very significant role. The meaning of financial freedom changes with the different phases of our life, but ultimately, it is something that many people strive for.

In this article, we’ll explain how to capture that financial freedom you’ve been looking for. Read on to learn the secrets to financial freedom.

Break Free of Your Finances

Financial freedom is about having a constant flow of cash from your assets to cover all your regular needs.

When you are not worried about your income, or living paycheck to paycheck, you gain a great sense of freedom. It’s the freedom to be obtain and do what you truly need to make your way through everyday life.

Gaining financial freedom, though, is a process of growth, making small improvements and gaining emotional strength.

Though it seems hard to believe, it is really very simple to get financial freedom.

To do so, you simply need to make sure that your assets exceed your liabilities. In other words, you’ll need to find the sweet-spot where your residuals meet or surpass your expenses. This is something that you can achieve with the proper plan.

While not every person will accomplish financial freedom, the potential for anyone to do so is certainly there. Anyone can achieve this success, regardless of their income level.

Advertising

Outlined below are 9 secrets that will help you in your goals of achieving financial freedom.

1. Stop Unnecessary Spending

We often spend money inwardly, instead of objectively.

For example, you may spend when you’re anxious, depressed, restless, exhausted, from fear of missing out, or to please others. This is a very unhealthy way to handle your finances.

To stop this habitual spending, log down all your spending over the course of a month.

Just as some people keep a food diary, keep an expense diary. Remember not to just write down how much and what you spent the money on, also include the circumstances of why you spent the money. Was it an impulse buy at the checkout line or was it something you planned to purchase?

This increased self-awareness could enable you to avoid triggering situations in the future when you are considering an impulse buy.

2. Plan a Monthly Budget

This is a great opportunity to get serious.

Take a seat with your spouse or partner and make a monthly budget based on your income, not your expenses. You are never again going to spend more cash then you have on hand.

Overspending is the thing that led you to more financial obligations. Make sure you decide every month what is coming in and what will be going out and stick to that budget… no matter what.

3. Cut-up Credit Cards

Perhaps you are the type of person who always pays your credit card balance in full before the end of your billing cycle, and enjoys the reward points you gain. If this is the case, then you’re already way ahead of the game.

Advertising

If not, you may want to consider ridding your life of the burden that credit cards bring.

Many cards have strategies set up so that if you make a certain number of late payments, they will raise your interest rate much higher. This can really add up in the long run and you won’t be doing your financial situation any favors. If you’re prone to late payments or have a large balance due on your cards, cut them up!

Without proper self control on credit card spending and payments, you are basically throwing your money away. To ensure that you have better control over your spending, use only cash or debit for all future purchases (and don’t forget to pay at least your minimum payment on your cut-up cards each month!).

4. Increase Savings

There is no doubt that for a comfortable retirement you must accumulate satisfactory savings throughout your working life.

It’s good practice to save up to 15% of your income.

Start with your workplace 401(k), if you have one. If not, a Roth IRA (if you are eligible) or a traditional IRA (if you are not eligible for the Roth) are the next logical steps.

Increase in longevity means you might be able to look forward to 25 to 30 years in retirement, or possibly even significantly more. Investing now in good retirement plans will ensure that you have a guaranteed a stable monthly income when the time comes to stop working. [1]

5. Invest Wisely

Consider investing in funds.

Specifically, you will gain higher returns if you invest in different types of mutual funds such as Debt funds, Equity funds and Hybrid funds with a proper balance, although it absolutely relies on your personal preferences and sense of risk taking.

To get the most of these benefits, make sure you are investing in a variety of assets. Another resource of investing in mutual funds is SIP (Systematic Investment Plan) where you invest some money every month in funds. SIP works by averaging the per unit price of the stock.

Advertising

Mutual fund investors are aware of the benefits of an SIP (Systematic Investment Plan). For one, it is the most secure way to invest in equity mutual plans so that wealth is created over a long period of time. This plan also helps you to gain a better sense of financial discipline, which will come in handy in all your financial endeavors.

6. Invest in Gold

There isn’t really a better way to invest in gold than to have the physical gold itself in your possession.

You can purchase gold coins and bars from mints as well as from coin dealers and other private sellers.

Another way to invest in gold is through ETFs (Exchange Traded Funds).

These are is similar to mutual funds but they are exclusively investments of gold. ETFs are great because they offer more liquidity; the ETF owns the actual physical gold, stores it, and retains the value of the shares. These shares can then be bought and sold in the stock market, and one big benefit is that the transaction costs of gold ETFs are much lower than the that of physical gold.

With its consistently-increasing demand, investment in gold can be very wise long-term investment to make.

7. Stash Emergency Funds

Whether it’s a cash gift or a work bonus, always try to save any extra money that comes your way rather than making unneeded purchases.

If you get paid every other week, you’ll get an “extra” paycheck (three rather than the usual two) twice a year. Either save those paychecks towards your emergency funds or utilize the money to pay down other obligations, such as loans, credit cards or other debts.

Make it hard to get your cash.

Put your savings in an alternate bank, maybe an online bank that forces you to delay for several business days before transferred money hits your regular bank account.

Advertising

8. Find Fabulous Mentors

Find a mentor, such as a friend or family member, who has exceptional control over their finances and pay attention to everything they do.

If you do not have any friends or family that are enjoying financial freedom, then find a mentor online! There are numerous blogs and guru websites featuring the advice of many people who have reached financial freedom, and they exist primarily to let you in on how to achieve it for yourself.

There are also plentiful forums available that share tips and tricks on how to best achieve financial freedom. Read as much as you can and start changing your habits for the better.

9. Be Extra Patient

Patience is the key of financial success.

Being patient can be quite tough, especially when you’re struggling with your finances, but having faith is worth it. You’ll continuously be on the right track if you are taking the proper steps above.

So don’t be discouraged, even if you are only saving a few dollars a month; it all adds up. Within just a few years you’ll look back proudly at your accomplishments and be glad that you had the patience to get there.

Financial Freedom for All

Anyone can achieve financial freedom, regardless of their financial circumstance.

Use the tips provided above to get yourself on the track to financial freedom and toss your monetary concerns out the window. If you wish to achieve a life with financial freedom for yourself and your family then you must adopt a disciplined approach towards your finances.

Following the simple secrets above is a great start to making your money work for you, so you can work less and live more!

Featured photo credit: rawpixel via unsplash.com

Advertising

Reference

[1] Hartford Gold Group: IRA Retirement Accounts

Read Next