‘Tis the season to be jolly – and also spend dinero! Doesn’t it always feel like you take longer to save money during the year than it takes to spend it during the holidays? You’re not alone!
This holiday season, though, let’s keep our money in check. Let’s spend it in a more intentional way, smarter way. After all, the festivities might come and go, but our card’s monthly statement will surely remind us of our indulging expenses. Consumerism has us trapped, but that doesn’t mean we can’t be wise with our financial choices.
To ease into 2023 with minimal expense debt, here are three financial tips to keep your money in order. They may seem like small switch-ups that trust us, but they will help out in the long run!
Only pay in cash
Paying in cash can help you set realistic spending limits. Does it sometimes feel like you have to spend more than usual during the holiday rush? That may be because of the number of advertisers that encourage you to do so. Generally speaking, North America is a giant in the advertising market. Sources say that in 2021, about $297.5 billion dollars were spent on advertising in North America – which means that companies spend big for you to do the same. Knowing this, maybe shopping only in limited cash could be the way to go this holiday season.
Say no to credit cards
Talking about setting financial limits – stay away from credit cards! Though this might sound like a no-brainer, it’s surprisingly not. In fact, a survey found that an estimated 35 percent of Americans would still be “somewhat likely” to apply for a retail card – an increase of 29 percent from last year. Yes, even with inflation, people are still thinking about credit cards!
If you’re on the fence about applying for a credit card, just know that the same study found more than one in three customers end up regretting it!
Create a realistic budget with your dinero
Lastly, you don’t have to buy every single person you love a gift. In fact, you shouldn’t! Why is it that during this season we start guilt-tripping ourselves if so-and-so – who we haven’t spoken to all year long – doesn’t receive a gift from us? By creating a realistic budget, you can narrow down your gift-giving list to those on who you really want to spend your money. Remember: love isn’t just shown through gifts or only in December, y’all!
So, next time you’re out shopping, try to keep these questions in mind: does it work with my monthly cash budget? Can I pay it without the need for a credit card? And most importantly: are they really worth my hard-earned money?
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