Top 10 Tips to Help Moms with Family Finances during Festive Season
As the festive season approaches, most mothers start fretting over the thought of spending big bucks for their children’s needs. For moms it is not possible to let their children down.
However, during times when you are already low on budget and have incurred lots of household expenses as well, you certainly need to cut down on spending too much money on festive occasions.
1. Create a Budget
A budget is a great financial tool when there is the need to save more money and spend less. Although a budget is not a money saving tool, it certainly helps you identify your expected cash flows for the future. Also, it helps you cut down on costs that are avoidable or not necessary at all.
Family finances become an important issue during festive seasons. Every festive occasion has certain mandatory expenses that you cannot avoid. For example, during Christmas you would certainly want to decorate a Christmas tree. Here you can reduce your expense by cutting down on extra confectionaries or reusing ornaments.
3. Involve Your Children
Children want the best of everything during festive occasions. However, since you are already low on budget, you can reduce your stress by asking your children for help. Children tend to understand quickly if you take advice from them. Help them understand how quickly money goes away and why you need to spend less and save more.
4. Start Saving Early
Each festive occasion comes once every year. You can certainly spend as you want if you start saving early during the year. Saving a little more than what you save normally save can help you spend that money later during the festive occasion. You can also teach your children about saving and how they can surprise themselves at festive occasions by saving today. Around 30 percent of American families have no savings at all.
5. Be Vigilant When Making Purchases
While you are making purchases for the festive occasions, you should first check your budget and see if you can afford to make any extraordinary purchases. You can certainly buy extra items if you have the resources. However, you need to be vigilant about not picking up items that would not be as useful as you think now. Also, avoid compulsive shopping and items for which you have substitutes back home.
6. Shop from Clearance Sales
Shopping from stores that offer clearance sales can save you lots of money. Clearance sales are not only held by local retailers, but also by high-end brand stores that offer slash prices up to 80%. You should take maximum benefit of these sales and get yourself some really good deals.
7. Avail Discounts, Coupons and Other Deals from Online Stores
Availing discounts from online stores can also help you secure a lot of discount. Online retailers also issue coupons through their monthly newsletters. You should subscribe to these newsletters before the festive season begins so you can enjoy the benefits early. Moreover, a lot of retailers also offer other deals allowing up to 70% off during the last few hours of a sale.
8. Get Creative
You can help with family finances by getting little creative this festive season. Prepare confectioneries and other desserts at home instead of ordering from the bakery and confectionery shops. Decorate your Christmas tree using the decorations from your previous year’s tree.
9. Prepare Homemade Gifts
Homemade gifts are a great way to be a little creative. You can prepare homemade gifts for your loved ones. But keep in view the practicality of the gift and to whom they are being presented to. You can weave a sweater, knit handkerchiefs, create recipe books, etc.
10. Do Not Use Your Credit Card
Credit cards are known to compel people into making impulsive purchases. Though, you are making efforts to run your finances efficiently during the festive season, it would be great if you stop using your credit cards. The main reason is that the outstanding debts on credit purchases will make you pay for interest costs during the year which will again cause a dent on your salary and savings.
Festive occasions should be fun. You can make them more enjoyable by saving your hard-earned money all through the year. Discounts, online shopping, clearance sales, etc. are great ways to get the most out of your little money.