Set Money Goals To Manage Your Holiday Spending
Holiday spending can negatively affect your money management, so it is important for you to set some money goals that you can reach to make things easier. In fact, setting the right money goals can set you up for healthier holiday spending and a more joyous celebration. Each goal will help you manage your spending better and keep your finances healthier once the season ends. Here are 5 money goals you can set to get the most value out of the upcoming holiday season, including using title pawns and payday loans to your advantage.
What Money Goals Should You Set For The Holiday Season?
1. Do Not Overspend This Coming Holiday Season
One of the biggest financial mistakes people make around the holiday season is spending more than they have. Typically, they overspend when buying gifts and paying for things like food, drinks, and decorations for the holiday parties. You can avoid that by setting the goal of not overspending this coming holiday season. Detailed budgeting and carefully planned shopping can help you stay within your budget and avoid overspending. To do that, you’ll want to focus on two things:
- Firstly, review your finances to know how much you have available for the holidays.
- Secondly, set a hard limit that you must not cross.
2. Account For Every Dollar Spent
Holding yourself accountable is another crucial aspect of holiday spending. Your second money goal should be to account for every dollar you spend. You can do that the conventional way by saving all your receipts and adding them up later. However, there are plenty of budgeting apps that can help you do the same. Reviewing your spending not only keeps you honest for this holiday season, but it also helps you plan ahead for next year’s holidays as well.
3. Prioritize Your Gift-Giving
Another area where people overspend their money during the holidays is gift-giving. You can avoid that by prioritizing the gifts that you hand out this year. For example, your most expensive gifts should go to your immediate family and loved ones. Then, you can set a lower budget when gifting to others like extended family members and colleagues. You can also start your shopping early to make sure you are getting the best deals.
4. Spend Less Than Last Year
Remember the phrase, ‘progress, not perfection’. Personal finance requires a bit of practice, and that’s certainly true when it comes to holiday spending. Instead of aiming for the perfect budget this year, you can cut yourself some slack by simply spending less than you did last year. Take time to calculate how much you spent on the holidays to get a benchmark that you can plan around. Once you have this benchmark, you can do the following to make sure you spend less this year:
- Shop online for the same items to find better deals.
- Reuse decorations and other supplies you purchased last year.
- Get family members to contribute to the food and drinks.
- Identify items you can skip this year.
5. Have A Backup Plan For Holiday Emergencies
Even with the most detailed planning, things can go bad during the holidays. emergencies happen even to the best of people, so you should also set a goal to have a backup plan. The backup plan should be a way for you to get money quickly so you can get the emergency out of the way. When you come to Alabama Title Loans, Inc., you can get money quickly through quick and easy title pawns and fast cash payday loans. Here’s a quick view of how they work:
- Title pawn: With a title pawn, you use your car’s title as collateral for a lump sum of money. And while we are using your title as collateral, we us your vehicle to determine how much you could get. You could qualify for amounts between $300 and $15,000 after a representative inspects your vehicle to determine its worth. You’ll need your driver’s license, the lien-free title in your name, and the matching car for a quick inspection to begin the process.
- Payday loan: With a payday loan, it helps bridge the gap between pay periods when you need quick money for an emergency. A payday loan can get you between $100 and $500 without needing any collateral. You can start with your driver’s license or government-issued photo ID, social security card, most recent pay stub, a recent 30-day bank statement from your checking account, and a blank check from that account.
Get Started On Your Money Management Right Now
The best time to start with your holiday money goals is right now. And as this article proves, it doesn’t have to be difficult when it comes to money management. Just follow the above tips and you will be on the right path and will be able to enjoy your holidays. And remember, if you find yourself needing a good backup plan, we here at Alabama Title Loans, Inc. are here with our title pawns or payday loans. Fill out the online form on our website to begin the process for either of these options.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.