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Finance Tip of the Day

Budgeting for Christmas - Part 2

  • 2016 16 Dec
Budgeting for Christmas - Part 2



Budgeting for Christmas - Part 2

Find your waste areas: Do you know where every penny of your monthly income is going? If you don’t, it’s very likely you are unconsciously wasting money on one or even a few categories. Do a quick 15-30 day check on all your spending. Track every transaction to find out exactly how you’re spending your hard-earned dollars. By doing this you’ll be sure to find areas where you spend more money than intended. Once you discover your waste, set those dollars aside in order to have cash available for your holiday shopping madness. Using an online personal finance app, like Mvelopes, can help you discover those waste areas very quickly!

Say NO to something, or generate extra income: Since you have a limited amount of cash coming in every month, you may have to say NO to something for a season in order to save cash for your holiday expenses.  Look at your monthly spending, what can you live without for a season? Pause it and set that cash into your holiday spending account. If you have no flexibility in your monthly cash flow, you may have to create extra source of income. Whether it’s a yard sale, finding a home to clean for someone, or babysitting, you can always generate few extra dollars specifically for your holiday shopping purposes.

Today's tip brought to you by Mvelopes and Money4Life Coaching.