Money Habit: Start Saving Now Like a Successful Adult

Many people tend to prioritize excessive holiday spending rather than budgeting money effectively to avoid debt. With lack of strategy for holiday expenses, it can leave you vulnerable to debt and ultimately delay the attainment of financial goals. However, it’s still not too late to come up with a last minute plan to save money.

Here are the things you may need to establish while setting up your goals:

1. Align your holiday budget with financial goals.
When determining how much to spend over holidays, begin with your budget. Start with how much money you are willing to spend and able to spend on gift giving. Don’t buy things you can’t afford with money you don’t have to impress people.

2. Use the bonus-friendly season.
Look for a credit card with a sign-up bonus that can offer additional cash or rewards to defray holiday expenses. Start to make a difference.

3. Earn rewards with cash-back apps.
A cash-back app can earn additional value on every purchase and ultimately increase your buying power. It may require uploading receipts to earn cash back or gift cards.

4. Save with a “no-spend challenge”.
A foolproof way to save money is to refrain from making unnecessary purchases over a certain period of time. You can try a no-spend month, no-spend weeks or no-spend weekends, depending on your preference. The money saved can offset potential costs during the holidays.

5. Get a side hustle.
Earn money toward the holidays by picking up a side job or using your talents to do gig work online. You could even try decluttering your home by selling things you’re not using anymore. 

According to Dave Ramsey, “a budget is telling your money where to go instead of wondering where it went”.
Be realistic in your life when creating a budget and preparing for extra holiday expenses. Use your credit cards responsibly and maximize the many benefits that each card has to offer. Track your spending budget by reviewing all your transactions on a weekly or monthly basis to ensure that you are operating within your budget. Using these tips and keeping your financial goals in mind will limit the risk of spending without saving.
Maintaining a positive mindset and even writing your goals where you can regularly see them may help remind you of why you want to save and spend your money responsibly, especially in moments of weakness. What are your goals and why do you need to challenge yourself?

Frugal spending habits with your money can definitely make your life easier, more enjoyable and less stressful!

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