This article was contributed to Leisure Freak by content marketer Tanvi Kaushik. Managing our holiday expenses is something we all can use tips for.
Everyone loves the holidays. Whether it is the summer vacation when we all have some time to travel or the festivals in winter when we can spend time with friends and family – everyone looks forward to the holidays. But holiday expenses creep up on you while you enjoy a much-needed break and can ruin the happiest times of your year.
The good news is that it doesn’t have to be that way. Some simple holiday spending tips can be used to plan your expenditure and enjoy a stress-free vacation. Here’s a look at seven secret tips that can help you manage your holiday expenses like a pro –
Plan Early to Reduce Costs –
Start early and make a plan for your holidays before the time arrives. If you plan to travel, book your tickets at least a month in advance to get the best prices. Include all expenses, big and small, in your vacation budget. That way, it is easier to make a budget and stick to it.
Banks have many options for a personal loan if you are short of cash. But planning ahead will help you determine if you need a loan or not. And it will also ensure that you complete the loan formalities and get the amount on time. If you find the estimate more significant than expected, consider taking a private finance loan.
Write Down All Your Anticipated Expenses
Holidays can bring peer pressure for giving gifts and throwing parties. If you’re not careful, it is easy to spend more than planned. So, write down all the minor and major expenses you anticipate for the holidays. You can use an excel sheet to organise the list of people you need to buy gifts for, or you could use an app.
Save Around the Year –
If you anticipate rising expenses during the holidays, try to reduce your spending throughout the year. Save for the holidays by making a fund and keep a target amount you need to save before the holidays. That way, when the time comes, you will have enough funds to enjoy your holidays.
Set a Spending Limit & Pay in Cash –
When travelling during the holidays, limit your daily and weekly spending. When managing travel expenses, it is essential not to spend extra unless it’s an emergency. Paying in cash will help you keep a tab on the amount spent and the amount left in your travel budget.
Shop Early to Hunt for Deals –
If you have to give many gifts in the holiday season, make sure to start shopping early. For example, an end-of-season sale is a wonderful time to buy woollen clothes for the following year. Similarly, sometimes you can find great deals by shopping online. Keep an eye out for good deals and buy early. Most brands and stores hike their prices during the holiday season to make the most of the holiday shopping customers. Another great tip is to always compare the prices of similar items before buying.
Track Your Spending –
If you want to stick to a budget, it is essential to keep track of your spending. If you’re not comfortable writing your expenses down, save the receipts and calculate the amount spent every evening. That way, you will know how much you can spend the next day. You can also use a budgeting app, a spreadsheet, or a notepad to stop yourself from overspending. Check the prices before you spend, and don’t indulge in impulse buying.
A robust budgeting exercise may seem like a little bit of work, but it will ensure that you can enjoy your travels or holidays without worrying about your finances. A well-planned approach is always best to avoid a financial crunch – the same is true for holiday expenses. Stay on top of your spending and build a corpus for the holidays, so the costs don’t catch you unawares. You could also invest your savings for the holidays – that way, your money will grow as you save. That can help you avoid the cost of high interest for financing your holidays.
Thank you Tanvi for contributing this informative article to Leisure Freak readers.
Author Bio:
Tanvi Kaushik specialises in Content Marketing and works with the Digital Team at KreditEbi – India’s fastest personal loan platform where self-employed and salaried professionals can easily avail of personal loans in just a few minutes when in need of quick funds. Tanvi writes to-the-point articles on personal finance and budgeting which are truly appreciated by her readers. She is committed to making money matters easy to understand even for the layman. Her commitment to her work doesn’t stop her from pursuing her hobbies of hiking, trekking and going on adventurous trips.