10 Holiday Spending Hangover Remedies
1. Commit to using coupons consistently
Coupons may not seem worth the hassle when they only save a dollar or two per item – but, like small purchases, these little numbers can really add up. Depending on your shopping habits, coupons can save $5 to $15 per grocery trip, and possibly more if you combine coupons with your grocery store's loyalty savings card. If you do a major food shopping trip every other week and stay diligent about coupons you could save nearly $400 per year! Make this the year you commit to using coupons consistently.
Check your weekend newspaper for coupons to local stores or go online to find coupons for nearly any place you shop. Check out these sites, too:
2. Use gift cards before they expire
Gift cards are just like money, so treat them with the value they deserve. If you throw them in a desk drawer, make a note on your calendar to use them before they expire. Don't wait until the store begins imposing fees or reducing the value of the card.
Check out this site for state-by-state gift card
laws including expiration dates, fees and other stipulations: State-By-State Gift Card Laws
Gift cards are the gifts that keep giving, but don't let them turn into an expense. A $5 Starbucks card shouldn't lead to the purchase of a $20 coffee mug. A $25 Target card shouldn't turn into a $50 spending spree. Enjoy your gift, but challenge yourself to stick as close as possible to the gift card's value.
3. Shop at discount stores
Locate your local dollar store, thrift store or Goodwill store and make a point to stop there first for any necessary purchase. Find a discount store that is conveniently located near your home or near the places you usually shop. By making a habit to check their selection first, you may be able to save yourself hundreds on some of the essentials you need throughout the year.
4. Early spring cleaning
Why wait until spring to start your spring cleaning? Studies indicate that an orderly, clutter-free life can lead to less stress, which can result in fewer health problems. Many of us are too busy with work, family and other obligations to constantly keep our homes organized, but the benefits may really be worth the time.
Plus, you could even make money! Clean out your closet using eBay or Craigslist.org. If you have stacks of VHS tapes, an extra set of dishware or other seemingly worthless stuff, check out how much it goes for on auctions sites and find out if you're sitting on a goldmine. It's amazing the things that people collect, and even more amazing how much some people are willing to pay. Organizing your home is the first step to having a clutter-free mind and a clutter-free life. And when this could even turn into some extra cash, there's no reason to put it off.
5. Budget, budget, budget
Budgeting is important for every household. Simply tracking your expenses can reveal exactly where your money goes each month, which can also help you find ways to save more money by cutting out unnecessary spending. Make this the year you stick to a budget. Estimate your monthly expenses and allocate your income to optimize your spending and meet your goals. Check out these resources for help:
- Here's a printable budgeting worksheet from
NFAN (via Scribd.com):
- Use a daily expense tracker to keep
tables on smaller expenses:
- Check out the financial
planning section of About.com for information and a link to another printable budget worksheet:
- Here is Bankrate.com's home budgeting calculator where
you can see a visual representation (pie chart) of your spending:
6. Rebates
Rebates can be a great way to save money, but they can be tricky. If you are looking to cash in on some rebates from holiday purchases, or check out rebate deals to stretch the gift cards you received, be careful about rebate and gift card scams. Read the terms and conditions of each offer to make sure they are reasonable.
7. Get a jumpstart on taxes
Despite the fact that most taxpayers wait until the last minute, the IRS always encourages early filing. Filing your taxes can be a long and complicated process and even tax-savvy consumers can get confused amid the plethora of complicated and ever-changing tax codes. Rushing to complete your form, let alone locate necessary documents, just before the April 15 deadline means that you are more likely to make errors.
So, start collecting your records now, get forms you need on the IRS website and consider e-filing. When you e-file your taxes, you'll get your refund faster (especially if you use direct deposit) and confirmation that your form was received. If you have questions or run into problems, call the IRS at 1-800-829-1040.
8. Cut back on one of your vices
If you're not ready to give up smoking, drinking, your daily latte or afternoon trip to the vending machine, consider simply cutting back. Track how much you spend on one of your regular vices for two straight weeks, then cut that expense in half. Switch to a smaller morning coffee, smoke fewer cigarettes or treat yourself to a soda only 3 days a week instead of every day. This will help you practice budgeting and will be a great start for when you are finally ready to give it up. You'll save money and likely improve your health with a little planning and dose of self discipline.
9. Write down your primary goal for this year
Many people make (and almost as many break) New Year’s resolutions. Instead of casually declaring resolutions, go a step further and write down one specific goal. It can be related to your financial goals (like getting out of debt) or another area of your life. Imagine where you want to be one year from today and write it down so you can refer to it next year. Make your goal as specific as possible so you’ll know what you need to do to meet it and next year you’ll know for certain if you succeeded. Make your goal a realistic one, otherwise you could get discouraged and give up. Keep your written goal in a place where you will see it regularly (like your refrigerator). You can certainly have more than one, but limit yourself to no more than five goals so you don’t lose focus.
10. Plan now for next year’s holiday shopping
While the holidays are still fresh in your mind, record all of your holiday spending. If you have your receipts, save them in an envelope labeled, “Holidays 2008.” This can help you in two ways: 1) You are guaranteed to know what you bought for whom and avoid repeated gift ideas, and 2) you’ll know exactly how much the holidays can cost. If you don’t have your receipts, check your bank statements for debit purchases or simply estimate expenses on a piece of paper. Don’t forget to include non-gift items like party supplies, food, travel and gift wrap.
If you’re unconvinced whether it’s worth it to bother planning 11 months in advance, ask yourself this: Did you spend more than you planned this time around?
