BRYAN, Texas (KBTX) -The holidays are an expensive time of the year, and it’s easy to go overboard with the spending.
Kovar said rule number one is to immediately stop any unnecessary spending.
“Let’s cut out all the extra stuff, right, so cut out the Starbucks run, cut out some of these other things and lets pause for a minute so we have the cash available that we can reallocate to the gifts that we want to buy,” explained Kovar.
He said it’s easy to fall into the trap of having the next best thing when it comes to Christmas decor, but recommends holding off for the after-Christmas sales.
“Sometimes it’s okay to say hey what we have is good enough,” said Kovar. “Realize that come December 26, all of those things are going to be at least 50 percent off, so if we can wait, buy them after Christmas and then next year we have all new Christmas decorations. That’s a great way to practice saving some money now while also getting the benefit that we want later on.”
Kovar said impulse spending is huge this time of year because many of us want to take advantage of all the sales happening.
“Just because it’s there, it’s on sale, we think we’re saving money because it’s on sale but in reality we’re still spending the money,” said Kovar.
Kovar said it’s important to keep in mind what you need and what you don’t, so you don’t end up wasting money.
“Just take the amount of money that you need for what you’re going there for,” added Kovar.
He recommends creating a budget and only taking the exact amount you need in cash, to avoid the temptation of spending more money on unnecessary items.
“Leave your credit card at home, not even in the car. Leave it at home and that will help those impulse purchases,” said Kovar.
When it comes to buying gifts, Kovar suggests making a list of the most important people in your life you want to shop for.
He said to keep in mind that oftentimes the most special gifts are the homemade ones that come from the heart.
“We tell people a lot of people would prefer a heartfelt note. That’s what sticks, it shows how much you care without breaking the bank,” explained Kovar.
Lastly, he said the sooner you can start budgeting and saving, the better.
It may be a little late to save up for this Christmas, but you’re right on time to start saving for next Christmas!
“Go and open up another account at your bank or credit union. If you don’t want to do that, just get an envelope at home and start putting money away every single week.”
He said even just saving $5 or $10 every week will make a huge difference come Christmas time.
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