One of our favorite financial planners of all time, Dave Ramsey, has years of experience under his belt in regards to financial planning. And in this article, we will be going over some of his popular money saving tips for the holidays that are coming up fast.
To start with, Ramsey recognizes the fact that it is never too early to start to plan for Christmas and as such, a good plan should be in place so as to help you save gradually towards the expenses that may incur. Found from his tips on how to set up a Christmas budget, these are some of his best ideas for saving money this year.
Set Your Budget for Christmas Gifts
As it is with most of his advices, it all starts with planning. Create a budget where you highlight where each gifts goes. He wraps this point up by adding “think about what things are “must do” and which are “would be nice to do.” It’s all right to say no to keep yourself sane. Shopping for gifts is more fun when you’re not completely stressed out.”
Stay Away from Credit Cards
Ramsey advises that once a budget has been created, there will be no need for you to use credit cards and as such you should stay away from them! You are very likely to spend more using credit cards Ramsey states, hence incurring debt you may not finish paying this year. And we don’t want you starting the year with debt you could have avoided, do we?
Buying for Everyone
Ask yourself this question, do I really need to buy gifts for everyone? Quite frankly, Ramsey suggests that this may be an expensive option and advises that you can talk to everyone and get them all committed to one cause during the holidays (maybe pitching funds together and donating to a common cause).
Last Minute Buying
Besides buying things a tad more expensive, don’t find yourself option-less and spending more just because you didn’t set time planning things out!
Shop Around
Ramsey suggests that you do some comparisons before settling on a gift, you might just be knocking a few dollars off your purchase by checking somewhere else.
Write it Down
We know you have a sharp memory but you should never underestimate the power of sales personnel or even the spirit of the season. Going shopping? Put a pen to the paper and write out your every move and stick to it.
Listen
Rather than buy a one thousand dollar gift that may not be fully appreciated, cultivate the habit of listening to your loved ones and making a gift they weren’t even expecting. It’s a great way to surprise a friend or family member.
Remember the Next Year
As you shop for items and you come across deals that would be saving you money, think of birthdays, anniversaries, and other events that may be coming up in the next year. Then seize the discounted opportunity to shop for those occasions.
Now if you have any great Dave Ramsey tips on Christmas or you have any questions about this post, let me know in the comments down below! I’d love to help you out!
