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Amy Nickson On 4th Apr,16
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Holiday season budgeting: Turn your accounts from red to black

During the festive season retailers get the opportunity to fix their business accounts and turn them from red to black. On the other hand, we, the consumers get deeper into debt because of our indiscriminate holiday shopping sprees.

However, this need not happen this time around, provided we are willing to heed some of the budgeting hacks shared here.

  • Run away from department store credit cards - Retailers will lure you with 10-15 percent savings offer on your first purchase every time you sign up for one of their credit cards. But the catch lies here in the fact that you must pay back the balance in full and as per the repayment deadline, or you’ll lose the benefits provided with the card and the savings incurred will disappear eventually. Certain retailers even catch their consumers off guard with an exorbitant annual percentage rate (APR) of more than 20 percent.
  • Shop with a list in hand - List! List! List! Its just so important to keep you from blowing your budget. This is because you get to make smart choices with the items you purchase and most importantly, it keeps you focused toward your need and not want.
  • Choose a card - This year you may use a prepaid gift card as presentation instead of giving the old-fashioned paper gift vouchers or certificates. Basically, prepaid gift cards function much like the debit cards.
  • In one such card, you’ll be allowed to load a certain amount of money. This money will enable the person to buy goods that he or she exactly needs. But, here too, one needs to be on his or her toes as the card company might levy additional purchase charges.

While retailers enjoy heightened business; you enjoy lucrative, never-before discounts and coupons to shop for the festivities without blowing your budget. But, it is crucial to remember that a penny saved is a penny earned and so, act accordingly.

Though the above mentioned budgeting hacks will help many of us to make our dollars work more in our favor, yet you’re always welcome to stack up on the list - the ones that seems fit for the subject, to help us turn our accounts black from red.

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