The following is a guest post from momAgendaCOMM blogger Jodi Grundig.
This time of year can be one of the worst when it comes to family finances. Not only are you incredibly busy which makes it challenging to pay bills on time, you will also be pulling out your credit cards every day to pay for gift purchases.
It’s no secret that January can be a difficult month if you don’t do some advance financial planning.
Tip #1: Set a Budget
Really invest the time to sit down and determine your holiday shopping budget. Write down everyone on your list and make sure you include teachers, mail carriers, and anyone else you shop for. Then, list the amount of money you are willing to spend on each person. The total of this should be your total holiday budget – if you don’t have those funds available, look back at the list and make cuts as necessary. Once you write or print out your list, the momAgenda Kitchen Folio is a great place to store it.
Tip #2: Follow your Budget
After each shopping trip, sit down with your receipts and make a budget to keep track of how much you’ve spent. It’s important not to deviate from this budget!
Tip #3: Store your Receipts in a Safe Place
If you see a lower price or need to make a return on an item, you’ll need to have access to your receipts. Store them in a safe place such as in the momAgenda Kitchen Folio, so you’ll be able to easily find them.
Tip #4: Shop Online Using Some of the Cash-Back Sites
You can get great deals at some of the most popular online stores by going through a cash-back site like eBates or BeFrugal.
Tip #5: Don’t Forget to Pay your Current Bills
Even though it’s a busy time, keep track of your current bills and make sure you pay them on time so you don’t face any late fees.
Remember also to take some time for yourself during the holiday season – it can be a stressful time, and you need to take care of your own well being.
Jodi is a mom of two with an MBA in finance and over ten years of corporate finance experience. She has been blogging since 2007 and she founded the mom review blog Mom’s Favorite Stuff. Connect with Jodi on her Blog, Twitter and Facebook.