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Today is Black Friday, the traditional start date for the holiday season shopping, which translates into spending, and we get all excited about it! But, one of the many roles we have as moms is keep an eye on our budget, watch how much we spend here and there, so we need to keep our excitement within a spending plan, right? Below are some tips by TodayShow.com's Jean Chatzky, a financial editor, on how to be smart shoppers and keep a spending plan you can follow.
How to Give Yourself A Spending Plan by Jean Chatzy, financial editor, TodayShow.com
- Set a budget
People hate the word “budget.” I prefer the term “spending plan” — it's not only more positive, it puts the power back in your hands. You are going to plan how much you are going to spend this holiday season. The way to do that is to make a list of the people you need or want to buy for and next to it, note how much you plan to spend on that person. Read more. - Decide if it’s reasonable
Look at the numbers you've come up with and decide if they make sense based on the amount of free cash you have available to you each month. Read more. - So how do you come up with that money?
Either by spending less or earning more. To spend less, start cutting back a bit in advance on any variable expense you can, eg., cut out one restaurant meal a week. Read more. - Trim the budget before you start spending
The other thing you can do is cut the budget before you start spending. If you have 15 people on your list, slash the amount you're going to spend on each of them by $10 and that will lower your total by $150. Read more. - Shop early
You should start early because you're more rational. When you shop under pressure, you make bad budgeting choices, inevitably buying things you're not happy with and spending more money than you would otherwise simply because you feel as if you have to DO SOMETHING NOW. Give yourself plenty of time to make rational decisions, sticking to your list of how much you're going to spend on each person. Read more. - Use non-cash currencies as subsidies
You have gift cards sitting around? Frequent flier miles that are just sitting in your account waiting to expire? Credits at stores that you haven't used? Bingo! Use that non-money money to take a big chunk out of your holiday spending. Read more. - Keep good records of what you've spent
If you're like most people, you'll do some of your holiday spending in cash, some on plastic, some in stores and some online. Which means: If you're going to stick to this spending plan you've created, it's essential to keep track of how much money is going out. Read more.
Also, if you are going to do all or part of your holiday shopping online, consider sites that are giving free shipping. Cyber Monday is the kick-off date for online holiday shopping and most large retail stores give free shipping. Go to www.cybermonday.com to check out all the deals.
Have a smart shopping holiday season!
- the Moms Buzz
source and image: www.todayshow.com
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