By Ivy Barnes—
The holidays are here and discovering discounts or deals can make a huge difference. Credit card bills, tuition payments and car payments can spiral out of control when those responsibilities are not handled prudently with regard to holiday spending. Poor or excess use of credit is a big reason why bankruptcy is so prevalent. While you may not have pondered the thought of resorting to such an alternative presently, the decisions we make now can set the stage for that undesirable fate. Here are a few tips worth putting into practice before and after the holidays so that this doesn’t happen.
Find out if free shipping or discounts are available before you hit the stores. —
Go to FreeShipping.org, RetailMeNot.com, and CouponCabin.com to see if free shipping or other discounts are available. Or simply shop the clothing-and-accessories sites Zappos.com, Endless.com, and Groupon.com
Avoid counterfeit merchandise.— Be aware of items that are priced much lower than competitors. Top online spending days are worth taking advantage of. Avoid the hassle of long lines and crowded parking lots. Keep dates like Green Monday (December 13, 2012) and Free Shipping Day (December 17, 2012) in mind when shopping.
Leave credit cards at home. — Your mind will make you believe that having all your funds on hand is necessary, however it’s not. Create a budget and reinforce it by carrying cash.
Avoid buying into costly shopping memberships just to capture a deal for the holidays. Not only is it costly, it can lead to a pattern of more frequent shopping on items that are cheap yet unnecessary.
How much are you worth? — Answering this question from a financial perspective takes into consideration the amount of an individual’s debt versus there assets. That is for instance, a monthly income of $1,000 versus monthly expenditures that amount $1,500. Before you opt into accepting credit cards put into perspective whether these two are balanced or if one out weights the other.
Here are other things you can do on a regular basis to help save you money!
1. Grocery shopping so that you can pack a lunch.
2. Not getting your car washed
3. Buying instant coffee to make at home.
4. Not going over the data service plan provided by your wireless carrier.
5. If you have the option, take public transportation to work or school. Utilize NJCU’s Journal Squares Shuttle service.
6. Reduce cable and T.V. packages.
7. Utilizing NJCU’s computer lab, where it’s free to print out documents opposed to paying for paper packages at the Guarini Library.
Understanding your opportunity costs is an effective approach to holiday spending.— This concept means that for every item you buy, the opportunity to spend that money elsewhere is forgone. Recognize where your money goes and use this concept to cut back on daily expenditures that can be eliminated or curtailed. This approach should be use before and after the holiday season because after all, you still have monthly obligations that must be met.
Avoid tax refund loans.— This process is legal however, a rip-off can be brewing if the company is trying to charge you outrageous interest rates just to get at your own tax rebate money a few weeks early.
