This year has brought lots of changes for our family, most notably my change from working full-time to working part-time. Although it’s been wonderful having the extra time with my kids, there’s no avoiding the hit that our bank account took when we made this change. Needless to say, we’ve had to be more careful with our money. I’ve budgeted and couponed, but even I’ll admit, I’m a bit nervous about the holiday season. It’s just too easy to go overboard. Below are a few things that I’ll be doing to keep my family on track and set my family up for financial success in 2015.
Curb holiday spending. The holidays are such an easy time to overspend – gifts, gifts, and more gifts. Not to mention holiday parties, trips to visit family, and all those little things that can really add up. Instead make gifts when possible, and when you do spend money, spend smarter by avoiding trinkets and buying something that the person can actually use long after the holidays are over. Focus on the time you spend with your family and friends this holiday season, instead of the amount that you’re spending on them. Avoid the financial hangover caused by holiday spending and start the new year fresh.
Put it in writing. Since it can be so easy to overspend during the holiday season, set a monthly budget accounting for all your bills. Better yet, put it in writing to keep yourself honest – because it’s a lot harder to justify all those little expenses when they’re in black and white. You can find my Monthly Bills Worksheet and Monthly Budget Worksheet here.
Re-Assess bills. I’m not sure how, but our bills seem to slowly increase throughout the year. For example, somehow our cable bill crept all the way to $200 per month this year…$200! December is a great time to layout all your bills and re-assess. Are there services you no longer need? Are there places where you can make cuts? Can services like cable, internet, and home/cell phone be bundled to save you money? No need to wait until the new year to tackle these bills. Sometimes saving money is as simple as calling the companies where you’re overspending and asking for them to help you find ways to save. Don’t go into the new year with unnecessary financial commitments.
Take advantage of offers and incentives. The end of the year can be a great time for financial incentives. Everyone knows you can get great deals on cars and electronics at the end of the year, but did you know that banks offer incentives too? Right now, Capital One 360 is having their very own Black Friday Sale where you can get $100 for opening a qualifying Capital One 360 checking or savings account (both of which are fee free and earn interest!) or $40 for referring a qualifying friend. And if you’re buying a house, you can save up to $1,250 on closing costs! That’s a big chunk of change that’s sure to put you on track for 2015!
What are you doing now to secure your financial peace of mind in 2015?
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.
We have been very focused this month to stay within our Christmas budget. 2015 will be here soon so it’s best to get a head start! Great tips!
We are taking a look at college savings for our kids this year. I received a postcard about starting a college savings plan. For parents with newborns, the bank will automatically put in $100 to start the account. What an amazing deal this would be for new parents!
I need to get my budget tighter. I have been working on it but it needs more work.