Gearing up for the holiday break? If so, you'll definitely want to check out this month's featured blog post covering the best holiday money saving tips for students!
By now, we're already well into the school year, with most students already prepping for mid-terms and gearing up for the upcoming Holiday season.
Thanksgiving is just around the corner, and with Christmas just behind that, most of us are also starting to look at our finances, getting ready for all those upcoming Christmas party costs, travel expenses, gift-giving, and general Holiday spending.
So, to help all the students out there, who might need a money-saving tip or two this Holiday season, we thought it'd be a good idea to put together the following quick guide to managing your money during the Holidays.
Of course, managing your money doesn't necessarily mean scrimping and pinching every penny.
Instead, learning to manage your finances as a student better is crucial.
Not only to make it through the upcoming Holiday season, but it will also benefit you in the long-term, throughout your college and university career, and through to your retirement.
Keep reading, and we'll dive into the absolute best money-saving tips for surviving the upcoming Holiday season.
Start Shopping Early
If you're anything like me, you typically wait until the week before Christmas to get all of your Christmas shopping done.
However, this likely means that, like me, you're usually faced with waiting in line. Not to mention mingling with the hordes of other last-minute shoppers and procrastinators. You know, the ones, like you, who have no other choice but to buy products at whatever price retailers have set.
On the other hand, intelligent shoppers and money-savers tend to start their shopping early, sometimes as early as September or October.
While it might seem crazy to be shopping for the Holiday season at the beginning of autumn. But doing so allows shoppers to take their time, looking for the best deals in town, rather than settling for whatever price is marked on the shelf.
Additionally, it's a well-known fact that retailers often increase their prices during the Holiday season.
Therefore, by starting your shopping early, you'll likely benefit from better prices as well.
Cash In On Reward And Points
There's practically no better feeling than when your money is making money for you. And that's precisely why I recommend taking advantage of any points or rewards program that may be available to you.
I use a credit card for most of my day-to-day expenses. This allows me to collect roughly one reward point for every dollar spent. With my reward points, I can pay off my balance, shop for products, or buy gift cards.
Today, many services, credit companies, and retailers offer similar points and reward programs.
I highly encourage anyone that's looking to save money to take advantage of these programs. Essentially, they allow you to earn money on the money you spend for your day-to-day shopping or for any other shopping you might do during the Holidays.
And what could be better than that?
Improve Your Financial Knowledge
Whether you're a first-year, second-year, or third-year student, it's never a back idea to learn about the world of finance.
Whether we're talking about global economics or personal investing, the more knowledge you can cultivate about your finances, the better. This way, you'll be able to better manage your money and save for your future.
You can learn more about your finances by reading some of the books recommended in our recent blog post.
Click here to view the full article: Top 5 Personal Finance Books Every College Or University Student Should Read.
From time to time, it's also a good idea to make an appointment at your local bank branch to discuss your finances with a professional advisor. During your meeting, your advisor will answer any questions or concerns you might have. Or, they'll be able to point you in the right direction at least.
You can also follow the social media accounts of leading financial influencers or news outlets to keep your financial knowledge up-to-date and current.
Create A Budget And Shop Within Your Means
When you're buying gifts and gearing up for the Holidays, it can be easy to let your spending get out of hand.
That's why it's crucial to create a shopping and spending budget getting started with your Holiday shopping.
Every person's financial situation will be different. Therefore, you'll need to take a good, hard look at your situation and create a budget that suits your needs and income.
Like many students, your income might not be at, let's just say, its peak. But budgeting, and keeping an eye on your finances is crucial. Always spend within your means. And you should easily be able to make it through the holidays without spending a fortune.
Just remember that not every gift has to cost a lot, and often, hand-made and inexpensive gifts can mean more than the newest iPhone.
After all, it's the thought that counts.