Tis the season to great gift giving and great savings! The holiday season comes a lot of gifts which we all know can put a strain on our finances if not appropriately managed. Everyone enjoys getting a great gift and giving a great gift always feels great too. In order properly spend on quality gifts we have to know how to manage our savings, that's why we are providing you with three of the best saving methods that can help you reach your financial goals this upcoming holiday season.
Budgeting apps are a huge trend, and they serve to be one of the most convenient ways to save money. A budgeting app, such as Mint, can help you make a clear assessment of where each dime is going right from the convenience of your phone or computer. Some apps offer daily notifications, they can link with your bank account and can be customized to different financial goals. By designating each dollar to every spending item, you can better manage your expenses without the overwhelming feeling.
A super effective way to save money is the 50/30/20 split method. The way it’s broken down is that 50% of your income goes towards needs and bills, 30% of your income goes towards personal wants, and 20% of your income goes into your savings. The 50/30/20 split is a foolproof method to help you budget your monthly in a way that allows you to track your money much more efficiently.
THE ENVELOPE METHOD
The envelope budgeting method is another foolproof method that allows you to designate your funds right where they need to be. How do you start? Create an envelope to put cash in for every expense. Only use the money appointed for a cost when the time comes to pay for it. Don’t feel like carrying an envelope around everywhere you go? Money clips are an excellent alternative that can work just as well.
So by now, you have three great methods to start implementing right away to help you budget your expenses and save for this holiday season conveniently and efficiently.