Tag: Budget

5 Ways You Can Stretch Your Dollar for Holiday Gifts

5 ways you can stretch your dollar for holiday gifts

The holiday season is here which means everyone is rushing to buy the perfect holiday gifts.

How do you stretch your dollar even during these challenging times?

Keep reading to find out.

Here are 5 ways you can make the most out of your money so you can give your loved ones that special gift they deserve.

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Let’s get started!

#1. Buy Bulk

HOLIDAY GIFTS BUY BULK
Holiday gift ideas

You can stretch your dollar this holiday season by buying things in bulk.

Usually when you buy bulk, the price of an item drops significantly.

Certain apparel shops allow you to buy shirts and other wearables for much lower prices in bulk.

If you can get a deal when you bundle, then it will allow you to give more product to one person or give to many people.

Online places such as Amazon and eBay sell items in bulk too.

Items range from sunglasses to headphones and earbuds, and winter apparel.

#2. Buy Wholesale

wholesale holiday gifts
Wholesale Holiday Gift Ideas

You can look for warehouses that will sell to you the type of product you’re looking for at wholesale cost.

Wholesale prices are usually slashed by half or more!

You can also buy wholesale goods online using Alibaba and other e-commerce websites.

You can get some of the nicest and usually most expensive jackets at a much more affordable cost when buying them wholesale.

If you work in an industry that allows you to have access to multiple vendors, take advantage of these deals for this year’s holiday gifts.

#3. Use Online Coupons

coupon

If you’re buying holiday gifts online this year, you can use internet explorer’s coupon extension.

This coupon extension browses for codes online to provide you with the best price for what you’re ordering online.

The extension should be a standard popup if you already have the internet browser.

Not only will it navigate through a variety of codes, but it will even provide you with a direct link to a competitor if they have better prices.

This tool is super effective because it scans for the lowest prices while you do your online shopping.

#4. Use Unused Gift Cards

leverage gift cards
Holiday budget

Make the most out of your unused gift cards for this year’s holiday gifts.

You can use the gift cards you have sitting inside that drawer to stretch your dollar by discounting your purchases.

I personally wouldn’t re-gift a gift card but would rather use one for a gift.

This strategy comes in handy if you don’t use every gift card you’re gifted.

Using these during checkout is a great way to reduce your expenses.

Or you may even include one in a basket.

#5. DIY Gifts

DIY Gifts
Holiday budget

These types of gifts are so much fun to give because they’re cost efficient and usually very creative.

DIY gifts can be gift baskets, bundles of convenience products (lotions, sprays, hand sanitizers, etc.), and candy creations.

You can always include a mini holiday card that you can buy in bulk for each DIY project.

They can be personalized depending on whom you’re giving them out to and are great for just about anyone on your list.

Gifting this year doesn’t have to be expensive, but it sure can be special.

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Read: Buy these stocks for your kids this holiday season


Debt Sucks | Here’s How To Pay Off Thousands In Debt

Debt Sucks Here's How To Pay Off Thousands In Debt
Stress free view

Whether you’re in debt with credit cards, student loans, car notes, or house loans, we all have some form of debt. The thought of paying off your debt might seem stressful at first but imagine what a debt free life could mean for you.

Debt keeps us from saving money, investing it, and reaching financial freedom. So what’s the best method to eliminate debt?

The Snowball Effect

Payoff Debt With The Snowball Effect
Snow!

There are a few proven methods to paying off debt. We favor the snowball effect method due to its quick momentum and effective results.

This is how it works

You start by paying down your smallest accounts first while making minimum payments on the rest of them.

The approach is to eliminate your smallest debt aggressively. Once you’ve paid off your smallest account, rollover that payment onto your next account.

By the time you’re paying off your third account, the amount equivalent to your monthly payments from the first two will have a drastic effect moving forward on your outstanding balances.

Avoid This Mistake To Stay Debt Free

Avoid Income Creep to stay debt free
Don’t spend more as you earn more

In order for the snowball effect to build momentum ,you must be consistent and not divert from rolling over once your first debt has been eliminated.

Most people will fill in the space with something else once they’ve paid off their car or credit cards for example. This spending habit pulls you back to a never ending cycle.

Remember, once you’re debt free all that disposable income is yours to enjoy. Save it, grow it by investing, and enjoy it!

Don’t let income creep lifestyle keep you from reaching your financial goals. This is how people making six figures a year can be in financial ruin just as much as anyone making five figures.

Read: How To Set Financial Goals: 10 Simple Steps!

Generate More Income To Tackle Debt

Generate more income to tackle debt

Everyone has very different financial situations or worlds. Create a world where you’re earning a little bit more than what you were in order to apply this additional income towards your debt.

Check out “These Are The Best Side Hustles For Millennials in 2020” to read about the best side hustles that can earn you additional income this year to make it happen.

Continuously work towards earning more income to payoff your debt more aggressively. The sooner you payoff one debt, the sooner you can move on to the next while eliminating accruing interest.

Create A Budget

Create a budget to tackle debt

See what areas you could budget on and apply money that was going towards junk food, streaming services, and other non essentials, towards your debt. You’d be surprised at how much you can save a week by meal prepping instead of eating out daily.

Write down your expenses and see where you can cut back. This strategy will help you not only develop a winner habit but play an important role in your journey to a debt free life.

Mint is a great app that breaks down your expenses and allows you to have an overview on all your account balances.

It Takes Discipline

The fact that you’re here shows your willingness to make this incredible change in your life. Financial freedom is an amazing experience we all deserve a chance to.

Realistically, only by taking the necessary actions to see our goals through will we truly reach a debt free life. It’s time to live in the moment and focus on the things that truly matter to us the most. Be consistent, stay on top of your goal, you have the power to do this.

Read: 10 Successful Ways To Save Money During A Recession

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