It is official, sale season is upon us! However, if you want to avoid getting into a financial pickle, you’re going to want to make sure you manage your spending. This isn’t always easy when there’s fantastic offers tempting you to spend around every corner! So, how exactly can you manage your spending when sale season hits?
Here, you’ll discover some of the best tips to help you keep your spending in check this season.
Set a budget (and stick to it)
The easiest way to manage your spending during sale season is to set a budget. This shows you exactly what you have available to spend. Of course, you’ll also need to stick to this budget which isn’t always easy!
You’ll also need to keep updating the budget as you spend. So, say you have £100 to spend. You decide to purchase something in the sale for £15. Before spending anything else, you’ll need to deduct that £15 from the total, leaving you with your remaining shopping budget.
An easy way to stick to your budget is to open an account with a prepaid card. These keep back money for bills, putting what you have remaining onto a prepaid card.
Make sure you can pay off credit cards quickly
If, like many other people, you choose to spend money on your credit cards during the sales, you’ll want to make sure you can pay them off quickly. If you can’t pay the full balance when your next statement arrives, don’t buy it. Unless you have a 0% interest deal, the added interest payments can quickly cause you to get into debt.
Sleep on it
A great tip to avoid buying anything you don’t really want or need, is to sleep on it. Many purchases are made on impulse and that’s where it can have a negative effect on your finances. So, if you’re tempted to buy something, put it on hold. The chances are it will still be there in the morning, but you may feel totally differently about spending your hard-earned cash.
These are just some of the ways you can manage your spending during sales season. It can be difficult to resist making a purchase, especially if there’s deals which seem too good to miss. However, by being a little more careful, you’ll avoid falling into financial difficulties and still benefit from the sales.