Week 6 of Budget 101

Part 6: Save on the Special Things

Vacations.  Birthdays.  Holidays.  We know they’re coming, and yet it is so easy to blow our budgets just because “it’s a special occasion.”  If you’re still with me after all this time, you should be starting to feel pretty good about your budget.  After all, you’ve been able to make a distinction between your wants and needs, you’ve set a budget for yourself, and hopefully found ways to save some money on the big things (like housing & insurance), the necessary things (like utilities & groceries), & even the fun things (like shoes and wine!)

(NOTE: Before we go any further, if you are new to my blog or missed out on the last five weeks, you might want to start at Week 1 of Budget 101 before starting this week’s assignment!)

If there is no leeway in your budget for those things that only come up once in a while, you may find yourself seriously strapped for cash when the time comes.  Since holidays, birthdays, & vacations are terrible times to be worried about money, it is best to plan ahead.

This week’s assignment:

Keeping your online buying hidden

1. Set a Special Occasions Budget.

Sitting down and actually writing down how much you can afford to spend is a giant step towards saving money in this area.  Too often we get caught up in wanting to “splurge” for something special, but those splurges can catch up with us!  After all, there are a LOT of special occasions throughout the year!  By looking at them as a whole, rather than a once-in-a-while thing, it is easer to see the big picture.  It is also easier to set limits for ourselves when we are not caught up in the moment!

2. Find ways to save throughout the year.

I realized during my college years that coupons DO work. The key to saving lots of money with coupons is to buy things when they are at their rock bottom price, then stock up for when you need them.  This method of shopping has easily been carried over to the rest of my life, and has saved me a lot of money in the long run.

The more you plan ahead & buy things when they are cheapest, and not when they are most convenient, the better off you will be.  Stock up on items for the next year in the post-holiday clearance sales or buy toys & other gifts in bulk when you find a great special.

You can also keep in your purse or wallet, a list of people or occasions you know you will need to buy gifts for in the next year. Make sure it includes how much you have budgeted to spend.

3.  Be on the lookout for good deals!

Once again, this is more of an ongoing assignment, and once again keep in mind there are always going to be more bargains available than you can afford to spend. Stick to the list and to your budget. Last week I listed several of my favorite places to score great deals; those same places apply here.

4.  Shop around & compare prices

This almost goes without saying, but is especially important when you are booking vacation travel!  Because prices fluctuate so much, there are no hard, and fast rules about where to find the best travel deal.  The only constant is that prices change a LOT, so shop around!

If you are traveling to a specific destination, be sure to price out all your different options, and to check a variety of travel sites before you book.  Don’t assume that package prices will be cheaper–sometimes they will and sometimes they won’t– be sure to check smaller, independent airlines in addition to larger travel sites when booking flights.

On the other hand, if you just want to get a great deal on a vacation but aren’t too particular about where you go, you may want to check out some of the daily deal sites like Groupon, Eversave, Totsy, & Living Social that offer vacation deals.  Additionally, Jet Setter is a daily deal site that exclusively offers high end vacation deals for a fraction of the normal price.

5.  Start Working On Handmade Gifts

Consider handmade gifts for as many people as possible.  With more time to plan, you also have more time to put together something really special.  Even better, those gifts will probably mean a lot more–it truly is the THOUGHT that counts!
Even if you’re not that creative on your own, the internet is full of amazing handmade gift ideas.
*   *   *

And that’s all for this week!!!!! Stay tuned for next week’s saving challenge next Sunday.

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