How To Stick To Your Low-Cost Thanksgiving Budget
Thanksgiving is a time of year when most people tend to spend more, and creating a Thanksgiving budget around expensive meals, gifts, and decorations can be a challenge. Here’s how to create and stick to a low-cost Thanksgiving budget.
Start by automating your savings and putting some money aside automatically when your paycheck comes in to limit frivolous spending. You can also try to plan ahead for big expenses and take advantage of holiday deals.
There are lots of different ways you can prepare for the holiday season and stick to your budget, but above all, you need to stay focused on your budget. The rest of this article will discuss how you can stick to a low-cost Thanksgiving budget this year.
How To Keep On Top Of Your Thanksgiving Budget
1. Create A Firm Budget
The first step to forcing yourself to stick to a Thanksgiving budget is to create a realistic budget that you know you can stick with and begin saving money. Start by tracking your spending to see where your disposable income goes throughout the month. Then, create a budget based on your earnings, necessary expenses, and wants.
This is often referred to as the 50/30/20 rule, where 50% goes to your necessary expenses, 30% to your wants, and 20% towards your financial goals. To make sure you stick to your Thanksgiving budget, get an app or physical spreadsheet to write down what you’re spending and when.
Not only will it help you assess whether you’re making smart money decisions, but it also gives you a more literal reminder when you’re spending money if you have to jot down those expenses in your budget app.
2. Automate Your Savings
An important subdiscipline in budgeting is making sure you put away money for your savings. At least 20% of your income should be going towards savings, and if you’re waiting until the end of the month and just putting in the leftovers, then you’re not building wealth and leaving yourself vulnerable to financial distress.
A lot of people have trouble saving money, and if you find yourself spending what you earn, then it’s time to start automating your savings as soon as your paycheck rolls in.
Send a portion of your income directly to a savings account and don’t touch it unless there’s an emergency. That way, you’re keeping the discipline of saving money and forcing yourself to be smarter with what you have left for your wants and needs.
3. Plan Ahead
There’s still plenty of time before Thanksgiving to start thinking about the expenses you’re going to incur. If you’re expecting to drop a pretty penny on your Thanksgiving feast this year, then it’s a good idea to plan ahead for ways you can cut back on Thanksgiving spending.
Similarly, you can stick to a strict budget in the weeks prior to Thanksgiving to get the extra savings you need to accommodate more expenses.
4. Take Advantage Of Holiday Deals
As well as planning what you’re going to be spending on, make sure to capitalize on the pre-Thanksgiving deals, both in-store and online. Sales can net you great bargains on otherwise-expensive items and make Thanksgiving less of a hassle. Compare prices across stores and websites to make sure you’re getting the best price and saving money for the next holiday rush: Christmas.
5. Get A Registration Loan
When the situation calls for it, a vehicle registration loan can be a good option if you’re facing emergency expenses. It’s not a long-term solution, but Southwest Title Loans can help you out of a pinch with fast cash, even if you don’t own your car outright.
Their loans range from $200 to $1,500, and you’ll need the following items to apply:
- A valid Arizona driver’s license or government-issued photo ID
- An Arizona motor vehicle registration listed in your name
- A checking account in your name
- A valid SSN
The in-person process can take as little as 30 minutes, and if you’re approved, you can walk away with your money on the same day or the next business day. To get started, you’ll fill out the online form and wait for a call from one of the registration loan experts, who will go over the details with you.
Next, they’ll run through your list of required items and see if you qualify. If you don’t own a car, then a registration loan is a great option for getting fast cash and is unique to the state of Arizona.
Submit An Inquiry Today!
Sticking to a Thanksgiving budget can be a nightmare, but if you’re willing to put in the effort, it’s certainly feasible.
Major emergencies often call for a short-term solution, which is where Southwest Title Loans can help you by offering title and registration loans for your needs. If you’re facing medical expenses, utility payments, or necessary home/auto repairs, then submit a registration loan inquiry with Southwest Title Loans today!
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.