5 methods to help save on Christmas expenses.
These 5 techniques have already proven to be effective in terms of savings.
5 methods to help you save money this holiday season.
Christmas is approaching, and with it comes the usual tendency to spend more, especially on gifts to fill the Christmas tree. To minimize the financial impact of these celebrations on families, it is possible to apply some savings techniques that have proven to be effective, as long as they are followed to the letter.
20 Minutos gathered, and the News at the Moment shared, five simple, but effective methods to save money this festive season. Here are the suggestions:
30 day method
This method is based on progressively saving amounts in euros throughout the month. Start by saving 1 euro on the first day of the month, 2 euros on the second day, and so on until reaching 30 euros on the last day. In 30-day months, you will accumulate 465 euros, and in 31-day months, 496 euros.
Envelope method.
Organize your expenses with the help of envelopes of different colors. In each envelope, place the amount allocated to a specific category, such as food, bills, or entertainment, or divide it by weeks. You can only spend the money allocated to each envelope, helping to effectively control expenses.
Pre-savings
Right at the beginning of the month, as soon as you receive your salary or pension, set aside a portion of the money for a checking or savings account that you do not have easy access to. Set a realistic savings goal to ensure that the remaining amount covers essential expenses.
50-30-20 Method
Divide monthly income into three main categories:
- 50% for essential expenses (such as food and housing);
- 30% for superfluous expenses (leisure and other extras);
- 20% for future savings.
This method ensures greater financial control and consistent savings.
50 cent method
Apply this method by saving weekly in 50-cent coins. Start by putting 50 cents in the piggy bank in the first week, 1 euro in the second, 1.50 euros in the third, and so on. At the end of a year, you will have saved 689 euros.
As the English writer Samuel Johnson said: "The man who knows how to spend and save is happier, because he enjoys both." Follow these tips to have a happy Christmas without losing track of your finances.
Good savings and a Merry Christmas!
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