6 Ways To Stretch Your Budget From Back-to-School Through Year-End
The last few months of the year can be tough on your finances. Between back-to-school shopping, Halloween costumes, hosting Thanksgiving, holiday gifts and travel, your budget can take a serious beating. But with some planning, shoppers can avoid unnecessary purchases, take advantage of discounts and spread out some of those expenses.
Here are six ways to make your money go further through the end of the year, according to experts.
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1. Check the Per-Unit Price Before Buying in Bulk
Buying in bulk can be a more affordable way to stock up on household must-haves, but it’s not always cheaper. To know if you’re getting the best deal, use your calculator when shopping to check the per-unit price and buy in bulk only when it makes sense, said Austin Kilgore, an analyst with the Achieve Center for Consumer Insights. There’s no point in storing 20 rolls of paper towels if you don’t need them.
“No matter how great the deal, be realistic about what you buy,” he said.
2. Shop Late
While there are usually deals on school supplies throughout the season, Kilgore said it might be worth waiting until the last minute to buy if you can.
“It may sound counterintuitive, but the supply lists will often include items that kids won’t need immediately,” he said.
By waiting, you may be able to catch clearance sales that start close to or shortly after the beginning of the school year.
3. Start Saving Up Holiday Funds Now
The end of summer is a good time to think ahead about the holidays and sock away extra cash, said Elisabella Ricca, personal finance and consumer analyst at TopCashback.
“Start budgeting for those expenses now, so you can contribute a little bit every month to make sure everything from Halloween costumes to Christmas gifts will be covered,” she said.
Once you have some savings set aside for the holidays, you can take advantage of seasonal sales without putting as much pressure on your budget.
4. Stack Discounts on Purchases You're Already Planning
A great way to make the most of your money is to combine coupons, loyalty programs and cash-back promotions.
“This makes every dollar count because you are stacking your savings on purchases you were already planning to make,” Ricca said. “Sales combined with coupons, loyalty rewards and cash back can help you stretch your budget further until the end of the year.”
With that in mind, don’t let a coupon or good deal bait you into buying something you don’t need or weren’t planning to get in the first place.
5. Time Big Purchases Around Major Sales
Major sales are typically announced in advance, which gives shoppers time to save up and plan for big purchases.
“Appliances and mattresses tend to be discounted during Labor Day weekend and technology like laptops and TVs are usually on sale during Black Friday and Cyber Monday,” Ricca said.
Keeping track of when sales happen, and timing big purchases accordingly can help stretch your budget because you’re getting more value for each dollar spent.
6. Shop Secondhand for Clothing and Other Items
Thrifting is a fun way to add new pieces to your wardrobe or grab needed household items for a fraction of the cost. Kilgore suggests going to secondhand stores in “well-to-do neighborhoods” and checking their websites for hidden gems.
“Also, check eBay, Craigslist or Etsy,” he said.
Making your money last through the end of the year isn’t about chasing every sale. Instead, it’s about planning, understanding your needs versus your wants and shopping smart for the purchases you actually need.
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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