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With so many temptations popping up during November, like Black Friday and Cyber Monday, it can be difficult to keep your finances focused. We’ve put together a few tips to guide you through sales season so you can cut back on spending, and maybe even save a few extra pounds while you’re at it!
For lots of people, November is the last chance to put away those pennies in the run up to Christmas. But with so many temptations popping up during the month, like Black Friday and Cyber Monday, it can be difficult to keep your finances focused. What makes it more difficult is that these events aren’t just confined to a single day any more – they’ve spilled over into weeks of special offers landing in your inbox, which can eventually wear down anyone’s resolve!
don’t let them take your money on black friday!
The average British household will end up spending £500 more in December compared to other months to cover things like gifts and festive food, so it’s more important than ever to keep an eye on your savings goal.
In this article we’ve put together a few tips to guide you through sales season so you can cut back on spending, and maybe even save a few extra pounds while you’re at it!
1. Make an action plan
Before you take up the challenge to spend less this November, take a few preparatory steps first:
- Take a look at your bank accounts and find out where you can avoid spending money. Getting coffee on the way into work out of habit, when there’s a perfectly good machine in your breakout area? It might be time to cut that daily hop to the coffee shop!
- Establish your November budget. Start by deciding your non-negotiables, including both living costs and treats. Make sure to factor in things like your rent, travel and bills, and then see what extras you can cut back on for the month, like lunches out and shopping.
Quick tip: Have multiple bank accounts and credit cards? You can see them together in the Yolt app for one clear view of your spending. Find out more here.
2. Think about the planet
The way we spend has an impact on the planet. The more stuff you accumulate, the more you’ll end up throwing away to make room in your house or wardrobe. Why not try alternatives like recycling your old stuff, customising it and giving it a second life, or even selling it on the internet?
3. Stay focused
There’s no denying it – you can nab some great deals for Christmas throughout November, but it’s easy to be swayed off track. If you are hitting the sales, have a plan and set a budget to keep you from overspending on things you don’t actually want or need. You can easily set a shopping budget in Yolt, or use in-app tags to track everything you buy with #NovemberSales. Something catch your eye that you just have to have? Avoid impulse buying by taking a step back and leaving it for a day. If you still really want it, then you can go back and grab yourself the deal.
4. Use the right tools
You can set your budget for the month and keep an eye on your spending with Yolt, so you’ll know exactly where you stand when it comes to your money. By the end of the month you’ll be able to see how much you spent in November compared to previous months – as well as how much you’ve managed to save without all those coffees draining away your funds! Find out more about setting up budgets here.
5. Dial it back in December
Cutting back in November doesn’t just mean spending all your money in December instead! Dialling back your spending in November is a great way to get you actively saving money, thinking about your expenses and becoming aware of how much you could cut back. If you can take some of the brilliant changes you’ve made forward and make them part of your lifestyle, rather than just rushing to spend all your savings the next month, it will set you up with some excellent long-term spending (and saving) habits!
Are you ready to stay on track of your spending and save some money this November? Check out Yolt, the smart thinking money app. With easy budgeting, spend tracking, and deal finding, it’s never been easier to smarten up your spending and do more with your money.
The post How not to spend this November: 5 tips to see you through Black Friday appeared first on MoneyMagpie.