The saying goes: the holidays come but once a year. The rest of that saying should be along the lines of, “so don’t overspend or else you’ll be pinching pennies next year!”
It’s no wonder that stress is high during the holiday season. Between buying gifts, parties, dinners, concerts and other events taking control of one’s budgets and financial limitations should be considered. With a little pre-planning and yes, some willpower, we can all keep our holiday spending in check and our budgets in order. Below are some useful spending tips to consider during this busy holiday season.
Make a List and Check It Twice
The stores are decked out with holiday décor and music, and it’s easy to get swept away and overspend because you’re just so into it. Santa makes a list, and so should you. Whether it’s your holiday gift list for family and friends or a shopping list for Christmas dinner, having a realistic budget will help you stay on track and make purchasing decisions based on needs versus wants.
It’s easy to take advantage of budgeting and mobile banking apps that help you monitor your spending in real-time. This is a great way to identify areas where you may be overspending (those lattes while shopping can add up quickly!)
Paying for items on a debit or credit card, like Capital One’s Guaranteed Mastercard, ensures you’ll always have a record of your purchases. Unlike cash, your credit card provides a record of transactions made so you can see how much you spent and where.
We’re spending money during the holidays anyway and there is a way to ensure we’re getting the most bang for your buck too – rewards!
Using your credit card to make holiday purchases is a great way to take advantage of the rewards some credit cards offer. Capital One has a suite of credit cards designed to meet everyone’s needs. For example, the Capital One Aspire Travel Platinum Mastercard gives you one reward mile for every $1 spent on all purchases. The Guaranteed Mastercard can help you build credit while giving you access to benefits like 24/7 customer service, purchase assurance and extended warranty coverage, among others.
Stay On The Nice List
Ensure that you’re protecting your credit by taking advantage of fraud prevention features your credit card offers. Opting-in to two-way fraud alerts can help you identify unauthorized transactions in real-time which is especially important during the holiday season.
It can be as simple as an alert or text that prompt for a ‘yes’ or ‘no’ response to verify a transaction (I received an alert like this when I made a purchase from a website that was flagged. It made me double-check the transaction and it turns out the website wasn’t legit!) With a Capital One card, you also get Mastercard Zero Liability protection against unauthorized use of your card.
Make sure you’re staying on top of payments and deadlines, to keep your credit in check and stay on the nice list for 2020 too!
Here’s to busy store visits, beautiful decorations, holiday music, party planning, concerts, events and yes – that satisfying sip of coffee on Christmas morning!
Disclosure: This is a sponsored post in partnership with Capital One Canada. All opinions and commentary are, as always, my own.