Look at the trees around your house. Leaves have already started changing. Fall is on the way. It’s time to buy pumpkin spice, collect colorful leaves, and get lost in the beauty of nature. But are these the only activities that you should be doing this fall? I do not think so.
Fall is a great time to save money too. So, you should use this time wisely to save money as much as you can.
The festive season will begin from October itself. 2020 has been challenging for all of us – both financially and healthwise. Fall is the perfect time to save money and get back on the right financial track. Here’s how you can do it.
1.Create a budget for all your holiday expenses
Just one month is left for the festive season. Holiday expenses can take a toll on your financial life if you are not careful. Set aside a small amount for festive shopping. Create a budget and decide how much you want to spend this festive season. This will help you avoid splurging during the holiday season. Create a list of the people whom you are planning to gift this year. Since this year is extraordinary, make sure you create a small list. No one will mind if you don’t give gifts this year.
If you prefer online shopping, then watchout for the discounts. Place orders as soon as soon as you see sale offers.
2. Change your banking habits
Do you know that some banks are giving bonuses for opening a new bank account? Explore the bank bonus options in your area this fall. Open a new bank account where you can get a lucrative bank bonus and use it as your emergency fund. Transfer an amount to this account every month to build your emergency fund gradually.
Set up an automated deposit schedule this fall so that a fixed amount is transferred to your new bank account before you get any scope to misuse it. It will make you self-disciplined.
Discipline and consistency can help you to build wealth gradually. Consider this account as a ‘do not touch’ account. Use it to save money instead of spending it.
3. Organize frugal fun activities
Gradually all states are opening up. It will take a lot more time to get back to the normal situation. But even then, it is just the beginning. So, this means that there is no need to be locked in your house. You can explore some frugal fun activities with your family.
You can go for apple picking outings. You can watch movies at Netflix. You can visit haunted houses. You can explore outdoor corn mazes, and so on. You can also go hiking. There are no dearth of options. You can enjoy outdoor frugal fun activities together with your family within your budget. And yes, you do not have to stay inside for this. You can go out but with caution.