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Winter break is all about having fun get-togethers, enjoying good food, and relaxing before the next semester ensues. Unfortunately, it can be a bit of a mood killer when you check your bank account after all that holiday spending.
Our friends at Mastercard are experts on convenience when it comes to making purchases. Masterpass is a free digital wallet that makes it easier to pay however, wherever and whenever you like. That’s why they pulled together this guide on getting your finances in order by the end of winter break.
Map out your expenses.
Saving money is easier when you know how much of your paycheck is left after taking care of mandatory expenses. Consider how much money you’re bringing in, then factor in the costs of payments you can’t avoid – such as rent, gas money, etc.
Once that’s mapped out you can decide how much you want to save, and how much you’re comfortable spending on fun things – like shopping!
Keep track of your spending.
In order to ensure that you’re sticking to your budget, it’s a good idea to keep tabs on what you’re spending. Whether you hang onto your receipts or list your payments in a spreadsheet, you’re less likely to overspend when you’re tracking all of these costs.
Get creative about cutting costs.
Cutting costs doesn’t always mean giving up shopping or fun nights out with friends. Sometimes, you just have to get creative! Here are a few ideas:
- Look for generic instead of name-brand items. They’re often the same thing, just significantly cheaper!
- Shop online so that you can easily compare prices and find the cheapest options. Fortunately, many retailers even offer free shipping during the holiday months.
- Look for deals and promotions before making purchases. Interested in spending a night out with friends? Find an activity that’s offering a group discount. Need a new outfit for a job interview? Stick to stores offering the best promo codes.
Are you ready to get your finances in check? Let us know your budgeting questions in the comments below. And while you’re at it, check out Masterpass, the simple, secure way to pay.