As we head into the shopping season, especially this year, make sure you’ve set aside a specific budget to ensure you aren’t still “in the red” once all the red and green lights fade.
Use the remaining 30% of your monthly income.
This stems from the 50/20/30 rule. While the first 70 percent gets spent on essential needs such as rent and emergency savings, the remaining 30 will give you what you can spend on eating out, entertainment and holiday expenses.
Track your spending.
It’s good practice to write down what you’re buying each person and how much you spend.