The inflation rate in 2021 was at its highest point since 1982. And while that says a lot about the increase in the price of goods and services, it doesn’t take away the fact that the holidays make it very easy for money to escape your hands.

No one wants to end up in a financial pickle. This is why it’s always advisable to regulate spending with a budget. But what happens when your budget keeps getting smaller and smaller and you feel like all your earnings go into monthly bills? Believe it or not, a little planning could go a long way in helping to cut expenses and reduce the strain on your finances.

Here are some helpful tips to get started:

It Doesn’t Hurt to Write Down What You Need. Pexels/Karolina Grabowska

Always Go Shopping With a List

Before heading out, we advise researching what’s on sale and what you can get at a discount. Then, by building a meal plan around products on sale, you can cut down spending and still buy enough food to last a week or two. If you have a grocery rewards card, even better.

Consider An Alternative Source Of Income

If your current income doesn’t meet all your needs, cutting expenses will only do so much. However, by seeking out a side hustle, you can have more than one income stream bringing in more cash. Do you have a hobby or a talent to monetize? Are there any items lying around the house that you don’t use but may be helpful to someone else? You can sell stuff online or offer services to friends and neighbors. Anything to bring in some extra cash.

Cash Gifts Can Help Prop up Your Savings. Pexels/Karolina Grabowska

Don’t Spend Your Gifts

The holidays mean plenty of gifts. Some of those will come in the form of cash. So as tempting as it may be to splurge on a new pair of shoes or a dress, you should put that money away for later. You could also consider splitting the cash, putting the larger portion towards savings, and getting yourself a treat with what’s left.

How Many Streaming Services Do You Really Need? Pexels/Karolina Grabowska

Take Inventory Of Your Subscriptions

You know those recurring bills you can never get away from paying? Your streaming subscriptions and club memberships? Yeah, those. It’s time to re-evaluate them and decide whether you truly need them. Getting one of those apps that track your subscriptions while providing the option to cancel them, is a great option.