Stretch Your Dollar: How to cut down on spending habits for the holidays

Stretch Your Dollar

(WTNH)– If you’re dealing with debt heading into the holidays, you may be wondering how you’ll be able to dig your way out. It can be inspiring to hear how people have done it.

Here’s a couple who learned to stretch their dollar and continue their spending habits even during the busy holiday season.

When Anjie and RJ decided to get married, they knew it was time to assess their finances collectively. The pair had $123,000 worth of student loan debt but rather than panic they decided to get to work.

“The first thing that we did, of course, was budget,” said RJ.” So for the prior three months before that, we looked at how much we were spending and we started to notice some common things.

“We were able to refocus and we re-prioritize our spending,” Anjie said. “From there, we would meet weekly, talking about budgets and our goals, and it was just huge for us.”

The couple reduced their expenses by negotiating their cell phone bill and rent, canceling unnecessary subscriptions, and cutting back on going out.

“Any upcoming bills or anything that we have, we will call and just say ‘Hey, is this negotiable and every dollar starts to add up,” RJ said.

They also increased their income by doing side hustles and within a year were able to knock out their entire debt.

” It’s like simple changes like that, that will pay off in dividends for you,” said Anjie.

And they’ve been able to apply their tactics to remain debt-free, even around the holidays.

They recommend saving small amounts throughout the year, allocating a specific amount per person, shopping sales, and making homemade gifts.

“And then lastly, you don’t always have to buy anything right? You know, if you’re in debt like we were, we didn’t really buy anything around the holidays, but we made it a point to be with our family and I think that’s what the holidays are about,” said Anjie.

The hardest step in all of this is to recognize it’s time to start and make a change! Once you’ve hit that point, you can find savings. You just have to look around and stick to it.

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