It's that time of the year. Yes, the holiday season is around the corner. This means one thing - swiping your Credit Card multiple times. While you might get some great deals, it's easy to get carried away and overboard. This means overspending, overshooting your credit utilization limit, and racking up huge bills. If you're someone who has moved to the US or is about to move to the US, this might be a new experience for you.
Managing your spending during the holiday season is essential as it's easy to get carried away. Here are some ways to do it:
Set a limit
In simple terms, this means setting a budget. Having a budget when you're paying in cash or using a debit card is more manageable. But with a Credit Card, it's easy to sway off course and overspend. This might need you to do some juggling. Can you cut back on ordering out? Do you have a latte every day before heading to a class, which adds to your overall spending? As a student, all of these small expenses add up. So make some adjustments, then make a budget, and more importantly - stick to it.
Find ways to earn extra money
As a student, you need to follow guidelines for part-time work. If you're on an F1 visa, you can work for up to 20 hours a week when college is in session and up to 40 hours a week when college is closed. You need to work within these limitations and make the best of them. For instance, even if you can work only 20 hours a week, you can take up two jobs and split the hours you work on each. If one job pays more than the other, you get the best of both worlds. Remember, the whole idea of earning extra money is not to spend, but also to save.
Choose the people you want to gift, carefully
Sales are a great time to stack up on things you've always wanted to buy. As someone who has moved to the US, you'll like to gift your family and friends back home, which would prompt you further to swipe your Credit Card. Yet, you might not be traveling back to your home country immediately. Even if you buy stuff, it will be lying in your home. Moreover, you won't get great deals only during the holiday season. In this case, it makes sense for you to hold back and make the purchases during a sale closer to when you're going to fly back home. Use the holiday season to buy things that are essential for you instead.
Track and assign money to purchases
Looking at where your money is going can be an eye-opener. You suddenly realize that you've spent way more on coffee or cab rides than you thought. This reality check can help you course-correct and make better choices with your money. You can do that with Zolve Insights.
Pay your bills on time
Every time you pay your bills, you free up credit on your Credit Card. This allows you to make purchases when you need to. If you come across a great deal, paying off your bills will stand you in good stead as you can make the purchase instead of postponing it.
Before you leave home
If you're a student moving to the US, you can sign up for Zolve. You get a high-limit US Credit Card and a credit limit of up to $5,000. You don't need a Social Security Number or a US credit score, and the entire sign-up process takes less than 5 minutes.