Here at Jackpot Capital online casino, we often talk about the importance of good money management. Now that we are halfway through November, the need for good money management is heightened.
The two reasons are simple: one, a lot of people will travel for Thanksgiving, putting some strain on their finances. The Thanksgiving trip is not so much a vacation as it is a family reunion. Thus, it lasts just a few days until people have to get back to work.
Any kind of travel for four or five days is a big chunk of money per day.
The second reason why good money management is so important now is because people begin shopping for Christmas a soon as the Friday after Thanksgiving dawns.
People should budget well for all of the Christmas gifts they will buy. Here, we will try to contribute some advice on how to do exactly that.
Make a List
We are told ad infinitum to make a list. When we go shopping, we make a list. When we want to organize a real vacation, we make a list.
However, in the interest of good money management during the Christmas season, you really should make a list. The list will include everyone you want to buy a present for and how much you can afford to spend on each present.
For example, if you have 10 grandchildren, you probably should budget about the same for each child and then add up the cost of their gifts. Compare that to how much you can reasonably afford for Christmas gifts.
Grandchildren are just one of possibly many categories that you will list for Christmas gifts. Other categories might be brothers and sisters, parents and grandparents, colleagues, friends, really good friends, neighbors, and so on.
As the costs get to be too high for you, something that happens almost every year to almost every person, you will have to adjust the cost of each gift accordingly.
Do All of Your Christmas Shopping at the Same Time
People who buy some gifts early and then buy more gifts as the month goes on might get into a tight financial situation with a few gifts still to buy. Since they have already bought a number of presents, they won’t be able to adjust the cost per present.
Some people might get a nicer gift than others, and it might look a bit awkward on Christmas morning.
Look for Sales
This seems to contradict the advice we gave above. But, if you can keep track of your spending and not buy sales items that you don’t need or won’t give as a gift, then looking for sales is a great way to stretch your Christmas budget.
A lot of companies pass out flyers with sales during the Christmas season. Big cities usually have one or two free newspapers that make a profit from advertising. During the season, advertising for Christmas shoppers goes up a lot. So, this is another way to find good sales.
Be Very Careful about Using a Credit Card
In the past, people were advised to take money out of the bank and put it into envelopes with the name of a gift recipient so that the correct amount of money could be spent for every recipient.
These days, people don’t like to have a thousand or more dollars lying around, so they use credit cards. The problem is that you still have to budget each gift correctly since credit card debt is very expensive. The interest rates allowed on credit cards are very, very high.
Extreme caution is warranted.
Suggest a Secret Santa to Large Groups of Friends or Family
Secret Santa buys a gift from everyone to give to their secret recipient. Secret Santa works great with friends who we all know are always on a budget and in large families.
You can also choose to be the Secret Santa for a friend or colleague, or neighbor who you know will not be able to be with their family for the holiday.
A wonderful Christmas gift you can give to such a person is to simply invite them to join you for Christmas dinner.
Everything You Will Buy for the Season Should Go on the List
This includes the tree, all of the ornaments, all of the outside lights, any special food you will buy, and meal additions.
One thing that many people miss is the high cost of dried fruit that will go into the Christmas fruit cake. Another is the cost of all the alcohol you and your guests might drink on the holiday. Here, we are not talking so much about the strongest whiskies; we are talking more about aperitifs and liqueurs.
Do it Yourself Gift is Always Welcome
The easiest do-it-yourself gift is food. Cakes are a happy gift. A casserole might be welcome for a large meal. A dish that takes some time to make is also appreciated. In this category, we might put gumbo, which is a Cajun soup that takes hours to make correctly.
A sewn gift is especially welcome. Most people keep a sewn Christmas gift for years, even after it is worn and frayed.
Plan for Next Year
A lot of people make a New Year’s resolution to plan their spending better so they have more money earmarked for the holiday season. Try to be one of the people who actually do plan for next year.
Here we finally get to online casino gaming and money management from now until the new year.
You Can Still Play Online Casino Games in December
One thing gamers do is to shorten gaming sessions. A lot of gamers play less often. Some gamers reduce the size of bets. Finally, a good number of gamers play in free play mode.
In slots, you might avoid progressive slots for a while. Progressive slots require that you bet the maximum on the winning payline, so they can be expensive even in the best of times. And progressive slots almost always have high volatility.
You could look for slots with low volatility. This would give you a better chance to come close to even or to exceed it. Low volatility means that there are relatively many winning spins, each paying a modest sum. They are the opposite of slots with high volatility.
You could play blackjack and video poker in December. When you play these games correctly, your expected return to player rate is about 99.5%.
In roulette, stay with the outside bets.
In craps, play pass or don’t pass.
Avoid exotic bets.
Jackpot Capital is Always Here when You Need Us
You might not need us as much as usual during the holiday. Sound money management might cause you to curb your online casino gaming enthusiasm for a few weeks. We will still be around when you can get around to playing our collection of over 400 games, plus access our top promotions, play confidently because of our safe banking, and avail yourselves of all of the accoutrements of excellent online casino gaming.