Ideas for Saving Money: Use Gift Cards to Stick to a Budget

Thank you to our reader, Julie, for this post on one of her fun ideas for saving money: use gift cards! 

 

 Do you struggle each month trying to stick to your budget? Did you ever think of using gift cards to help keep you within your budget? That’s right, I said gift cards. I know it may sound strange, but using gift cards can really help you stay on track! Here are some ways that using gift cards can help you stick to your budget.

Ideas for Saving Money: Gift Cards

I know I cannot function without my morning coffee, but I have also caught myself stopping in for a pick me up during the afternoon or evening and spending way too much each month. The solution? I buy a gift card at the beginning of each month with the amount I have budgeted for my Starbucks and if I spend it all before the month is over, I am just out of luck...and coffee.It keeps me from overspending or splurging because I know it needs to last the entire month and I do not want to go a single day without. This works with any area that you have a habit of overspending or splurging on. For me it’s coffee, for you it may be shopping at Target or Michael’s, no matter what it is, use a gift card to help control your spending.Gift cards are great for older kids who get an allowance. You can load their allowance for the week or month on a Visa or Mastercard Gift Card. It makes kids feel grown up but it is also a valuable tool for teaching them how to budget their own money. They can keep track of their spending and learn how to make their money last longer, instead of just spending without thinking.Buying gifts always  tips me over my budget. I seem to always find something extra I want to buy the person in addition to the original gift I purchase. This led me to overspending each and every time I needed to buy a gift. Now, I decide on an amount and I purchase a gift card. The recipient gets to choose whatever they like and I don’t go over my budget. Splurging on a gift here and there may not seem like a big deal, but when you add up the cost over a year you will be shocked by how much you have gone over your budget for gifts.Another great way is to purchase gift cards for your monthly groceries. Not only will it help with impulse buying it will force you to stick to your budget so that your designated amount of money will last you the entire month. Plus, a lot of grocery store offer rewards for purchasing gift cards!If you are having trouble sticking to your budget, consider buying gift cards. Once you get used to the idea, it really makes sense. Gift cards are an easy way to limit yourself on your spending and now that I see how much it actually helps, I will continue to budget certain things this way. Which areas do you have trouble budgeting and do you think you will try using gift cards to help?

Thanks again Julie!Do you use gift cards to help stick to a budget? Please share your own ideas for saving money in the comments below.