30 Nov How to Start Saving for the Holiday Season
We all know that the approaching holiday season can be very stressful financially. From holiday parties, to gifts, and to travel expenses, costs can add up real quick! With some early budget planning and smart spending, the holiday season can be a lot more enjoyable!
When it comes to budget planning for the holidays, it’s best to start as early as you possibly can. We suggest opening a savings account strictly for holiday spending. If you receive a paycheck, transfer a portion of it to your holiday savings account every time you deposit it. If you are not receiving regular paychecks, simply set up an automatic transfer on a weekly or monthly basis. In order to create a budget, it is necessary for you to first figure out how much you plan on spending this holiday season and then you can determine how much money to take out of each paycheck.
If you are worried that you won’t be able to save up enough money, consider selling some of your belongings that you don’t want or need anymore. For example, take your old clothes to a second-hand store or books that you’ve already read to a used bookstore. Also, look for things that you can cut out in your daily expenses. Giving up going to a coffee shop everyday could save you over $50 in just one month!
Now that you’ve saved up money, it’s time to shop. Be smart and take your time shopping around when looking for the best deals! Look through the multiple coupons and promotions that you either receive in your inbox or mailbox and visit more than one store before you commit you a purchase.
Interested in opening up a savings account for your holiday spending? Come in to one of our four convenient locations and we’d be more than happy to help!