Ways to Start Saving for the Holiday Season

Ways to Start Saving for the Holiday Season

Ways to Start Saving for the Holiday Season

The time of gift giving will be here before we know it! The holiday season is one of the best time of the year, but it isn’t always the best time of year for our wallets. We are all tempted to spend a little extra money to spoil our loved ones, but let us make this the year of saving instead of splurging! Rather than overspending on last-minute gifts, travel, and parties, start planning early. Check out these tips from Bank of the Lowcountry on ways start saving for the holiday season!

Create a Budget

Before checking anything off your shopping list, you will want to establish a budget. This budget will make it easier when planning out your shopping trips and to help you determine which destinations you will and won’t be able to shop at. By now, you have a clear idea of who you want to give gifts to and if not, write down a list of names to all the people you generally give a present too. After making a list, allow yourself a certain amount of money to spend on each person. Be sure to budget a little bit of extra cushion money for those last minute presents or gifts needed for the unexpected invite to a holiday dinner party. Sticking to your budget will help avoid any extra financial stress as you ease into the holiday spirit! 

Track Your Spending

You’ll want to create a list and write down all of your purchases, who they are for, and where you got them from. This way if you misplace receipts or lose track of what you previously purchased, you’ll have a reliable list to refer to. This will also help you stick to your budget.

Cut Back

It time to start cutting back on on the “wants” and focus on the “needs.” Start saving money by cooking dinner at home instead of dining out, renting a movie at home on a Saturday evening, or packing your lunch for work. Cutting back little by little each week as the holiday’s approach will add up quickly. Set a goal to only spend money on an item if it is absolutely essential to your day to day life operation. This enables you to stick with your budget and potentially have more money to spend for the holiday season!

Take Advantage of Sales

The holiday season is the season of sales. Now is the best time to buy clothes, toys, etc., at a low price. Planning ahead and checking sales ahead of time will help you budget the amount you have to send on each person on your list. When shopping, be sure to stick to what you came to purchase. It’s easy to overspend with great prices in every corner. However, just because items are on sale, doesn’t mean you should go overboard on purchasing. While you are saving money, you might be more inclined to spend more, since plenty of stores mark down most of their inventory during the holidays. Be aware of your budget before binging on sale items.

Planning ahead and having that extra time to save is essential to enjoy the holidays without overspending or added financial stress. Whether you’re hosting holiday parties, shopping for gifts, or decorating the house, start saving early. If you have any questions regarding how much to save or want to open up a savings account, contact us through our website or call us at 843-549-5476. Happy holidays!

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