Can you believe it? The holidays are almost here again! With just about a month until Thanksgiving and two months until Christmas, it’s definitely not too early to start thinking about, and planning for, your holiday expenses. The good news is that if you start now, you can plan your expenses, avoiding having to reach into savings or using your credit card.
Save Money
Even if it’s just a little bit of money, set some of it aside from each paycheck you have. Buying food for Thanksgiving can be expensive, not to mention the gifts and travel associated with this time of year. Cutting back now will give you more money to spend when you really need it.
Start Purchasing Gifts Now
In addition to saving money, start shopping for gifts now. If you can space your purchases out over the next couple months, you won’t have to buy them all at once. This can keep you from using your credit card since you will be spreading out your purchases. Additionally, completing your shopping now will help you avoid the crowds during the holiday season. This can make your experience a lot more enjoyable.
Set a Budget
It’s difficult to know how much to spend on gifts, especially if your family doesn’t have a rule for how much to spend on each other. If that is the case, and even if it’s not, it’s important to set a budget and stick to it. Before you even go to the store, sit down and figure out how many people you need to buy gifts for. Go through each person and set a limit for how much you want to spend on a gift for him or her. Setting a budget will force you to find deals, or at very least give you a guideline for how much money you will spend.
Minimize Travel Costs
Traveling around the holidays can be expensive. Plane tickets and hotels are more expensive. If you haven’t purchased your tickets or reserved your hotel room, be sure to do it as soon as possible! The closer it gets to the holidays, the more costly it will be. If you are really set on saving money this year, consider skipping the trip back home to see the family or travel. Instead, use that money to pay off debt or put into savings.
Saving extra money around the holidays can make it much more enjoyable for you and help you stay on top of your finances as the New Year begins. If you have questions about how to save more money or are interested in knowing how we can help you prepare for the holidays, stop by one of our branches or give us a call at 800-835-3400. We would love to help!