If the thought of holiday festivities makes your wallet groan, you might benefit from some money-saving ideas. This time of year can be fun and busy, but it can also be stressful, especially if you are already experiencing financial setbacks. Thankfully, there are many ways to outmaneuver holiday expenses.
Planning ahead is always the most critical strategy, and that’s why Portage Bank is here for you with some great budget-friendly tips as we approach holiday festivities.
5 Budget-Friendly Holiday tips:
At Portage Bank, we want to help you achieve your financial dreams. At this time of year, however, long-term financial planning is often sacrificed in preference for holiday gifts, special foods, or lavish gatherings.
Is it possible to still enjoy the holidays without breaking the bank? The good news is that with careful planning, you can still wind up ahead of the game come January. Here are some ideas to get you started:
- HOMEMADE GIFTS
- Make homemade cards with your creative spin. Have fun with it! Use photos from the year for inspiration. Use your artwork, or make a card out of scrapbooking paper with a vintage theme.
- The holidays are a time for friends and family. Frequently, homemade gifts such as soup, cookies, sauces, mixes or rubs, gift baskets, or simply the gift of time might mean more than spendy presents.
- CREATE A BUDGET
- Create a holiday budget and stick to it. This will help you keep track of your expenses throughout the season so that you have enough money to cover them when they come due. This will be a valuable tool as you prepare for next year since you will know what funds to set aside in advance.
- If you need help creating a budget, Portage Bank is available to help consult with you as you strategize your finances.
- CREATE LISTS
- Make a list of what you need to buy, prioritize it by price and necessity, and stick to it.
- Avoid impulse shopping—it can be tempting when walking through store after store, but doing so will just make your wallet lighter.
- AVOID CREDIT CARDS
- Credit cards are dangerous because they are often used to make purchases you don’t have the money for, leading you into debt and stress during the holidays if you’re not careful. Interest rates on credit cards are high, and there are often fees associated with them.
- SET UP A SEPARATE HOLIDAY SAVINGS ACCOUNT.
- As early as the beginning of the year, set up a savings account or money market account designated for holiday spending.
- The key here is to commit to saving before spending because after the holidays are over, it’ll be hard to remember what happened.
Manage Your Money Wisely
It is possible to save money without losing the spirit of the holidays. Your job is focusing on time with friends and family. Our job is to be here for you as financial consultants helping you along your financial journey. If you’re wondering what that looks like, we invite you to contact us today!