Christmas might feel like a long way off, but it will be
here before you know it. Help ease the stress the holiday season brings by thinking
about your holiday spending goals now. Without a plan you may be more tempted
to use your credit card which means you could be paying for the holiday festivities
well into the spring. Starting to save now will help alleviate the stress of
overspending and accruing more debt.
1. Set
your spending goals now and start saving.
First, look at what you spent last year. Did you feel it was
too much? Just enough? Wanted to spend more? From there you can determine your
spending goal for this year. Once you have a goal, write it down so it is
easier to work towards. Next, take the total amount you want to spend and divide
by the number of months left (in this case 3). This will show how much needs to
be saved each week/month to reach your goal. Remember to adjust it as needed.
Another way to save a little extra is to take anything
considered under budget and move that into your Christmas savings. Let’s say
you have $50 a month budgeted for fun activities, but you only spent $25. The
remaining $25 can go into your holiday fund to help reach your goal quicker.
2.
Open a holiday account
Think about opening a separate account for your holiday
savings. Some financial institutions have dedicated Christmas accounts (we have
one here!) but really any secondary account will do for Christmas savings. Keeping
the funds separate from your other spending money will reduce the urge to spend
it on non-holiday things.
3.
Start shopping now
If you can, don’t wait for Black Friday, take advantage of
deals happening now. There are plenty of Labor Day sales going on. If you are a
fan of online shopping, Amazon’s Prime Day sale is a great way to get discounted
items, but it has been moved back to later in the year. No official dates have
been announced yet, but it is rumored to happen on October 5th. If
you prefer to give more personalized gifts, try making them. DIYing your gifts can
be super fun!
We hope this blog post gets you thinking about your
Christmas spending plan and helps to make the holiday season a little easier
this year. To learn more about our accounts visit our website.
For savings tips, contests and more follow us on Facebook
and Instagram, @RiverValleyCu.
Happy
Saving!