The holiday season is just around the corner. Many of us are hoping to spread holiday cheer — such as putting up decorations and exchanging gifts. For many, enjoying these festivities can make a significant impact on our wallets.
The good news is there’s still time to budget and save for the expenses that holidays inevitably bring. By planning ahead, you can lessen the impact the holidays will have on your finances. Here are six tips to help you save during the holidays:
- Make a list and check it twice.
Make a list of all your anticipated holiday expenses: include items such as gifts, food, wrapping and decorations. Then, determine a budget that will allow you to reasonably pay for these items. If your list is over budget, consider scaling back on the number of gifts, the amount you spend on gifts or buying decorations. Start setting aside a certain amount each paycheck to go toward your holiday spending.
- Start shopping now.
Make a list of what you would like to give each person, and start searching for deals. Staying ahead of the holiday shopping season has many benefits:
- Avoid seasonal price increases.
- Items are more likely to be in stock.
- More time to find gifts on sale.
- If shopping online, you’ll avoid rush shipping charges.
- Gradually buy ingredients for meals.
While hosting holiday meals is fulfilling, they can make our wallets feel empty. By planning your menu now, you can start buying nonperishable food items ahead of time to lessen the financial impact later. Watch for sales on nonperishable or frozen ingredients. Consider planning a potluck where guests bring a portion of the meal.
- Minimize your gift-wrapping costs.
You don’t have to break your bank with fancy wrapping paper. Consider purchasing plain colored paper and gift bags that represent the holiday. This will likely cost less than the preprinted paper. You can personalize your gift by adding designs and messages. Also, you can reuse gift bags that have been given to you. It costs less and is more environmentally friendly.
- Resist purchasing holiday decorations.
Nothing gets you in the holiday spirit like festive décor. Try to hold back on purchasing them until they are on sale. Often, retailers cut prices for holiday décor the day after Thanksgiving. Waiting to purchase decorations until the holiday season is over could save you 50% or more! You’ll enjoy getting a great deal and have it ready for holidays to come.
- Spend time volunteering.
Explore ways you can spend time with family by volunteering. This will help you celebrate the season without spending any money, by giving back and enjoying their company. Examples include caroling, collecting donations for a local pantry and hanging lights for a family in need.
Get ready for the holidays by planning, budgeting and saving now. Reach out to a personal banker at FNBO to open a savings account tailored to your holiday needs. Contact us at fnbo.com or stop by one of our branch locations. Member FDIC.
