Sure, it’s still hot outside, but it’s never too early to prep your budget for the holidays!
Between big family meals, holiday outings, and, of course, gift giving, you’ll want to make sure you’re prepared for the extra spending.
Lucky for you, we’re here to help! Keep reading for 3 ways to prep your budget for the holidays.
Make a List, Check it Twice
Did you know consumers spent an average of $1,011 during the holidays last year?
‘Tis the season for spending, which is why it’s important to make a list of everything you plan to buy November-December.
Will you host a party? Who all do you need to buy gifts for? (Don’t forget your kids’ teachers as well as neighbors, co-workers, and service providers!)
What about travel, events, and big family meals?
Here are other items to consider:
- Gift wrap
- Holiday cards/stamps
- Family traditions, such as special books and holiday-themed pajamas
Charitable donations or events
Once you have a good estimate on what you plan to spend, start saving!
Open a Holiday Savings Account
We recommend you open a holiday savings account, which allows you to set aside money specifically for the holidays year-round.
The Persons Banking Company Christmas Club offers competitive interest rates that are calculated at maturity (annually in November), and you can open it with just a $5 minimum deposit.
After you open your account, decide how much you plan to spend during the holidays, divide that number by 12, and then set aside that amount each month.
One surefire way to save money and reduce holiday stress is to shop ahead.
This is especially true when it comes to gift-giving! So, once you have a list of everyone you need to buy for, start shopping!
Make it a goal to get all of your holiday shopping done before Thanksgiving so you can sit back, relax, and actually enjoy the season!
To Sum it Up
The holidays can be stressful, especially if you don’t budget for them!
Here are 3 tips to help you prep for holiday spending:
- Make a list of everything you need to buy during the holidays.
- Open a holiday savings account.
- Shop ahead.