Saving for the Holiday Season. Is it too early?
It’s never too early to start saving. With that in mind, here are some tips and strategies to help you build your holiday shopping nest egg.
Whether you celebrate Christmas, Hanukkah, Winter Solstice, or Festivus, we can go all out when it comes to holiday spending. Unfortunately, that means your wallet and bank account won’t be filled with holiday cheer. Instead, your holiday cheer will be leaving them completely empty.
If you want to be prepared for the shopping challenges to come, you’re going to need to start saving.
These tips will assure your nest egg is ready for the season.
• EVERY day is the perfect day to start saving on holiday shopping says President and Licensed Insolvency Trustee, Doug Thode of D. Thode & Associates.
• Make a list of the people you plan on buying for and place the amount of money you plan on spending on each person. Total the figures and that’s your budget for the holidays. Divide that amount with the number of weeks before shopping. This is how much you need to save each week for the shopping trips. The better prepared you are with cash the less likely you’ll need to go into debt
• Deposit money regularly into another savings account to use for emergencies and to make sure that you do not dip into your holiday savings account. If your company has direct deposit you can designate an amount from your paycheck and this makes access to it a little more difficult.
Most of us have a regular daily routine. It may be stopping by your favorite coffee place to grab a cup, muffin, or breakfast sandwich and head to work. If you switch up a little bit, spend that time making your breakfast at home, you will save a nice portion that can go towards the upcoming holidays with no regret of overspending because you’ll be ready with extra on hand.
Breakfast with family
Keeping the person in mind when you shop and finding them something that one can’t buy online is sometimes the best way to show you appreciate and care about them plus you save on the budget, don’t pay for shipping, and help local entrepreneurs right in your hometown community.
Shop in your Community
Whether you decide to go all out or have a more modest holiday season, starting your saving now won’t hurt. And with these tips, your wallet will certainly be feeling a little jollier. To learn more about saving money Shelly Koelhi, Licensed Insolvency Trustee with D. Thode & Associates is happy to answer any questions and offer advice on saving everyday to avoid additional debt through the holiday season.