Saving for the Holidays

Posted by Jonathan Woods on Dec 16, 2015 6:05:14 PM

colorful_christmas_lightsThe holidays are just around the corner. Are you ready? Many people find the holidays a financially strenuous time, mainly for lack of preparation. So, how do you plan accordingly to be sure everyone lands on the nice list this year? In general, budgeting can save you a lot of money and heartache by following the plan you have laid out for yourself.

 

Here are a couple budget-saving tips for getting through the holidays in good financial shape:

Make the List and Check it Twice!

If you have a larger family, you may want to consider making gifts for your loved ones or drawing names. Thoughtful, handmade gifts are treasured mementoes and they also help to keep costs at bay.

A special tradition many families have is name drawing. In this example, you are only purchasing a gift for one person, instead of your entire extended family. Also, you may want to consider playing gifting games, such as White Elephant, Secret Santa or other gift exchange ideas.

Be sure you are also considering your regular household budget. After your needs are met, what is left? Start putting away a little extra each week for holiday expenses.

Have a Plan

Planning is key. If you begin saving early, you have more recovery time and an extra cushion in case of emergencies. Create a simple graph or spreadsheet to list your expenses over the holidays.

No matter how prepared you are, there will always be additional costs. If you have questions about saving up for the holidays, contact Republic Bank today, and let's put you on the right track this holiday season.

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Topics: Saving

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