Wednesday, June 27, 2018

Saving for the Holidays

It's the time of year! It's time to start saving for the inevitable winter holidays!


Where to begin?

Look at your expenses from last year. Evaluate if you want to spend the same, more, or less this year. (Hint) Be sure to include travel in your expenses.


Make a list of everything you want to spend money on this year. BE REALISTIC! You're not doing yourself any favors if you know you really want to by that poinsettia garland you've always wanted, but think you will have the will power to put it off another year. Add the poinsettia garland to the list!

This list should be inclusive: food, travel, gifts, hosting costs, entertainment, etc.

Figure out how money money you want to spend in each category. This will help you prioritize what you actually want to spend money on this year.




Prioritize!


What do you really need to make your holiday season happy and successful?

  • Can you cut back on the gift giving? Will your family agree to a secret Santa instead of buying each individual a gift?
  • Can you cut reuse last year's holiday decorations?
  • Can you cut back on travel costs?

Be mindful of how you really want to spend your budget this year.




Ad it up!

Add up the total of your honest holiday list, and you've got your savings goal!


What's next?


You are a great place now to start saving for the holidays. Consider having a portion of your paycheck automatically deposited into a savings account. This has proven to be one of the most effective strategies people can use to save money. 

Remember to take advantage of sales throughout the year!



Free holiday budget printable: https://americasaves.org/blog/1384-free-holiday-budget-printable

Other resources:
https://cfaes.osu.edu/news/articles/family-fundamentals-be-smart-about-holiday-spending-season