It’s beginning to look a lot like the holidays! ‘Tis the season for giving thanks, spending time with family, and showering loved ones with gifts. The holidays are a joyful time of year, but between traveling, entertainment and shopping expenses, increased spending can dull your wallet’s seasonal cheer.
Don’t let holiday spending take you by surprise. Check out these money management tips from our webpage on Cash and Debt Management.
Determine how much money you can afford to spend based on your fixed and variable expenses. Make a list of the expenses you’ll have over the holidays, and check it twice to make sure you’ll have enough money to cover the costs. Prioritize your list by most to least important, and reduce or eliminate any unnecessary items.
Purchasing gifts online can save you both time and money during the busy holiday season. Online shopping allows you to compare prices between retailers so you can snag the best deals, leaving more money in your budget. However, it’s important to use caution when charging items online. Shop only with secure sites to protect your debit and credit card information, and review your monthly statements carefully to check for any discrepancies.
It’s never too early to start saving money for the holidays. By adjusting your lifestyle and cutting back on expenses, you can grow your savings to finance both this and next year’s holiday season. Consider opening a specialized savings account, such as Essex Bank’s Christmas club account, to help you put aside money for future holidays.
Keep money in your stocking this holiday season with these and additional financial tips from Essex Bank’s online Education Center.
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