The holiday season is just around the corner!
While it truly is one of the best times of year, it can also be a tough period financially for many families. Especially with inflation and rising prices, it can be easy to watch your spending spiral out of control as you buy the perfect gifts for your loved ones. With a little bit of planning and some smart budgeting tactics set in stone, you can give your family and friends great gifts while still enjoying all the joys the holiday season has to offer.
Here are a few tips to budget for this upcoming holiday season.
Make a list (and stick to it!)
Before you even begin thinking about your holiday shopping, it’s important to sit down and make a list of everyone you’d like to buy gifts for. Then, with your bank statements in hand, set a budget for each person on your list. This simple step can give some structure to your holiday gift giving plans, which will help you avoid overspending.
Open a Christmas Club Savings Account
With RMLEFCU’s Christmas Club Savings Account, you’ll be able to save little by little for holiday expenses. Plus, you’ll be able to enjoy:
No Monthly Fees
Reduced Holiday Debt
Earn Competitive Dividends
Shop around for the best deals
Don’t just buy the first thing you see! Take some time to compare prices and look for sales and discounts. You may be surprised at how much money you can save by doing a little bit of research before you make your purchase.
Here are a few national shopping holidays that can save you quite a bit of cash:
Black Friday: Traditionally, Black Friday is the day after Thanksgiving. when people begin their holiday shopping in earnest. However, in recent years, it’s stretched to be a month-long savings fest.
Small Business Saturday: This is an annual event that was created to encourage consumers to shop locally in person and online at small businesses. This event takes place every November (this year it falls on November 26th!) and represents a significant opportunity to increase sales for small businesses during the holiday shopping season. Here are some great places to check out in the Denver Metro Area.
Cyber Monday: This year, Cyber Monday is November 28th. This is the perfect time to snag the best deals from your favorite online stores.
Make homemade gifts instead of buying them
DIY gifts can be just as thoughtful (and sometimes more so!) than store-bought gifts, plus they’ll save you a lot of money in the long run. If you’re not the crafty type, think about giving someone an experience instead of an object, like tickets to a show or a gift certificate for a day at the spa.
The holiday season is a wonderful time of year, but it can also be a very expensive one if you’re not careful. By following these financial budgeting tips, you can shop smart and avoid going into debt this holiday season.
Need more guidance on how to save for the holiday season or another occasion? Speak to one of our Certified Financial Counselors today for personalized financial guidance.