It is difficult to control spending during the season of giving. You don’t need to break your budget to give nice gifts to your loved ones.
Are you looking forward to the holidays? Do you want the table filled of delicious food, beautiful storefronts and time with loved ones? It can be easy to get caught up in the festivities and ignore the major spending that takes place every year at this time. That is, until the major January spending aftereffect hits. If you are trying to skip the major expenses this holiday season, try some of these tips to prepare your finances now and prevent overspending later.
1. Track your spending – Know where your money is going. You may be surprised to see places that you are spending more than you ever thought.
2. Wants vs. Needs – Differentiate between what is necessary and what is not. It is also important to recognize the difference between people. Your wants may be another’s needs and vice versa.
3. Spend Wisely – It may seem obvious but try to get the most that you can for the least amount of money.
4. Have a goal – Tell yourself something like “I will only spend X dollars this week on wants”. This will challenge you to prioritize your wants and maybe find places where spending is not necessary.
5. Reward yourself – If you are motivated by the knowledge that you will have more money in your wallet around the holidays, that is your reward. If you miss something that you gave up to cut back on costs, reward yourself every once in a while. It will keep you motivated to stick with your plan.
Don’t stress over your finances during the holiday season. November is a good time to push for saving as much as you will spend to prevent spending first and paying later. Try our Christmas Club savings account that allows you to save all year long. Interest is compounded every month and credited to the account at the end of the 50th week deadline, just in time for Christmas! Contact Milledgeville State Bank at (805) 225-7171 or stop in today!