Tag Archives: holiday spending

How To Set Up Your Holiday Budget

The holidays set back many Americans into debt every year. Last year, the average incurred per person was around $1,000. It’s never too early to start deciding what your holiday budget will be so that you aren’t fretting over overwhelming debt in the new year. If you haven’t set up a budget before, the holidays are a perfect place to start.

1. Start with what you have.

Every budget should begin by calculating what you have. This means having an exact tally on what income you and your household bring in each month. If your income is irregular, take the average of what you have brought in the last few months. You can’t know how much to budget for if you don’t have an idea of what you have coming in each month.

2. Take note of every current expense.

What are you really spending each month? Some people like to play the “ignorance is bliss” game, but it makes having a budget and comfortable savings nearly impossible. Review your bank transactions from the last few months and write down every bill you can expect to come in. What are you spending your money on? Are there areas where you can cut back? Some people don’t even realize how many subscription services they are signed up for and these monthly dues add up. Organize all of your bills either in an online spreadsheet or a piece of paper.

3. Calculate the surplus.

Now, take that income and subtract your monthly expenses. Do the numbers surprise you? Whatever is left over doesn’t mean you can spend it all on the holidays. You need to now categorize the additional money.

4. Allot an item to each dollar.

Every dollar in your bank account should be accounted for – whether that be emergency savings, bills or holiday shopping. It’s up to personal preference, but you should consider what your goals are beyond the holiday season before you contribute a large amount of your savings towards the season.

5. Plan!

Now that you know how much you are willing to save and spend on the upcoming holidays, it’s time to get specific on those purchases. If you’re buying gifts for people and this is a top priority for you, set a dollar limit on each person. If food or traveling this season is more important to you, set a limit. Being over-prepared can take the stress away from this fun time of year. Knowing your limits will help to challenge you in creativity and self-control.

If you need help setting up a savings account, give us a call so you can be ready for this holiday season!

Have You Thought About These Holiday Saving Hacks?

It’s the holidays! As they come closer, you’ll want to be preparing your budget for the food and presents you’re buying. But, be careful not to overspend! Here are our top sanity-saving holiday hacks to follow.

Be Frugal Online

Use cashback apps like Ibotta and Ebates when you shop online for the holidays to save money and earn bonuses. There are also ways to earn free gift cards online when you take surveys, such as using a program like Swagbucks.

Simplify Your Giving

Don’t go all out and buy new clothes for everyone. Think of simple and sweet gifts, like a dessert platter full of your family member’s favorite sweet treats. You can also decide to do no gifts and just play a family giving game like White Elephant. Here’s an example of how some people play White Elephant.

Use An App

You can use apps like ShopSavvy to do your comparison shopping. Just scan the item’s barcode with your phone, and the app will tell you if you can find that item for less at another store. You can also use your phone to download a budget app, as this will help you keep your spending for the holiday meals and gifts in check.

Save On Shipping

Chris Hogan, a personal finance expert, states, “The U.S. Postal Service offers flat-rate boxes in different sizes, so pack as much as you can into a box (within weight limits) and save on shipping. Or take advantage of free shipping offers when you buy online.”

Re-gift

We all have items piling up around the house that have never been worn or are collecting dust. They are perfectly good candidates to become gifts to those who would actually use them! Do some investigating and find those secret treasures you can re-gift this holiday season to save big.

Invest in Experiences

Instead of spending money on gifts and family get-togethers, talk about doing a trip or finding something fun close to home to experience. There are plenty of great adventures you can find for you and your family to do – without spending extra money on presents and meals.

Survive this holiday season with these tips and tricks! Staying within your budget means you need to keep a handle on your expenses, even during these times. Our savings account would be a great place to store some of that cash, so you don’t go spending it all at once!

Holiday Hacks for Saving Money

holiday

Shopping for the holiday season can get pretty expensive – especially with gifts for the whole family and hosting traditional holiday parties. Luckily, this holiday season we are offering you 5 top-notch money saving hacks so you save more than you spend!

Be a Thrift Store Champ – When you shop at thrift stores, you can find inexpensive gifts and decorations for this holiday season. This is the perfect spot to find your ugly Christmas sweater and a wonderful resource for one-of-a-kind gifts. The items you can find here will most likely be under $10. What a bargain!
Download Discount Code Apps – Honey is a chrome extension that searches and applies online discount codes so you can find all the best deals for your holiday shopping. You also never have to pay full price for a gift card as there are discount sites online such as: Gift Card Granny or Cardpool that make it fast and easy for you to save money. Stack up those online codes to get the best deals!
Shop on Black Friday & Cyber Monday – Shopping the Black Friday deals might be a zoo, but in the end, the mess of people and long lines are worth it. Black Friday always offers some of the best deals at your favorite stores. If you have a large purchase to make, such as a T.V. or kitchen appliance, go shopping on Black Friday. Similarly, Cyber Monday offers great deals, but instead of going out into the madness, you can shop in the comfort of your own home. Shopping Cyber Monday will allow you to get special items at a good price without having to go anywhere. In addition to these two hacks, during the middle of December many retailers participate in Free Shipping Day. This is a one-day event where consumers are able to shop both big and small stores that offer free shipping.
Utilize Your Dollar Store – At the dollar store you can find decorations, wrapping paper, and even holiday ornaments! You can also buy serving platters, dinnerware and extra kitchen utensils to make your holiday party extravagant for your guests without putting a big dent in your bank account.
Participate in Secret Santa – Try something different this holiday season. Instead of buying gifts for everyone in your family, suggest the Secret Santa method! This is an easy and enjoyable gift exchange for everyone to participate in. A few weeks before Christmas, put the names of every member of the family in a hat or bucket, and have each person draw a name. They will then only have to buy a gift for that person. Not only will this help relieve some financial stress, it also serves the purpose of talking about the importance of service and giving during the holidays!

It is so easy to get all wrapped up into the spending cycle during the holidays, but hopefully with these hacks you will be able to find simple treasures and save money! If you’re looking for an extra special gift to give this holiday season, consider opening a savings account with us for your child – we’d love to be a part of the holiday spirit!

Inexpensive Gift Ideas For Everyone On Your Nice List

Buying gifts for everyone you care about can add up. Plan ahead and manage your budget wisely to prevent overspending.

Buying gifts for everyone you care about can add up. Plan ahead and be mindful of spending to keep your budget on track.

The season of giving often translates to the season of spending. Luxury cars, jewelry, and designer stores make us feel like a good gift needs to be extravagant and expensive. However, giving your loved ones a thoughtful gift is the best way to show them you care! Milledgeville State Bank has put together a list of inexpensive and considerate gifts for everyone on your list this year.

For the cook…

Although most recipes can be found online, many people still value a cookbook with their favorite recipes. For a personal touch, bookmark some of the ones you think they will enjoy the most!
Kitchen tools like a can opener, cheese slicer, or potato peeler are practical items that the chef in your family will be sure to put to good use.

For the writer…

Nice journals can be found at a reasonable price. Writers are always looking for beautiful paper to mark their thoughts on. Write a note on the first page telling the individual how much you care and what you appreciate about them.
A nice set of stationary, quality pen, and a few stamps is a thoughtful gift for those who like to use snail mail. Maybe you will even receive a “thank you” on the new stationary!

For the food lover…

Bake some of their favorite homemade goodies! Breads, cakes and cookies are a good idea for those who don’t need more “stuff” taking up space. A gift basket of gourmet chocolate, trail mix or popcorn makes for a special treat that can only be found once a year.
If you know a coffee lover, a nice mug with a bag of gourmet coffee or tea is something you know they will enjoy every day.

For the couple…

Treat them to a well-deserved date night! Pair a movie with a box of popcorn or restaurant gift card to give them an excuse for a night off.
A beautiful picture frame or scrapbook with photos of the couple together is a gift that will be cherished in their home for years to come.

Your gifts don’t need to be excessive to be appreciated. Some of your loved ones would be happy to just spend time with you! Take some time and really think about what those who are special to you would use and appreciate. Our family at Milledgeville State Bank wants to wish you and your loved ones a happy holiday season full of love and joy!