Publish Date: November 2022
Shopping for the holidays can be a stressful experience, but it doesn’t have to be. Planning ahead can help make sure that you don’t overextend yourself when shopping for loved ones.
“It is difficult to see anyone fall into financial trouble simply because they got caught up in the season of giving,” said Meredith Flattery (NMLS # 1967762), Retail Loan Officer. “You can still have a nice holiday season without going over budget. With a little effort and easy saving strategies, you can prevent spending the first part of the new year climbing out of debt.”
As you start making your shopping lists this holiday season, consider these 6 tips to help keep your budget in check:
- MAKE LISTS
Write down the names of everyone you wish to buy a gift for this holiday season and the items you would like to purchase. Create another list for holiday supplies (food, decorations, etc.) that you will need for your celebrations.
- STICK TO YOUR BUDGET
Now that you know what you need to buy, it’s time to budget. Set a dollar amount you will spend on presents for each person on your list, as well as a dollar amount you will spend on other supplies. Pledge to not go over those amounts.
- DO YOUR RESEARCH
Start checking prices on the items you listed (tip 1). Go window shopping at local shops and check prices online. Add them all up and compare this amount to the amount you budgeted for (tip 2). If it exceeds the total you want to spend, it’s decision time. Go back to your list and either cut some items off your list or choose less expensive gifts. Look for sales and coupons on food and decorations you want to buy and adjust your list as necessary.
- TAKE ADVANTAGE OF BIG SALE DAYS
This year, many online retailers are offering even more options to hunt down deals, but don’t forget about the big three shopping days the weekend after Thanksgiving that offer prime opportunities to save.
If you don’t mind fighting the crowds, you can save a lot on big-ticket items on Black Friday (Nov. 25). If you want to support local businesses, check out the deals available in your hometown on Small Business Saturday (Nov. 26). On Cyber Monday (Nov. 28), you may be able to check some items off your list by finding discounted prices online. In the meantime, check out these online shopping safety tips to keep your finances safe!
- SAVE EARLY
Once the holidays are over, it’s easy to put off next year’s holiday season until November; however, it may be wiser for you to start saving for next year right away. Fidelity Bank & Trust’s Christmas Club is an easy way to save throughout the year and earn additional interest. By putting away just $50 per month into a savings account, you will have $600 plus interest, saved for holiday expenses by the time the next season comes around.
- USE CREDIT WISELY
Credit cards can help you get through the expenses that come with the holidays, but it’s crucial that you don’t rely on them too heavily. If you rack up too much credit card debt during the holidays, you could end up paying for them longer than you planned. Instead, consider a Christmas Club account and EARN interest, instead of pay interest! Check out Fidelity Bank deposit rates for more ways to earn interest in today’s rising rate environment.
Whether you’re saving for the holidays, a major event or a big-ticket item, Fidelity Bank can help. Contact us to get started or stop by Your Hometown Bank to learn more! Visit our blog for more financial tips, sign up for emails or find us on Facebook, LinkedIn and YouTube to stay in the loop.
