Stop Your Savings from Snowballing

The holidays are in full swing and tis the season for mingling but also spending. With a little extra planning and advice, you can make sure nothing is left empty... including that wallet. Here are some savings tips to help you continue to be merry even after the holidays are over.

Stick to a Budget
Chat with your friends and family about setting a budget for gifts. This can help keep everyone in check and you won’t have to worry about overspending. But don’t forget to count extra expenses like holiday parties, decorations, and wrapping/sending gifts in your planning. 

Make Your Own ‘Naughty and Nice’ List
Santa has to buy gifts for the entire world, but you sure do not. When you were a kid making your Christmas list was top priority - it still should be. Assess who is on your buying list and cut it down. Then, bake some cookies for all the ones your snipped from your original list. This will ensure you’re still spreading the holiday cheer.

Open a Separate Savings Account
Sometimes the holiday joy takes over and we want to spoil the ones we love, opening a separate savings account for holiday spending will help avoid going to crazy. Tracking your spending this way will help you better prepare for next year.

Look for Deals
When you find the ‘perfect’ gift for your loved ones it’s easy to forget about your holiday budget. Keep an eye out for sales that are held leading up to Christmas. But also, don’t discount the value of giving something you’ve made or the gift of time.

Set Boundaries
The holidays are about giving, and sometimes we get a little carried away with treating ourselves. Look at ways you can reduce your ‘bonus’ spending by setting boundaries over the months leading up to the holiday season. Consider the ‘latte factor’ - making your daily coffee at home saves you approx. $4 a day to put towards holiday spending. It’s a win win, still get your caffeine and a growing holiday budget.

Online Shopping
Over the past few years online shopping has become the norm, after all, it’s easy and convenient. But with shipping and duty things can add up fast. Try shopping local, not only will it help you avoid those fees but supporting locally owned businesses also helps our community.

Keeping these tips in mind when you’re hitting the stores this holiday seasons will only benefit you and your bank account. A holiday savings strategy that you can celebrate knowing you have a plan to help avoid overspending. Need some advice on how to follow through on these tips? Just ask our experts.