Many people will go into debt during the holiday season in order to pay for everything, which puts them in an unfavorable position in the new year. To help offset the extra costs, you should start saving money now. Continue reading for three tips to help you financially prepare for the holidays!
Establish a savings goal. To pick a goal, start by looking through how much you spent last year on holiday shopping. If you don’t keep your receipts, come up with a rough estimate of what you think you’ve spent. This can provide you with a ballpark figure on costs for the upcoming holidays. Break down costs and set small goals for each person. For example, set a budget limit of $50 per family member and only allow yourself to spend $50 on new decorations. The total dollar amount of your small goals will make up the entire savings goal to strive for!
Open a Christmas Club account with SeaComm. The goal of a club account is to keep your money locked away until you need it. You can start your club account with only $5 as an opening deposit – and you will earn dividends on your money! The funds you have saved in your club account are not restricted to gifts…you can use them to cover the cost of any anticipated expenses like holiday donations or a winter vacation! Click here to learn more.
Set up an automatic transfer. Saving in small increments instead of large chunks all at once will be easier on your wallet. Once you have determined how much you will need to save, divide it by the number of weeks (or months) you have left until the holiday shopping season begins. Stop by your local SeaComm branch to set up an automatic transfer with a Financial Service Representative. Call us at 800-764-0566 to schedule an appointment at your nearest SeaComm branch location!