Here are some tips to help you manage your holiday financial stress.
Work Gift Purchases Into Your Budget
We already know the value of a well planned budget, but when it comes to the holiday season, you may need to make some adjustments. Hopefully, you’ve been able to save a little throughout the year to have some wiggle room, but it’s also important to consider other budgetary increases you may face during the holiday season.
Do you have to travel to see family? Does your heating bill go up as the temperature drops? Maybe you’re hosting holiday dinner.
Do your best to identify what gifts you’d like to purchase and space out your purchases by designating a portion of your paycheck to gifts. While those Black Friday and Small Business Saturday deals may seem appealing, spacing out your purchases may pay off in the long run.
Avoid Swiping Your Credit Card
Sometimes, saving and budgeting just doesn’t cut it during the holidays. If you choose to spend beyond your means, try your best to avoid swiping that credit card and consider some other options:
- Layaway or multiple payment options are still offered by a lot of retailers. Space out your expenses with this option.
- A Personal Line of Credit often offers a lower interest rate than most credit cards, so if you do need to make purchases on credit, this could be a better option for you.
Sign Up for Christmas Club Savings
Highlands Community Bank wants their customers to enjoy the holiday season to the fullest. That’s why we offer the Personal Christmas Club Savings to help you prepare for the season year-round! You can open this account with only $5 and set up automatic deposits to build your savings throughout the year. The money you deposit will collect interest overtime and you are penalized if you withdraw prior to maturity. That way you know your budget is locked in for the next holiday season!