4 Budgeting Tips to Help You Save During the Holidays

posted on Wednesday, December 9, 2020 in Financial Tips

Christmas is a great time to express appreciation for your loved ones. Most people do this through gift-giving. While this is considered a heartwarming gesture, it can also put a hole in your bank account. So, before you start your holiday shopping, here are some tips to help keep you from overspending:

Set a Spending Limit

Keep in mind that buying presents won’t be your only expense during the holidays. Be sure to prioritize the essentials first—utility bills, insurance, grocery, etc. Once those are covered, you can now assess how much you’re going to allot for each person you’re shopping for. It’s also important to factor in other costs such as gift wrappers and Christmas cards.

Create a Shopping List

Now that you have a budget in place, it’s time to get to planning. List down at least two gift options for each individual on your list. Then, do your research and compare price points from different stores. This way, you can land a good deal that’s within your budget.

Take Advantage of Huge Sales and Discounts

The good thing about the holiday season is that there’s never a shortage of sales. Be on the lookout for huge discounts not only from your local stores but also online. If you have coupons and gift cards stashed away, this is also the best time to put them to good use.

Keep Tabs on Your Spending

Keep yourself accountable by staying on top of your holiday spending. There are various ways to do this, like creating an Excel sheet or using an app to log your daily expenditures. This way, you can ensure that you’re not going over your spending limit.

Start Saving Today!

At Community 1st Credit Union, we are dedicated to helping you work toward your financial goals. Whether you want to save during the holidays, a car, or a retirement plan, we have the right savings account to fit your needs. If you have questions or concerns, feel free to reach out to us or schedule an appointment through our website.