The holidays are approaching, and you may already be starting to think about upcoming expenses: hosting family dinners, presents for family and friends, party clothes – it all adds up! Eastex Credit Union has put together some helpful tips to get started on saving for the holidays early on – by spreading out your savings over a couple of months, it will be easier to save up without making too many drastic changes to your current budget.
Write Down Expected Expenses
While it may seem daunting, knowing what expenses are coming up is a great way to get prepared for them. Try to make a list of what you’ll need to save up for, and an approximate cost for each item. Knowing a ballpark of what you’ll have to save up for will help you budget appropriately and keep impulse spending to a minimum.
Cut Down on Extras
Now’s the time to take a look at your monthly expenses to see where you can cut down on some extra unnecessary spending. Reduce those daily Starbucks runs to once a week or less, or start to cook meals at home more frequently. Avoid large-dollar purchases until after the holidays so as not to accrue additional expenses that will strain the budget.
Create Cheaper (But Fun!) Traditions
No matter what holiday you’re celebrating, you can find ways to enjoy the holidays without spending lots of money. For family meals, encourage everyone to participate in potluck-style where everyone contributes a dish, thereby spreading out the expenses! In December, take a car ride to tour neighborhood Christmas lights, or make crafts together at home.
Be Careful With Holiday Sales
Holiday sales can seem like you are ALWAYS getting a good deal. However, some stores can engage in deceptive pricing practices by raising price tags a little before the holidays. This makes the sales seem more than what they actually are. Research prices of items online instead of just trusting what you see in the store. Ensure you are actually getting a good deal!
Be Smart with Credit Cards
Be mindful how much you spend with credit cards and whether you are able to pay off the balance quickly. Eastex Credit Union provides a low-interest rate credit card with no annual fees and an interest-free grace period to get you started! You can check your balance on the go with ease with online banking options. Plus, once approved for a membership and an Eastex VISA Platinum Rewards Credit Card, we will transfer your existing credit card balance from other financial institutions to our lower rate!
Start budgeting before the holidays to avoid some of the seasonal stress. By using these tips, having plan, and establishing financial goals, you can avoid breaking the bank! Share this article with your friends who could benefit from these great money-saving tips from Eastex Credit Union.