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You know what they say: Nothing is certain in life besides death, taxes … and the pressure to overspend during the holidays. Oh, wait. That’s not how the maxim goes—although maybe it should. Because, sure enough, the season of financial temptations is right around the corner, which means it’s prime time to figure out whether your budget is prepped to weather the upcoming spending storm.
Now, don’t go into a panic—there’s a simple strategy you can adopt now to help you sidestep those common holiday budgeting bombs, whether it’s the last-minute invite to your co-worker’s party, the year-end tip to your daugther’s school fundraising.
“You want to treat [your holiday savings] like any other bill being taken out of your checking account as part of your monthly budget,” one of the best things you can do to beef up this account is to automate your contributions.
You can do it yourself by setting a monthly, recurring transfer from checking to savings, Since most payroll systems allow you to have your paycheck split and deposited into multiple accounts, you simply have to request that part of your earnings be deposited into your specified savings account. Worried you won’t be able to spare the cash every single month? Don’t be. Monthly saving can evolve into a set-it-and-forget-it kind of approach, where you likely won’t even miss the money once you start socking it away.
“The real magic to making specified savings accounts work is limiting your ability to use the funds until it’s time,” “In today’s high-tech world, it’s too easy, too quick, and too tempting to log in and transfer funds from account to account.”
So how can you help keep yourself accountable? Setting up an online savings account—and then go one step further: Pick a completely different bank, where you don’t have any other accounts.
An average person will shell out a whopping at least $2000 each holiday season—that’s a big chunk of change, especially if you haven’t been saving all year. So how do you keep your spending under control to stretch your savings as far as possible? Talk to your friends and family about the possibility of putting spending limits on your gift exchanges. This way, you won’t feel guilty about not spending as much as your sister—or feel the pressure to put a gift or two on your credit card without a plan to pay it off at the end of the month.
For more innovative savings tips and financial advice, please don't hesitate to contact us.
