With school in full swing already, the next thing we know the holidays will be sneaking up on us! We have four tips to help you save money this holiday season. If you start now you will have an ample amount of time to save before the holiday season begins!
1. Start Cutting Down on Extras
When you are out shopping make sure you bring a list with items you really need and stick to that list! Try not to spend extra money on things that you want and spend only on what you need. Try to say no to all of the temptations in the stores like that new purse or cool shoes and stick to your list so you can cut down the amount you spent!
2. Open a Savings Account
If you don’t have one already, a savings account is a great way to save money. Ever heard of “out of sight, out of mind”? With your cash tucked away in a savings account you still have access to it but it will be put away for special occasions and not your everyday purchases. Put a set amount of money in a savings account and limit your use for only emergencies or as a holiday fund. If you are looking at opening a savings account we can help! Check out our Regular Savings as well as our Club Savings which can also help you put money aside for specific purposes. One popular savings is our Christmas Club which many members will use as a spot to keep their money aside for when it comes time for Christmas shopping!
3. Make a Budget and Stick to It
If it’s hard for you to track your spending you can try making a budget. There are lots of advantages of making a budget and using it to plan ahead is just one of them. Click Here to check out our budgeting sheet to help keep you on track for spending. If you stick to your budget you can save more money that can be your cushion for the holidays.
4. Pay in Cash
Studies have shown that if you pay in cash instead of charging a purchase on a card you will decrease the amount you spend. You will feel more like you are giving up something when you pay in cash and mentally it will hurt more to give up physical cash rather than paying off a credit card. Paying in cash also limits your amount that you can physically spend. If you run out of cash you will need to go to an ATM or bank which requires time and potentially a service charge. Paying in cash helps you stick to your budget and will keep you on track for those extra costs around the holidays.
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