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Three Holiday Spending Tips to Keep You on Track Financially

The holiday season is a joyful time of family, gifts, and festive celebration. Unfortunately, sometimes financial worries add a lot of stress to our holidays. Here are three tips that will reduce stress and help you stay on track financially.

 Make a plan

A gifting plan keeps you organized and on track for the holiday season. In your plan, include a list of each person you plan to buy a gift for, and determine how much you can spend on each person on your list. The key is sticking to your plan! Following your plan can help you avoid impulse buying and spending more than you can afford. Both of those things can lead to unmanageable holiday debt.

Shop smartly

More consumers than ever will be shopping online this holiday season due to the COVID-19 pandemic. When shopping online, make sure you price compare before you buy. You might be surprised at the range of prices you find for the same item at different retailers.

To reduce the risk of fraud, if possible, use a credit card when shopping online. They give you more fraud protection versus a debit card.

Lastly, don’t wait until the last to buy your gifts. Chances are, you might have to pay a hefty premium for expedited shipping so that your gifts arrive before Christmas.

Open a holiday savings account for next year.

Get a jump on saving for next year’s holiday gifting season by setting up automatic monthly deposits into a separate holiday savings account. Each month, you’ll be automatically building toward your holiday goal. It’s a great way to start next year’s shopping with cash in hand and lessen your seasonal holiday stress!


Happy Holidays from First Independent Bank! Please contact us if we can help you in any way. Our banking professionals are the best at what they do, giving you the expertise you depend on and the personal care you need.

 

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