Your Finances may be running away. Rein them in with these holiday savings tips.
The Holiday Season invites us to spend, spend, spend. There is always a sale that is the “best of the season” or “this weekend only”. But we have some holiday saving tips that will help you give without emptying your savings account.
- Create a budget and stick to it.
Creating a budget is the simplest way to help your savings during the holiday season. Start out by writing down names of people that you want to share holiday cheer with. You may have 100 Twitter followers, but that does not mean each deserves their own holiday greeting. Only work within your means. Others will understand if you do not give each of them a gift.
Research the best deals. It is worth looking at a few different stores or online for a better price or a comparable item. Deciding to split the cost with different friends or family can make a positive impact on your budget. The new furniture for grandma and grandpa might be too expensive for you to pay for, but splitting the cost between all of the kids and cousins can make it reasonably priced.
- Give an experience, not money.
There are some people who are impossible to buy for because they already have everything they need or want, and stuffing money in an envelope doesn’t give them anything useful. Why not give them something they will remember, like tickets to a local play or minor league sporting event? A lasting memory of a special experience will last far longer than a fun few moments.
Another great way stretch your dollar is by giving your talents or time. Design homemade tickets that can be exchanged for a night of free babysitting or yard work. A homemade dinner or a hand knit scarf gives them something to remember you by and keeps costs low.
- Recycle to the fullest.
We are not saying last week’s newspaper would be a good gift by itself, but old newspapers or magazine covers can be a clever wrapping material in place of wrapping paper. An old gift bag or box can also be substituted for purchasing new holiday wrappings. Even a roll of plain paper with your own personal design or greeting message adds a unique touch without any added cost.
- Don’t buy the name.
A different way to save this holiday season is by going to the grocery store. Many times the generic label and the brand name label will be exactly the same even though the generic label costs less. Also try looking for a salvage grocery store. You can save up to 50% on items that have package damage.
- Save in Advance.
It may be too late for this year, but consider an R.I.A. FCU Holiday Savings Account. By saving a little each week, you’ll collect the holiday cash you need throughout the year. Savings can be made effortless by systematically depositing a few dollars each week via payroll deduction or automatic transfer. You’ll then be able to limit your spending and eliminate the need to charge everything to a credit card. Open your Holiday Savings Account now.
As always please contact us with any questions, or comment below with your holiday saving tip!