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The holidays are a time to show your loved ones you care about them. When the days get colder, we share meals, spend time and exchange gifts with our friends and relatives. Although care and thought are priceless, buying gifts and food can drain anyone's bank account and increase the amount of stress you feel.
If you plan ahead for the holidays, you can establish budgets and safeguards against spending too much at once or forgetting expenses that could derail you later. Looking at money-management tools and new resources to help you budget and cut spending excess can also help. These three tips can help you keep your money managed and your bank account full over the holiday season.
Start shopping early and compare prices
When buying gifts and ingredients for holiday meals, it's a great strategy to start buying early to avoid lines and higher prices. Stores increase costs at key times to make as much revenue as possible. When you buy turkey, rolls, pie crusts and other key ingredients in advance and freeze them, you won't pay a premium.
If you're shopping online, purchasing gifts in advance can help you avoid paying high shipping costs. You will also be able to compare prices instead of buying the first time you see a potential gift. Especially if you're looking at expensive items, shop around to ensure you're not missing any sales or markdowns.
Spread out gift buying
If you buy presents over multiple paychecks, the purchases won't hit your budget all at once. This means you should begin making holiday purchases early in October or November, or whenever you see an item you know one of your loved ones will really enjoy.
If you have large purchases to make for your children or closest loved ones, plan to buy their gifts at intervals. This will help stabilize your budget, but you will have to find great hiding places for all the gifts you're stocking away!
Get money management tools
Banks such as First National Bank offer money-management tools and professional experience to help you make the holidays a bright and merry affair. You can take a look at blogs, forums and even a YouTube series on saving money. Online financial calculators can help you organize your spending and find out how to refinance your loans at a better interest rate.
When you plan ahead, know when you're making big purchases, and can work all of your other expenses around holiday purchases, you can increase your overall money savvy and lifestyle comfort. This will help you enjoy the holiday season, instead of feeling anxiety over the state of your budget.
