PBTC
Updated 8:42 AM CST, Wed December 14, 2016
Published Under: Budgeting Home Equity Savings
The holidays are filled with their own special traditions. From decorations, to gifts, feasts, and more, yule tidings never had so many ways to celebrate! While these gatherings are memorable to say the least, they often come with unwanted debt while working to achieve that perfect celebration. Throughout this time of year, many Americans turn to credit cards to help ease the burden of cost. There are some ways to maintain your ideal holiday, without the labor of debt. At Peoples Bank & Trust Co., we recommend the following steps:
- Start Saving Early: While hindsight is always 20/20, this is a valuable tool when planning for next year’s events. If you set aside $100 a month, starting in January, your holiday savings will accumulate $1200 for this wonderful time of year! Alternatively, if you find yourself receiving a bonus, or bountiful tax refund, allocate those funds early on into your holiday savings, and put your $100 a month towards other savings goals. To help you save, Peoples Bank & Trust Co offers a Christmas Club account. This is a special, temporary account that is opened in November and comes with a coupon book prompting you to make small deposits all year long. Interest is paid on the account balance on the last day of the activity period and a check for the entire balance of the account is mailed to you the 3rd week of October, just in time for the holidays.
- Create a Holiday Budget: Completely separate from your current monthly budget, this holiday budget will help you plan for the funds you have saved. Just as your household needs to allocate money for food, home supplies, and bills, so does your holiday spending. Consider segmenting your budget into categories such as presents, food, and other supplies. Continuing to separate your budget for presents can be especially helpful. To track your spending best, write down each person you plan to buy for, and how much you would like to spend.
- Save Money Where You Can. Throughout the coming months there are an array of opportunities for savvy shoppers to save. Whether it’s shopping during the famous Black Friday or Cyber Monday, or simply scanning the week’s grocery deals, each opportunity for savings is well worth the effort. With many Americans now shopping online, there are added ways to save through Amazon Prime, free shipping, and online apps to help get you the best deal. Don’t forget about those credit card rewards too - those are great points to put towards holiday travel or additional gifts for others.
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