The holiday season is just around the corner, and a lot of people are looking forward to it for many reasons: lots of food, beautiful decorations, spending time with family, and most of all, receiving gifts. But, this also entails giving gifts, which can take a toll on one’s bank account.
Your savings don’t have to suffer this season. There are a couple of things you can do to give some great holiday gifts to your loved ones without breaking the bank. Here are three of them:
Get a Separate Account for the Holidays
If you’re serious about avoiding overspending during the holidays, consider setting up a new account early in the year that’s solely for holiday shopping. You can deposit your budget in a savings account or a CD from a trusted and reputable bank. That way, you can gradually build your Christmas funds over the months.
Any funds left in your account is money back in your pocket. You can also use it as a starting point for building your budget for the next holiday season.
Stick to a Budget
It’s easy to get carried away when gift shopping for friends and family, especially when you find something you know they’ll love. But, you can easily end up spending more money than you can afford. That’s why it’s important to develop a strict budget and stick to it.
Once you’ve settled on a holiday budget, make a list of people you want to give gifts to and determine how much you want to spend on each of them. If there are more people you want to give gifts to, you can opt for a homemade and creative present.
Cash Over Card
Online shopping may be the most convenient way of buying gifts nowadays. But it’s also pretty difficult to keep track of how much you’ve already spent and have left on your budget. So, if you plan to go out to buy presents, it’s best to spend cash instead of using your card.
Often known as the envelope budget, the trick is to only withdraw your holiday budget and use that to pay for your gifts. Once you’ve spent all of the cash, resist withdrawing more money and using cash that isn’t part of your holiday funds.
Trust Table Rock Community Bank as Your Holiday Partner
Remember that holiday gifts don’t have to be flashy and expensive to be meaningful. Table Rock Community Bank can help you manage your budget so you can get everyone a lovely gift for the holidays.
Go ahead and open an investment, youth, or regular savings account with us to help you save for the holidays. Get in touch with Table Rock Community Bank at 417-739-9300 to learn more.
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