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October 2020

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Festive Prep: How to Start Saving for the Holidays
It’s never too early to be prepared

It may not be on your radar quite yet, but the holidays are just around the corner. While enjoying fall and looking forward to Halloween celebrations, you might want to start looking even further ahead. Avoid the usual holiday crunch at the end of December by getting a good handle on your financial situation today. Here is a guide to help you get started.

Make a List of Expenses

Holiday expenses can quickly become overwhelming when they all pile up at once in December. Don’t let the costs surprise you by preemptively compiling a list of all your expected expenses.

One of your main expenses will likely be presents, so make sure your list includes everyone you want to buy gifts for. Getting started early will also help ensure you don’t forget anyone! In addition to presents, you should include any holiday decor you need to buy and any events you might be attending, as well as whether you plan to host your family and friends over the season.

Seeing your potential expenses laid out in front of you can also help you identify areas where you may be able to cut back and save.

Set a Holiday Budget

Now that you know what you’re going to spend money on, you can identify how much to allot for each expense. Not having a budget can easily cause you to overspend during the holiday shopping frenzy. Take a look at your broader financial situation to get a good idea of how much you can put towards gift shopping, hosting, and holiday events. Set a budget that you can realistically and comfortably afford, and if it doesn’t seem doable, then you know you need to cut some expenses out.

Create a Savings Plan

Once you have decided how much you want to spend for the holidays, it will be easier to figure out how to save. A good strategy is to calculate how much money to take from each paycheck between now and the end of December. Marking time-sensitive expenses on a calendar can also help you decide how much to spend, and when. For example, perhaps there are tickets to an event that you need to purchase by a certain date, or big grocery trips to do before hosting a holiday dinner.

Start Shopping Early

With a list, a budget, and a savings plan, you can beat the holiday rush and get a jump on shopping. Rather than hurrying to do it all at once, this will also allow you to get your shopping done at your own pace as you set aside holiday funds. Plus, you will be able to take advantage of any deals you find before holiday markups kick in. Imagine how good it will feel to be done shopping when everyone else is just getting started!

Not having any last-minute expenses and doing your shopping early can help you better enjoy your time with friends and family over the holidays. Start planning now and make it a goal to be prepped and ready well before winter arrives.

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