If you’re sitting poolside with a cold glass of lemonade, the Christmas season probably isn’t on your mind, but July is a great time to start thinking about your holiday budget.
Take time this month to think about developing a solid financial plan for Christmas season. The holidays can be an expensive time with gift-giving, large family dinners to host, fancy clothes for the family and out-of-town travels.
Here are 3 ways to save for Christmas shopping:
1. Starting a budget plan this summer and avoid overspending or falling into debt.
FNNB Bank can help its customers budget and plan for Christmas with a “Christmas Club Account” which allows you to save year round by automatically sweeping a pre-selected dollar amount into those accounts at the time of their choice.
Most people prefer to schedule the transfer at the time of their paycheck deposits so the contribution to the savings account is done automatically. The funds pool throughout the year and are paid out according to the savings account type. The Christmas Club pays out in mid-November.
“Our customers love the account because there is no designated amount to contribute. It’s all set up automatically and very low maintenance,” said Rob Kahn, President of FNNB Bank. “The at the time of disbursement the Bank pays out the savings in a check directly back to the customer for whatever they would like to do with it.”
2. Adjust your spending.
Review your monthly expenses and see if there are categories where you can cut spending to free up money for Christmas savings. Reduce your grocery budget by $20, cut your entertainment spending by $10 and skip the drive-thru breakfast to pocket $10. That’s a total of $50 in savings!
3. Look for summertime deals.
Look for off-season gifts that are typically popular to buy in the winter. Winter apparel is drastically discounted in the summer. Christmas shops that are open year-round sell various things at a fraction of the normal cost. Yard sales also offer options for Christmas décor!
FNNB Bank : 100 N. 2nd Ave. W., Newton, IA 50208 : 641.792.3010 : www.fnnbbank.com