With the holiday season fast approaching, October is a great time to evaluate your holiday budget.
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. Develop a budget and avoid overspending or falling into debt.
Review last year’s holiday expenses and look for areas where you overspent and where you can cut back this year.
Once you’ve determined the total you want to spend on Christmas gifts, divide it by the number of paychecks left until Christmas. In December, you will have Christmas savings and can enjoy the season instead of feeling pinched for extra money.
2. Find a savings account that fits your needs.
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. “Then, 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.”
3. Be cautious around sales
Holiday sales can be an opportunity to save money, but be cautious. Some discounts aren’t really discounts, and some stores keep prices the same but mark items with a “sale” sign.
If you are typically tempted by the festive atmosphere of a store, bring a printout of your budget so you can check your spending in real-time and avoid being swayed by a tempting deal.
FNNB Bank : 100 N. 2nd Ave. W., Newton, IA 50208 : 641.792.3010 : www.fnnbbank.com