Financial Smarts: Planning for the Holidays During the Summer

It may seem like the holidays are a long way off when you’re basking in the Texas sun, but now is the best time to start planning for them and GO Federal Credit Union has you covered with these valuable tips.

Why plan during the summer?

Summertime tends to be slower and allows you time to find solutions to any financial challenges you may face around the holidays. Starting the planning early also grants you the opportunity to make adjustments as needed without being under a time crunch, which reduces overall stress.

What is the first step in planning?

The first thing to do is to set yourself a holiday budget so you can make a savings plan. Make sure you include all holiday expenses like travel, gifts, food, and don’t forget your pets, especially if you need to board them.

How do you make an accurate budget?

First, make a list of all the potential gifts for everyone on your list and start to research what the cost of each gift is to plan out your gift spending. Research your travel in advance to find deals and see if you can travel on alternative days to save money and hassle.

How do you start saving for the holidays?

Start by looking over your expenses now and seeing where you can start reducing. Things like lowering your cable bill, streaming services, using coupons, and favoring free entertainment activities, are all great ways to reduce your monthly expenses.

What if your budget is more than you can save?

You have to trim the budget. Look for deals to lower the cost of gifts and explore trading services like pet sitting to reduce expenses around the holidays.

Are there any other moves to make before the holidays?

Sign up for retailer discounts and coupons if you know where you’ll be shopping for the holidays. Many stores offer exclusive deals on their list-serve or via text. If you plan on making some of your gifts, start the process now, so you don’t run out of time and end up defaulting to a store-bought gift.

With these tips, you’ll be able to reduce stress around the holidays and keep your finances under control.

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