The holiday season is upon us! Are you financially ready for gift giving and family gatherings? Here are our top three tips and tricks to make financially smart decisions this holiday season.
Budget and Set Your Limits
Look at your current financial status with the addition of upcoming income and decide on a total amount that you feel comfortable spending on gifts. Next, on a piece of paper, write down a list of individuals who you are planning to give gifts to this year. Finally, break down your initial budget for gifts by allocating dollar amounts to each person on your list. Setting price limits on spending amounts for each person helps you keep your holiday budget on track without overspending.
Keep a set amount out of your spending budget for unexpected gifts that may come up. Unexpected gift exchanges may arise throughout the season, so you want to make sure you are staying within your budget and not taking from currently listed individuals once the situation arises.
Get Creative
A small, thoughtful gift that you put time into creating is worth more than one which you purchased from the store. Are you good at making candles? Make a batch and include a small candle holder that you purchased additionally. Perhaps you have a recipe that everyone loves to see you bring to potlucks. Gift them a copy of the recipe with some kitchen utensils used to aid in making the dish.
These gifts may not work for everyone on your list, but it may work for some. Creating gifts will either let you allocate those expenses to other individuals or save you in the long run on your gift budget.
Don’t Procrastinate
Who’s saying you have to buy holiday gifts within a certain timeframe of the year? If an item is on sale in July and you know that someone on your list would love it – buy it! Put it away until the holiday season and mark that individual off your list for gifts. Buying your gifts throughout the year helps with maintaining your budget and not having a huge purchase when the holiday time is near.
Don’t think “will there be a better deal on this item in the future” when you know the item is on sale at a great deal now. There will always be the what-ifs in your brain regarding pricing.
Finally, we know the holiday season can be stressful for some. From everyone at HomeTown Bank to you – breathe! Enjoy spending time with your friends and family while taking in the holiday season! Happy Holidays!
Join your local HomeTown Bank for their holiday open house!
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Cleveland
Friday, December 6th
9:00 am – 4:00 pm
Jordan
Friday, December 6th
11:00 am – 2:00 pm
Olivia
Thursday, December 5th
10:00 am – 4:00 pm
Shakopee
Friday, December 20th
10:00 am – 4:00 pm
Waconia
Friday, December 13th
3:30 pm – 4:30 pm
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Henderson
Friday, December 6th
9:00 am – 4:00 pm
Le Sueur
Friday, December 13th
9:00 am – 4:00 pm
Redwood Falls
Friday, December 20th
9:00 am – 4:00 pm
St. Peter
Friday, December 13th
9:00 am – 4:00 pm
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