Monthly Archives: December 2019

‘Tis the Season…Not to Go Broke!

The season of giving is upon us! But, before you head out
the door to join the hustle and bustle at your local mall or begin filling your
shopping cart at your favorite online shopping sites, here are a few tips to keep
you from overspending and going into debt this holiday season.

Develop a holiday
shopping budget…and stick to it!

The first and most important thing you need to do is to
develop a realistic and reasonable holiday budget.  This will save you from impulse buying and
overspending.

If you haven’t saved already, look at your current household
budget and determine how much money you can allocate each week (paycheck) to
holiday spending. This includes gifts, food (items you only purchase during the
holiday season), decorations and travel. There may be items on your current
household budget you can eliminate until after the holidays (e.g. your daily
latte) and/or you could pick up a part-time holiday job to save even more
money.

Look for deals

Start browsing for people on your list, looking for the best
deals.  Beware…the best prices are not
necessarily found on Black Friday or Cyber Monday. These days typically offer
good deals on items like electronics, apparel and beauty products. You will
usually find better deals on toys and outerwear later in December.

Many stores will negotiate their prices to meet competitors
so you will buy from them. Doing your homework, comparing prices, before you
hit the big box stores will put you in a better negotiating position.

Use your credit cards
wisely

Using your credit cards for your holiday purchases may save
you money, especially if you utilize your card member perks/rewards, but only
if you’re able to pay off the monthly balance. The interest you will have to
pay if you don’t far outweighs the value of the card’s rewards.

Save money on
purchases with discounted gift cards

Sites like GiftCardGranny or CardPool sell discounted gift
cards. You can use them to make in-store purchases and save on whatever you
buy. If you couple the discounted gift card with a coupon, you’ll really save
money on your purchase.

Don’t go overboard
buying holiday attire

You don’t need a new outfit for every holiday function. Make
a few solid pieces unique by accessorizing. That same little black dress will
have a whole new look with different jewelry and shoes or a colorful scarf or a
dressy sweater or jacket. Be creative!

Hold off on self-purchases
until after the holidays

Many people like to buy that special something for
themselves during the holiday season. But, resisting this temptation will give
you more wiggle room in your holiday budget. Wait until after the holidays to
satisfy this urge by using gift cards you may have received. You will also reap
the benefits of the post-holiday sales.

DIY

People love receiving homemade gifts. So, bring out your
inner Martha Stewart and make your money go even further. Come up with more
sentimental gifts that won’t break the bank.

When it’s all said and done, consider your long-term
financial goals. Is it worth depleting your savings or racking up high-interest
debt for one day? Think about the true meaning of the holiday season…the
special time spent with friends and loved ones.

Have an open and honest conversation about your budget with
your family prior to the holidays. Most likely, they have been stressing about
overspending too.

From our Intracoastal Bank family to yours, have a safe and
blessed holiday season!

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