wise words
spending smart
Smart Spending
Ready or not, the holidays are quickly
approaching. On average, Americans spend
close to $65 billion a year on Christmas gifts.
Although we don’t always intend to overspend
on presents, food or decorations, it happens.
Here are a few tips to get your checking
account prepared for saying, “Ho, ho, ho”
instead of “Bah humbug” this season.
Michelle F. Walton
FIRST, CREATE A BUDGET. Check out what
you spent last year, and use that as your starting point for
this holiday season. Make sure you factor in wrapping paper,
holiday cards and postage, too. The small things can often throw
an entire budget off track.
DO SOME RESEARCH. Once you make a
list of gifts you’re planning on buying, spend a little time
researching to determine if you will get a better deal making the
purchase in store or online. There are quite a few retailers that
will accept coupon codes only on their website, so it’s best to do
your homework before making that final purchase.
HAVE A BACKUP. Just remember, when in
doubt, everyone loves a gift card.
You may think it’s too late to set aside money for this year, but
it’s never too early to start saving for future Christmases. Many
financial institutions offer savings accounts specifically for the
holidays. You’ll be more than surprised at how much you can
save in small increments throughout the year, and you can earn
interest on it, too.
Try not to get caught up with high-interest credit cards to pay
for Christmas-related expenses. People tend to spend less money
when buying with cash instead of a credit card. If you choose to
use a credit card to spend on your gifts, try to use one that has
the lowest interest rate, or one that provides you with cash-back
rewards. If you end up charging your holiday purchases on a
credit card, make a realistic plan of paying it off early to avoid
paying too much in interest.
TOP 10
POPULAR GIFT CARDS
1. Visa
6. Walmart
2. Amazon
7. Target
3. iTunes
8. Google Play
4. American Express
9. eBay
5. Netflix
10. Starbucks
Don’t forget, decorating can put a financial strain on budgets,
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