Budgeting
November 19th, 2018
The holidays are supposed to be a time of joy and celebration. But too many of us find them to be a time of great financial stress too. How can you give gifts to so many loved ones while balancing the need to spend, but not put yourself into a financial bind? Make a plan. Just because it’s the holidays, it doesn’t mean you need to spend on impulse. Start well before Thanksgiving by writing out your gift list. Have a maximum amount you think you can afford, and dial that number back just a bit. Once you have your list and the number of dollars you’re planning to spend on each recipient, add it all up. If it’s too high, refine the dollar amounts on your list and recalculate. Repeat until you have landed in your spending comfort zone Make gifts by hand. If you have more time than money this year, making handmade gifts is an ideal solution. Indeed, it’s more than ideal – a store-bought gift isn’t always appreciated for very long while a handmade gift is frequently kept and treasured for a lifetime. Send cards. Cards are cheaper than gifts. Cheaper still if you create them by hand. And cheaper still if you give them in person to people you see regularly than if you spend money on postage. Need to save even more on stamps? Scan and email your cards. Join a Christmas Club. If you usually find the holiday season to be financially crippling, consider opening a holiday club account for next year. These accounts allow you to put a little bit of money away each month and earn interest on it across the year. HOPE offers a Christmas Club account that only requires a $10 minimum balance and has an option for automatic monthly deposits. Apply for a Holiday Loan. A holiday loan can help you put some extra cash in your pocket to take advantage of pre-holiday sales, plan for the travelling you want to do, and cover your holiday feast. With rates as low as 6%, no application fee, and quick approval, a HOPE Holiday Loan can help make your wishes come true without facing the high interest rates from store charges or credit cards. Keep it simple. Remember – the first Christmas was quite modest. They didn’t even pay for a room at the inn. There’s nothing wrong with a quiet Christmas at home with your family. Indeed, there’s a great deal about that idea that gets it exactly right.
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