Posted On: November 25, 2022 by Prevail Bank in: Banking
6 Budgeting Tips for the Holidays
How to keep your holiday spending on budget
It’s that time of year. Black Friday and Cyber Monday (which is a whole week now), holiday travel and other holiday expenses are here. While the holiday season can be a fun and exciting time seeing loved ones, it can put a strain on your savings without proper budgeting. Help keep your finances and spending in check with these six budgeting tips from Prevail Bank.
- Save more than you think you need
- Create a special holiday budget
- Shop now for your holiday items
- Utilize price comparison tools
- Track your spending with helpful digital banking tools
- Hold onto receipts
Save more than you think you need
It's a good idea to save more than you think you will need for the holidays. You never know when an emergency expense will pop up, and having extra cash in your bank account can help keep your finances in order during these stressful times.
Create a special holiday budget
Truth is, your spending during the holidays’ will most likely differ from your normal monthly spending, so a special budget is beneficial. This will help you account for the increase in spending you may incur from travel or gifts.
Shop now for your holiday items
The holidays are a busy time of year, and you may be tempted to put off your holiday shopping until the last minute. However, this can be costly and stressful because you'll likely be stuck in long lines at the store or paying more than what you want to spend on gifts.
To avoid this problem, shop early. Start shopping around two months before Christmas and take advantage of sales and discounts that are offered during this time. You'll also have time to return any items that don't work out for your loved ones. As soon as you've decided what everyone on your list wants, create an Amazon wish list or an Adorable Gifts cart for easy tracking later on down the road when everyone's scrambling around trying to find something quick.
Utilize price comparison tools
You set your budget. Now it’s time to search for those items you budgeted. Using a price comparison tool will not only save you money, but also saves time. It’s the holidays; you owe yourself to enter the season with as little stress possible.
Comparison sites also show you 100’s of providers to purchase from. Who knows, you might just find your new favorite company in the process of shopping efficiently. This sounds like a win-win to us!
Track your spending with helpful digital banking tools
You created your budget, now take advantage of the free digital banking tools available to you. Staying within your holiday budget is easy with the helpful and convenient tools available within the free Prevail Bank Mobile Banking app and online banking platform.
Want to get an alert for every purchase you make this holiday season? Set up alerts today. This will also help reduce the chance of fraud, which is higher during the holidays. The “My Cards” platform within your mobile app offers a helpful financial management platform, showing in-depth details of each purchase and also breaks up spending by categories.
View additional benefits of our digital banking tools.
Download the Prevail Mobile Banking App!
Hold onto receipts
We’ve all been there. We purchase a gift someone already has, someone bought them a similar gift, the shirt doesn’t fit, etc. Saving the receipt will allow you or the person you purchased a gift for the ability to return the item and not be stuck with it.
Conclusion
The holidays can be a stressful time for many people. They often find themselves spending more than they had planned, and sometimes even going into debt because of holiday spending. However, with the right preparation and planning, you will be able to avoid these pitfalls and make your holiday season much less stressful.
