Financial Wellness

Jingle, Jingle or Cha-Ching $$

According to a recent survey by Goldman Sachs, 1 in 5 respondents said it’s very likely they will spend more money than they would like this holiday season.

Although it is tempting to overspend during the holidays, you don’t want to undo all of the progress you made this year.

Here are some ways, from Goldman Sachs, to stay financially well this holiday season:

Tip # 1 – Keep it separated

It’s a good idea to use a separate account for purchasing and saving for Christmas gifts. Doing so could help you stick to your budget and ensure your Christmas funds are not being confused with your daily expenses or emergency money. Keeping things separate can also make it easier to track your spending so you know where you need to cut back if needed.

Tip # 2 – Make a list of holiday expenses

The first step to success is knowing what you need to buy. Make a list by dividing up your anticipated expenses into categories. Categories to think about including food, gifts, décor, travel, and it might not be a bad idea to plan for some ‘impulse’ purchases too! Once you’ve developed your list, you can then create your budget based on category.

Tip #3 – Shop online

Shopping online can actually decrease your likelihood of impulse buying. Normally, when shopping online, you use the search bar to find something, in particular, making it less likely that ‘other’ miscellaneous items will make it into your cart. However, be wary of “free shipping on a purchase of $X or more” or “buy 2, get 2” deals. If you only are looking for a specific item, try and stick to that. If not, you could easily end up spending more money by trying to get a ‘deal’.