Let's face it. Between the sparkling lights, fresh snow falls, and flavors of the season (who doesn't love gingerbread and eggnog everything?), it can be tempting to overspend during the merriment of the holidays. It can become particularly challenging to stay on track when it comes to gift giving. To keep your spending in check during the holidays, follow some of our helpful tips.
Create a Budget - And Stick to it
You might already have a budget for your everyday expenses, such as groceries, mortgage payments, and savings, but do you have a budget for gift giving? The holiday months can call for more dollars being allocated to your personal spending category. You might be thinking, "Well how much do I save?" The first step is to write out a list of everyone you intend to buy for this holiday season. Then, assign a dollar amount to each person. Once you know this, you will have a better idea if you need to save more for gift giving beyond your existing personal spending budget. Remember, the most important thing is to stick to your budget once you create it.
Online + Mobile Banking
If you haven't already, now is a great time to enroll in our online and mobile banking. These resources are very valuable in having real-time reports regarding your spending. Checking your account balances as you are shopping will give you a more realistic idea about how much money you really have. After all, relying on your mental calculations to summate your spending isn't the best means to stay on track.
Alerts
Did you know you can set up alerts for your checking account through your online banking portal? It's true! These alerts can be sent to your email or mobile device. You can set an alert when your checking account has a low balance, when your automatic deposit comes through, and more. These notifications are super helpful for keeping your spending on track and serve as great reminders.
We hope these tips help protect your spending this holiday season and ensure a great start to your New Year!