Many folks are already making plans for the holidays. But there’s one plan, however, many haven’t yet thought about: saving for holiday spending.
According to Wilde Wealth Management Group, there are myriad ways to plan ahead to ensure there are funds available for the most wonderful time of the year. You might be able to take advantage of the equity in your home or look into refinancing at a lower rate.
Round up! If this month’s power bill is $140, round it up to $200 and transfer the remaining $60 to a savings account. Do the same for all bills.
And then there are gift cards. No, don’t start buying them just yet. Look in your wallet at what might already be in there and seek out websites that buy unused gift cards for cash you can pocket for the holidays.
Finally, communicate. Set up a virtual meeting with immediate and extended family members near and far, putting together an action plan together. Maybe trade gifts with just one other family. Or consider a white elephant? You can also assign each child in the family just one other and let them lead the buying, with a set budget in place. Oh, and that budget? Write it down. Committing it to paper helps to keep you honest.
– The Arizona 100 reports