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SIX TIPS TO SAVE DURING THE HOLIDAYS

November 14, 2022
SIX TIPS TO SAVE DURING THE HOLIDAYS
It’s easy to get caught up in the holiday spirit and overspend. But the thrill of giving nice gifts and holiday parties is brief compared with the stress that comes when you have to pay for it all.

By planning ahead, saving money and sticking to a budget, you can avoid debt and keep your spirits festive with these six simple money management tips.

MONEY MANAGEMENT: Control Your Cash Flow

Create a budget. It doesn’t have to be complicated, understand how much money you have coming in and your expenses. At FirstLight we have a Monthly Household Budget Worksheet that you can download to help you get started. Find a method that works best for you and track your expenses. Along with establishing a budget, make a holiday spending list and stick with it.

EMERGENCY SAVINGS: Be Ready 
 
Pay yourself first! When you receive your paycheck or allowance set a minimum of 10% aside for savings. If you can save as much as 30%, you’re much closer to the recommended three-month savings amount in case of an emergency.   

BORROWING: Use – Don’t Abuse

Borrowing money can come in handy if done wisely and can also help you achieve a solid credit score. Look for small dollar loans with short terms.  At FirsLight we have a program called ThanksgivMas to assist with holiday expenses. Credit cards can be used similarly but be sure to pay those charges back within the month.  

INVESTING: Money Working For You

A common misconception is that individuals may not earn enough income to speak with a financial advisor. Bottom line, everyone should have the opportunity to learn from financial experts no matter their income. There are options for all income levels and holidays are the perfect time to plan and learn more about 401k’s, social security, and investing.    

FINANCIAL SERVICES: Care For Your Cash

Be sure to understand the type of account you have and what fees you may incur. Look at maintenance, monthly, and late fees and what savings opportunies are available. Be an advocate for your cash!  

ALTERNATIVE WAYS TO SAVE: Reach Your Goals

There are various products that will help you achieve your savings goals, whether short or long term. Ask a financial representative for the best option for your personal goals or visit firstlightfcu.org for options. 

The 52-week money challenge is a savings plan that has you set aside money a week at a time, increasing the amount saved by $1 every week. Making a habit out of saving money is key for building a cash reserve that can cover you in an emergency and for achieving future financial goals.  At the end of the challenge, you will save $1,378.00.

Sign up for financial literacy workshops through FirstLight’s Balance program for free seminars and workshops to members of the public here.

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