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How to stick to your budget during the holidays

There is no time like the present to make sure you’re on the path to meet your short- and long-term financial goals. And with the upcoming holiday season, it’s easy to lose track of your savings goals.  Here are three tips to help you keep your holiday spending in check!

  1. Set aside a specific amount of money for the holidays. You can do this by setting up a special savings account like our holiday club account. These can be done through automatic transfers or payroll deductions. You then have access to your money after November 1. This is a great way to not have to dip into your savings to pay for your holiday expenses!
  2. Read the fine print when signing up for a new subscription or service. The weather is colder and we are all spending more time indoors making subscription services like streaming video, mobile apps and meal delivery more enticing. Make sure you read all the information before signing up, or you may find you are enrolled in a service with an automatic payment plan. And always add them into your monthly and annual budget, they can add up quickly!
  3. Stop impulse purchases. The average U.S. consumer spends about $450 a month on impulse buys. During the holidays, it’s easy to impulse buy gifts for others or a treat for yourself. Make a list and stick to it. If you find something that’s not on your list, take time to think about it. Same goes for online shopping, leave it in your cart for 24 hours before purchasing. You either will forget about it, or have more clarity whether you need it or not.

If you want more tips, check out this webinar hosted by our financial wellness partner, GreenPath, on budgeting during the holidays or give them a call at 877-377-3399 to get a free, one-on-one financial wellness session. You can confidentially talk with them about debt management, housing and building your credit as well!

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