How to Be Financially Prepared for the Holidays | First Volunteer Bank

Remember, it is “’Tis the season *to be jolly,*” not “’Tis the season to go into debt.” And our team at First Volunteer Bank wants to offer some insight into how to celebrate the holidays while staying within your budget.

It’s About Giving Within Your Means

The American Research Group estimates that American shoppers will spend an average of $929 this season. That amount is fine if you have $929 to spare. However, if you’re putting yourself into debt in order to have a fun holiday, then your financial mindset about the holiday season needs to change.

We all want a holiday season full of love and joy. However, in the midst of gift-giving and holiday gatherings, expenses can run high. But there are ways to have a happy holiday season filled with fun—and minus the debt.

Host a Potluck

Why does the holiday meal have to fall on one person’s shoulders? Not only can cooking a Thanksgiving or Christmas feast become expensive, but it can also place a lot of stress on the host or hostess’ shoulders.

Therefore, make the holiday meal easy on everyone by hosting a potluck meal where everyone brings a dish. That way the meal doesn’t put one person in the kitchen for the entire day and everyone can spend time around the table getting in quality time.

Start Shopping Now

But before you begin shopping for gifts early, set a budget. Make a list of everyone you want to purchase a present for and determine a specific amount for each person that you can afford to buy for this season. And then here’s the most important part—Don’t go over this amount.

Instead of trying to buy for everyone at once and leaving little cash behind for monthly groceries, gas and other expenses, purchase a few gifts each paycheck to help keep the costs of gifts from hurting your finances.

Think Cyber Monday

If deals are what you are after, consider taking advantage of Cyber Monday instead of Black Friday. Not only will you be receiving most of the same deals as Black Friday, most places will offer free shipping and possibly wrapping for your items. And the best part is that you don’t have to leave home!

Have you heard about our Holiday Savings account? Visit the First Volunteer Bank website to learn about how we can start helping you save for the holidays.