It is never too early to start saving for the holidays.
In November 2019, nearly 50 million Americans were still paying off their 2018 holiday credit card purchases according to Nerd Wallet’s blog. It’s estimated this number increased for 2019 Christmas charges.
Take care of your financial wellbeing. Save now so you can pay cash for all your 2020 presents. Here are two tips to get you started:
Tip 1: Calculate how much you spent this past holiday season to set your spending budget/goal. Divide that budget/goal cash amount into 12 months to know how much you should set aside each month.
Tip 2: Set up a Holiday Savings Account
Contact your bank about opening a side savings account for your Ho-ho-ho fund. If you can add $10 to $20 per week by next December, $500-$1,000 will be yours to spend.
You can also take advantage of your payroll split. At GE Appliances, our payroll department can divide your check into as many as three separate accounts. To learn more, click here.