Holiday Spending Tips
November 25, 2009 --Worried about Holiday Spending?
Try These Tips for Shopping on a Budget
The holiday season is upon us! This should be a time of joy and celebration, but extra expenses may cause stress for some. If you are one who stresses over holiday spending and has trouble staying on a budget, LSB encourages you to try the following simple steps.
- Make a holiday shopping budget
Take time to write down a reasonable budget before you start shopping. Try to recall what you spent last year to use as a guideline, even if it’s just a best guess. Write out a list of people you plan to buy for and the amount you plan to spend on them. You may also want to account for the extra money you plan to spend on holiday meals and entertaining. Total your list, and keep it handy. The act of forming a planned budget and working through where that money is coming from will help keep spending in check. Download one of the Holiday Spending Worksheets below to use for your budgeting:
- Holiday Spending Worksheet (Excel Spreadsheet for Windows)
- Holiday Spending Worksheet (PDF)
- Do some research before you buy
Once you have your list, do some comparison shopping so you get the best price. The web is a great resource for comparing prices from different retailers and possibly finding discounted pricing. If you decide to order online, consider whether the cost savings will offset any shipping costs. Retailers often have email sign-up on their website, with coupons and savings the reward for subscribers.
- Get CA$H BACK
Don’t forget to use your LSB SHAZAMChek® debit card as a CREDIT transaction when you shop. You will earn up to 1% CA$H BACK** on your Visa®-authorized transactions! If you don’t plan to use your LSB SHAZAMChek card, check to see if your card offers rewards or discounts for shopping with retail partners.
- Track your holiday spending
Keep track of your spending. Take a few minutes to record your spending each time you make a purchase, working off the list you prepared. This will help you stay within your budgeted spending and is also a great organization tool. Use online banking to monitor your accounts, and set up balance alerts so you get a notification when you reach your pre-defined limits.
- Start planning and saving for next year
Taking the time to budget and track your holiday expenses this year will better prepare you for next year! Take a look at your spending vs. your budget. Did you stay within budget? Is there room to cut back? Did you have to use credit? If you used credit, develop a plan now to pay that down quickly. Once you’ve eliminated holiday debt, make a plan to start saving for next year and stick to it. Save a little each month, and by this time next year, you will be much better prepared for the extra expenses of the holidays!
**Cash back: Your account will be credited back a portion of your purchases each year (Jan. 1 to Dec. 31). Only signature-based Visa authorized purchases will qualify for credit. ATM transactions and purchases made with a PIN do not qualify.
- The first $4,999.99 will earn 0.25%
- $5000 - $9,999.99 will earn 0.50%
- $10,000 and over will earn 1.00%
