TUESDAYS WITH MIRIAM: Tis the Season to Save Money

Chicole::Intermixed is pleased to introduce Tuesdays with Miriam. Miriam is an Assistant Manager at a national banking institution. Her weekly posts will help you prepare for the financial realities of education and life. Be sure to leave a comment or send an email if you have specific financial questions.

Tis the Season to Save Money!!!

The holidays do not have to be a time where you have to spend, spend, spend. Follow some of these simple tips to help save yourself some money while buying your loved ones gifts that they will treasure!

1. Start Planning Early – Start making a budget before you make it to the holidays. Think about how much money you will have and how much money you will be spending on required expenses, gifts, and holiday entertainment. By doing this you will know how much money you truly have available to spend during the holidays so that you don’t overspend.

2. Make lists, Decide how much you will spend, and don’t go over! – It is important to make a list of who you will buy gifts for, what you are going to purchase, and how much you will spend. Stick to this list! Don’t spend more than you have allocated for each person.

3. Look in multiple places – Don’t just go to the store and purchase a gift. Do some comparison shopping to make sure that you are getting the best deal. Also, the internet is an awesome place to find discounted prices, but it requires you to start looking early so that you make sure your gifts will arrive on time.

4. Avoid using credit cards as much as possible – If you have started to budget for holiday spending well in advance you shouldn’t have to use your credit cards. However, if you have to use a credit card follow these guidelines:
a. Pay off the balance ASAP – Don’t let the balance hang around until the holidays float
around again the next year. Remember if you use credit cards more than likely you have
to pay some interest on them.
b. Use a card with a low interest rate – Go through your credit cards and use the one with
the lowest interest rate. If you have to take awhile to pay the card off, it will save you
some money in interest.
c. Don’t sign up for or use store credit cards – While the stores may offer you discounts
for signing up for these cards, the interest rates are typically extremely high.

5. Open a savings account now - If you don’t already have a savings account open one now. Start by saving $10 a week and you will have approximately $500 saved up for holiday spending next year.