3 Tips to Avoid Holiday Spending Regret
Spending money during the holiday season can be a rush of adrenaline when imagining how much your loved one will enjoy the gift you just bought for them. But sadly, that feeling goes away in January, when you might question if you should have purchased that gift or spent that much. Kohler Credit Union is here to offer a few tips to avoid any spending regret you might have after the joy of the holidays wears off:
- Create your budget before and after the holidays. You may have heard advice on creating a budget for the holidays to keep spending in check. But how often do you consider what your budget will look like after the holidays? Take into consideration the amount you intend to spend on gifts and food, and make sure you are leaving enough room to be comfortable come January 1st.
- Start your New Year’s resolutions early and compare your goals to your budget. Start creating your New Year’s resolutions in December and include your financial goals. Be sure to note where you want to be financially and what major purchases you want to make next year. Then compare your goals to your holiday budget to see if you need to make any adjustments. The holidays are meant to be a happy time of year, but in January, you do not want to regret any spending decisions you made late in the year. Start your year off right by comparing your goals to your budget.
- Prioritize your purchases. Maybe you have a few major expenses you are anticipating early in the year. Be sure to reflect on those and include them in your budget considerations. Rather than buying the latest tech gear during the holiday season, try saving up for it and purchasing it later. Who knows, maybe you will get a better deal!
A great way to start budgeting for the holidays is to open a Kohler Credit Union Christmas Club savings account. You can deposit money in the account all year, and the dividend and money saved will be available in October.
We hope you enjoyed these holiday tips. Happy Holidays from Kohler Credit Union!