Tag Archives: holiday budgeting

Skills Academy: Navigate the Holidays on a Limited Budget

Giving giving tips to keep your budget balanced during the holidays

It may be the beginning of November, but as retailers have shown, it’s never too early to get excited about the holidays. While we all get excited about the holiday season, the same probably can’t be said for the money we know we’re going to have to spend on gifts.

As part of our Raccoon Valley Bank Skills Academy series of posts, today we’re focusing on how to make it through the holidays without ruining the budget you’ve so carefully put in place. Be sure to try out these tips as your making your way through the stores and malls this holiday season.

#1 – It’s the thought that counts

Do you really need to buy some trendy gift that, while amazing, may not be as practical? Figure out a deep passion of the person or people you’re shopping for and find something that can further that passion. For example, if your brother loves painting miniature cars, new brushes or other supplies would be a great gift that shows them you took the time to understand what they love.

#2 – Find the deals

This may require some shopping around, but you may find something unexpected that fits your budget AND the wants or needs of the person you’re shopping for.

#3 – Time is money

Shopping takes time, and there’s no worse feeling than having spent a couple of hours out shopping only to come up with nothing. If you know what you’re looking for and have done the research, you’ll be able to make your shopping trip worth it.

#4 – Making the VIP list

It would be nice to get something for everyone that you know. However, it’s nearly impossible to be a total people pleaser. Set your list, and stick to it. If you feel the need to do something for others, some baked cookies or a card will suffice.

The holidays aren’t out to get you, but if you’re not careful they will wreak havoc on your finances. Just be sure to think about the passions of people on your list, find the deals, do your research to prevent time wasting and make a strict list.

To see how Raccoon Valley Bank can help you with your financial needs at the end of this year and into next year come by your nearest office today.

 

 

How to Create (AND STICK TO) a Holiday Budget

Tips for creating a holiday budget from Raccoon Valley Bank

The great thing about budgets is that they’re meant to get you into a financial groove so that you don’t have to think about your finances all the time, yet know that you’re under control. However, certain expenses can come along and really upset that groove. The holiday season is definitely one of those times.

Between gifts, groceries, travel and other costs, there’s a lot to consider. Our second entry in our Raccoon Valley Bank Skills Academy for the month focuses on making a budget for the holiday season, as well as how to stick to it.

Think about your income

Whether you’re single and have only your income to consider, married with a spouse’s income in the mix or have additional income, you need to know what money you have coming in.

Take your expenses into account

While you have to know what cash is coming in, you also need to have a handle on what is going out. Loan payments and credit card payments don’t stop just because it’s the holiday season. be sure to plan around these monthly expenses to avoid surprises.

Try to guess your holiday expenses

It may be hard to predict your expenses, but by estimating your expenses on the high side, you build yourself a little wiggle room. Gifts, decorations, travel and food are just a few of the expenses you need to keep in mind.

Revisit and revise

A budget is a working document that is always changing, so your holiday budget should be the same. If you overspend in one area, then you need to cut back into another.

Treat yourself

Everyone deserves to be rewarded for doing a good job. If you have a little room left after you get done with your shopping, reward yourself with a little treat for the savvy shopping you’ve done.

By knowing what you have to work with, figuring your expenses and revising your budget as you go, you can find success during the holiday season. For more resources regarding budgeting, take a look back at our previous blog posts. You can also come in to your nearest Raccoon Valley Bank office to see how we can help.