(InvestigateTV) — The earlier people start planning for winter holidays spending, the better.
That’s according to Cherry Dale, vice president of financial education at Virginia Credit Union.
She said there are many extra expenses just around the corner. So, planning and putting aside money now can be very helpful.
“Whether it’s the holidays, whether it’s things like your kid is getting out of school for an extra time during the winter months, you got to think about childcare costs, vacation, whose covering that period of time,” Dale noted. “So, think it through, what are your winter costs going to be as a family?”
When it comes to the holidays, most of us just plan for the cost of gifts, but planning is also needed for the cost of decorations, holiday parties, food costs and hosting family, or the travel to holiday destinations.
“Thanksgiving can cost a lot of money especially for the person who’s hosting Thanksgiving. So, you plan for that earlier,” Dale said. “I’m looking at, ‘let’s spend a hundred dollars on decorations this year for Thanksgiving a hundred dollars for the holiday in the winter months.’ And then sticking to that budget and shopping for the best deals. It can be a fun thing.”
When it comes to gift giving, start budgeting for each person now. Or, instead of buying for every person this year, draw names from a hat to lower expenses.
Being creative in gift giving can not only be fun, it can also save a lot of money.