RICHMOND, Va. (WWBT) - Many times if you’re not making a plan, you reach for the credit cards over the holidays. It’s ok to do that, but wouldn’t it be better if you just saved money all year just for this purpose?
Make it a goal this year to create a separate holiday savings account that you can dip into next November and December.
Better yet, Cherry Dale, a financial coach with the Virginia Credit Union, says create a gift closet.
“Where you carve out a special place in your house, perhaps away from your children, that they can’t find. Throughout the year buy one gift a month. Perhaps the gifts are for your family, your children, your parents or coworkers,” Dale said. “That way you spread out the holiday gift-buying across the year and don’t spend all at once.”
Ultimately you want to start saving money in February or March for next Christmas. Maybe it’s a goal of a hundred bucks a month.
That way you have the cash to spend instead of credit cards when the holidays finally arrive.
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