Holiday Savings Planning

It’s easy to overspend during the holidays. An American Express survey found its customers plan to spend approximately $1,500 this year on gifts alone.Sale doesn't always mean savings. That's why it is important to create your savings plan for the holiday season. Holidays -- once a time for family, food and gifts -- are now prime seasons of financial peril. When using credit cards to purchase items, it's easy to forget how much has been actually spent. Here we've written some guidelines to help make the holidays manageable. Visit our page here on Holiday Savings Planning for more information.

Some Suggestions to Follow:
• Decide on how much you can afford to spend
• Budget in hand, write down your shopping lists for the year
• Look at the list and see where you can cut back
• Don’t forget to include the extras when cratingyour budget
• Plan your gift buying shopping trips
• Use store’s convenient lay-a-way plan, if unable to pay for full item
• Make gifts at home: baked goods, picture collages, or arts and crafts

Additional Resources:

• Record your Holiday Gift List- Use this chart to track your purchases

• Holiday Expense Planner- this is an easy to use chart that will help you see and calculate your holiday expenses.

• Savings Planner- This calendar tool can help you stay on top of all the activities and deadlines this holiday season.  December Planner: Map out your holiday activities and events using this calendar planner. 

Christmas in July - The Best Gifts

By making plans now for the holiday season, you have plenty of time to save for that very special gift for the ones you love most.  But what you may not have considered is that by planning now, you can make personal gifts that will not only tell your loved ones you care at Christmas, but all year long.

Our friends at Virginia Tech Extension Services put together some ideas of gifts that you can use to make this year the most special one ever.  Use this Holiday Gift List to stimulate your thinking to make or buy a very personal gift that will be remembered not only Christmas week, but may become a centerpiece kept all year long.

Christmas in July - Counting the Costs

Have you ever wanted something but weren't sure how much it would cost?  Maybe it was a remodeling project, some landscaping, or perhaps a car.  It is very surreal to make plans for something when you don't know the costs, but frequently that is how many approach the holidays each year.  Without a real figure to plan for, we set aside way too little in savings because the costs are so indefinate.

Virginia Saves with some help from our friends at the Virginia Tech Extension Services have put together a planning tool to help you identify and plan for the costs of the holidays.  This budget worksheet can help you plan for all  the costs of the holiday and build a budget that will ensure that you have more than sufficient funds to meet your needs when the time comes.

If you read our last blog post, you know how to go about creating the gift giving list, but that is just the start of the total holiday costs.  With this holiday planner, you can plan for the food, travel, gifts and all the other incidental costs of the holidays and be prepared for the best season of your life!

If you need some help pulling together the costs, take a look at your bank statement from last year to get an estimate for the costs of postage, cards, food, etc.  If you use on-line banking or a credit card, often you can review history and get estimates that way.  Don't forget that with a plan in hand, you can look for special discount and sales in the off-season that will allow you to cut the costs and still enjoy a full celebration during the season.

Planning also reduces impulse buying as you have plenty of time to plan for and make the right purchases.  Advertisers thrive on incentivising you to act on impulse, but impulse buying can be very costly and not very satifying in the end.  The joy of the purchase leaves soon after the act and you are often left with the fallout of the costs of your decision.  Impulse buying disconnects you from your goals and priorities and drives you to act on the immediate desire.

Finally, buy building your budget now, you can make adjustments to your savings plan so that if additional funds are required to make your holiday dreams come true, you have enough time to make the adjustment.  You may also find that you may have been saving more than what was needed and you can redirect that spending to other priorities in your life. 

Planning ahead will destress your holiday and make this season the best ever.  Tell us what you did to enhance your holiday!  We want to hear from you!

Saftey Tips to Remember Through the Holidays

We all know the the holidays are a fun and festive time. However, it is important to keep your family happy, healthy, and safe. The best way to avoid having to use an emergency fund and save money is to prevent accidents from happening. Here are brief safety tips to keep you all safe around the home, while shopping, and traveling this season.


Home:


General Decorating:

• Be sure to inspect all tools and materials before starting with the installation process.
• If using a ladder, check the condition of rails, rungs, and brackets before positioning or climbing it. Be sure to have a spotter to steady the ladder and to pass materials and tools.
• Holiday decorations should not block exits.
• When setting up a tree, keep it away from fireplaces and space heaters. Be sure not to block any exits and keep the tree out of the way of traffic.
• Unattended cooking is the leading cause of home fires in the US. Be sure to keep an eye on the holiday cooking while attending to your guests.  

Lighting:

• Take the time to unroll/untangle and inspect each set of lights new or old for  bare/frayed wires, broken or cracked sockets and loose connections. If you find them, don't try to repair them. Throw them away or return them to the store. They are an electrical and fire hazard.
• Be careful not to overload electrical sockets
• Turn off or unplug your indoor holiday lighting whenever the decorated area of the house is unattended -- not just when going to bed or leaving the house.
• Never use electric lights on metallic trees. The tree can become charged with electricity from faulty lights, and the person touching it could be electrocuted.

Children's Safety:

• Keep young children out of areas where decorations are being installed.
• Avoid ornaments that resemble candy or food that may tempt a small child to eat them.
• Make sure to read the labels for age appropriate toys. Look for toys that have parts which cannot be removed easily
• Beware of balloons! Small children can choke or suffocate from the balloons being inhaled.
• Watch children and pets around space heaters or the fireplace. Do not leave a child or pet unattended.

Shopping:


General Shopping:

• Shop during daylight hours whenever possible. If you must shop at night, go with a friend or family member. Stay in well populated areas. If you have a cell phone make sure that it is charged and carry with you in case of emergency.
• Dress casually and comfortably and avoid wearing expensive jewelry. Not only will you feel more comfortable shopping, but you will be less of a tempting target for thieves. Leave the bulky purse at home.
• Always be aware of your surroundings.  Flustered, angry, tired, or people who are rushing don't have an eye on what's going on around them. Your packages or the next big thing on your list may be important, but pay attention! Avoid overloading yourself with packages so that you have free range of motion and visibility.

Shopping Online:  

Shop at secure sites-

Research the websites before you order

Read the websites privacy and security polices

Be aware of cookies and behavioral marketing

NEVER give out your social security number

Disclose only the bare facts when you order

Check the website address

ALWAYS print copies of your orders

Learn the merchants cancellation, complaint, and return polices

Use shopper's intuition

Be wary of identity theft

Travel:


General Travel:

• Make sure to plan ahead before you travel anywhere. A good thing to have in your car is an emergency kit. A few are pre-made and on the market, but you can easily make your own. Include: 

1.  Fire extinguisher
2.  First aid kit,
3. Jack and lug wrench
4. Jumper cables
5. Disposable flash camera
6. $10-15 dollars in small bills and change
7. Gloves
8. Pen and paper
9. Food and water
10. Rain poncho and blankets

• Matain at least half a tank of fuel when traveling. It may seem like a lot, however if you can't stop for gas it's a lifesaver.
• Develop the habit of scanning while driving and being aware of potential problems.
• If involved in a property-damage collision in an unfamiliar or potentially unsafe location, do not open or exit your vehicle. If you have a cellphone, call the police. If not, acknowledge the accident by hand signal, and motion the other driver to proceed with you to a safe location (where there are other people and light) to exchange information.