Budgeting for The Holidays & New Year

Now that the holiday season is in full swing, you may find yourself nervous to look at your bank account statements. Holidays can be expensive! To enjoy stress-free time with loved ones, and prepare for your 2023 financial goals, you’ll need to start budgeting for the holidays.

Budgeting Tips

While there is no such thing as a “one size fits all” budget, there are some good rules of thumb to keep in mind while balancing your checkbook.

• Stick to a plan. Budgeting can feel overwhelming at first. Simplify your finances by choosing a budgeting plan that fits your life. For example, an easy one is called the 50/30/20 rule. In this plan, 50% of your budget goes towards necessities, 30% to “fun stuff,” and 20% to savings and paying off debt. 

• Prepare for emergencies. No matter what style of budgeting you choose, you’ll need a safety net for whatever life throws your way. If you haven’t already, set a financial goal to save enough money for a few months’ rent and necessities, so you won’t be caught off guard by an unexpected medical expense or layoff.

• Get rid of debt. Prioritize the high-interest drains on your income. Debts such as personal loans and rent-to-own payments can eventually take much more money than you originally bargained for. 

Save for Christmas Presents

With a budget in hand, you can shop for holiday gifts with confidence. While searching for that perfect present, there are still some ways to save money.

• Go thrifting. You never know what you’ll find at your local secondhand store. You can find some real steals where you might not expect them!

• Don’t overdo delivery. If you can’t hand your gifts to your loved ones in person, you may be tempted to buy the most expensive delivery style available to keep your items safe in transit. If you plan on sending many parcels, consider enrolling in delivery passes, such as Amazon Prime, to keep these costs down. 

Prepare for Tax Season

January marks the beginning of the tax filing season. While you have until mid-April to get your paperwork settled, it’s smart to start getting organized now. As you head into the new year, take some small steps to keep your finances in order.

• Keep backups. Even with the best organizational method in place, sometimes papers simply go missing. Rather than sweat the small things every time tax season comes around, create digital folders with electronic backups of your important documents. Scan paper receipts to store as PDFs, and download digital bills.

• Save it all. Storing your data on a secure data network or cloud can protect your information, in case your computer gets stolen or damaged beyond repair and you can’t access your files.

Casey State Bank Christmas Club Savings Account 

Paying for everything you need during the holidays can feel overwhelming. That’s why Casey State Bank is proud to offer customers Christmas Club Accounts. This savings account is specifically designed to help your finances through the holiday season. Money deposited into this account starts accruing interest the day that we receive it, so you can start seeing returns add up fast. It’s just another way that we aim to show the community bank difference. 

For more information about opening a Christmas Club Account, or to learn more about our range of personal financing options, contact us. Let us help you pursue your financial goals.