by Kinsey Love, marketing manager, Lewiston State Bank
Have you ever felt that you spend too much money during the holidays? Or maybe, you have no idea how much you spend, but wish you did.
If you feel like you want to have a better handle on your holiday spending, here is an idea to help you manage your money this holiday season: Budget with a holiday checking account.
Open a new checking account specifically for the holidays. Be sure to look for a free checking account at the bank of your choice. Put the amount of money you plan to spend for the holidays into this account and commit to use only this account for holiday purchases. Here are some of the benefits of using a holiday checking account:
- A debit card to use solely for the purpose of holiday shopping.
- Access balances on your mobile device through mobile banking.
- An easy way to stay within your budget and track your spending.
Once the holidays are over, you can begin to use this account to save for next year’s holiday expenses. Saving like this will help put you in control of your money and will spread holiday expenses throughout the year, without having to carry a balance on a credit card.
Once you have decided how much you would like to save, setting up automatic transfers is an effective way to work toward your savings goal. Automatic transfers allow you to follow your savings plan without being tempted to use the funds in less-efficient ways when your paycheck is deposited. Establishing a second account with automatic transfers is also a great way to get an emergency fund started, if you don’t have one already to help when those not-so-merry moments to come.
This year, take charge of your holiday spending and take comfort knowing you can manage your money without blowing your budget.
