Spend More Time With Your Family & Friends while saving money for the Holidays

It’s that time of the year again where many of us celebrate the holidays with cheer, parties, gifts, and many other goods to enjoy before they hit reality again. But guess what, you know what else comes after those parties, gifts, and goods? That’s right! A hefty bill in the New Year!

You’re probably thinking, “Oh thanks a lot Sonny, I definitely needed that reassurance…” Well hold on there, we’re not here to deliver bad news to you! We have some great money saving tips that will help you save money so it’ll at least soften up that bill in January.

According to moneyadviceservice.org, the average Christmas spent per household is around $615, which includes food, presents, travel, and decorations. Based on moneyadviceservice.org, they have compiled a list of steps on how you can save money for the Holidays:

Step 1 – Set a Budget – Making a list of family and friends you will be buying for will help you organize how much you will spend on each person. We recommend using a Microsoft Excel spreadsheet so you can calculate how much you have to spend, and include tax rates as well. Additionally, if you are hosting dinner then think about how many people will be coming over and how much you will be spending on what you will be offering in the party to your guests.

Step 2 – Work out how much to save each month –   Make a commitment to save a portion of your income or cash flow every month. If you commit to saving a certain amount every month consistently, you will notice that you have a lot more money than you think without even realizing it. It really feels like you hit a jackpot in a slot machine game!

Step 3 – Start some new Christmas traditions – Perhaps starting some new Christmas traditions where the whole family or friends can join in with while saving along the way will help save money, since they are going to pitch in the expenses. A good tip on saving, instead of writing out gift cards to friends and family, you can send e-gift cards through email. We are living in the digital age, and most people are heavily reliant on digital devices and phones these days. Not only will you save money on buying gift cards, you will also save a lot of time, in which you can use to spend that extra time with those who matter to you most. If you are buying gifts for friends, you can set a limit on how much you spend, or even better, you can use the extra time you have (Assuming you use e-cards) to make a handmade present, nobody loves a handmade present more than a purchased gift.

Step 4 – Decide where to put your Christmas Savings – For those who want to save smaller amounts of money, you can simple place your savings in a coin jar. However, be sure to transfer it into a savings account once it gets full. Setting up a bank account that is used for instant savings would help as well.

Well, that’s it folks! Sonny & Company CPA wishes you Happy Holidays, and we hope you are all able to enjoy the end of the year with your loved ones! We hope these tips will help you.  Save, party, and enjoy like there’s no tomorrow! Happy New Year!