The Giving Season: 6 Tips on how to give and save for the holidays
Despite the lights, smells of comfort foods, and sights of home, the holiday season can still bring uneasiness when giving responsibly. You may be thinking about how much is inside of your wallet more than any other year. At Waldo State Bank, we understand the need to optimize your hard-earned dollar, so our experts compiled a list of six quick tips to help you give and save this holiday season.
Tip #1: Budget – Make it comfortable
If you don't know how much you have to spend, you run the risk of over-spending and become unable to give as much as you intended. Setting a comfortable budget will help guide you in choosing the right gifts for a comfortable amount.
Tip #2: Plan – Make a 'Who Gets What' list
Do you know who you're giving gifts to this year? Do you know what each person will get? Do you need to provide your child's whole classroom individual gifts? Deciding on who will get gifts will help you better distribute your hard-earned money. By creating a plan, you're not only saving money, but you're also saving time when it comes time to shop.
Tip #3: Brick & Mortar – Use cash
If you're going out shopping, setting aside a specific amount to spend will help you keep track of your spending more tangibly. Physically holding the amount in front of you will deter you from overspending. To keep your cash safe while you're handling all of those shopping bags, stash it in a fanny pack! It's hands-free and stylish at the same time!
Tip #4: Credit vs. Debit – Use debit cards instead of credit cards
If cash isn't something you want to manage, prefer contactless spending, or prefer online shopping, consider a Waldo State Bank debit card. You have the option to use it as a credit card and earn extra perks like fuel discounts and additional gifts through their Scorecard Rewards Program. Plus, you still have the option to withdraw cash if you need it. Credit cards may bring greater risk in spending, especially during the holiday season. Check out our blog, Debit vs. Credit Cards: What's the Best for Your Financial Situation? to learn more about the difference between these two options.
Tip #5: Charitable gifting – Donating and giving back
This time of year, you have terrific opportunities to greatly impact your community with your wallet. Some charities host events where they sell items, benefitting crucial causes in your community. By purchasing their items and giving it as a gift, you're showing support and adding meaning to the present.
Another way to involve charitable giving is by donating to a cause in honor of a loved one. At Waldo State Bank, we are teaming up with the community to provide gifts for Project Angel Hugs. To learn how you can participate, visit our blog The Giving Tree: Project Angel Hugs.
Tip #6: DIY – Home-made gifts from the heart
Buying an expensive gift is one way to go but creating something from the heart that is personal and thoughtful can have a lot more meaning! By making gifts, you can produce more gifts for less, which will increase your giving. Sweet treats like cake pops or cookies make great gifts for your child's teachers, your mail carrier, and friends and family members. Handmade soaps, jewelry, or fun ornaments are also easy options that won't break the bank.
Now that you have these six quick tips, you're ready to do some shopping! Don't forget to check out our blog on How to Save Money After the Holidays or contact our financial experts today to keep your holiday spending in check.