Festive Finances: 12 Days of Financial Tips to Manage Holiday Spending
Bank of Utah
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“The Twelve Days of Christmas”: It's a song that fills us with festive cheer and spotlights the giving spirit of the holidays. We all know the tune and the lyrics (well, at least some of them … is it seven swans a-swimming or geese a-laying?), but let's be honest, the lavish gifts would have cost a small fortune back in the day! Today, just one swan can cost over $2,000, and one goose can set you back almost $100!
The “true love” in the song, swept up in a thoughtful gesture, clearly overlooked the importance of budgeting. While we can appreciate his or her intention, it’s a good reminder that we all need to be mindful of our spending, especially during the holidays.
So, let’s add a dash (or 12!) of financial wisdom to the famous tune.
12 Days of Financial Tips to Bring You Financial Wisdom and Cheer
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? On the first day of the holidays, my banker said to me, review last year’s receipts merrily.
Look at your spending from last year’s holiday shopping to see where you overspent and where you can save this year. Did you spend too much on gifts for certain people? Did you buy too many decorations? Did you perhaps go overboard on meals? Identifying these patterns will help you make informed holiday decisions.
For example, if you noticed you overspent on gifts for your kids, you could consider setting a budget for each of them this year. A recent poll shows that parents plan to spend around $200 per child this Christmas. Remember, this amount is just a helpful starting point, and you should spend only what works for your budget and for your family’s financial goals.
Online banking offers valuable financial tools for reviewing your spending habits and identifying trends. For instance, Bank of Utah’s online banking and mobile app platforms allow you to categorize your transactions so you can easily see how much you’re spending on different categories, such as gifts, groceries, and entertainment. You can also use online banking to create budgets, set spending limits and track your progress toward your goals.
Continue reading and learn the other 11 Days of Financial Tips on our website at https://www.bankofutah.com/insights/12-days-of-financial-tips-to-manage-holiday-spending.