Fall Financial Clean Up Tips
For many, fall signifies the beginning of the end of the year. It’s a time when many people start to plan for the holidays and the new year. Whether it's decorations, parties, festivals, travel, crafts, or anything in between, the magic of fall is contagious. Fall is also one of the best seasons for financial planning before the new year.
With many people spending more money during the festive season, the need for budgeting often falls by the wayside. Then, once the holiday season passes, many are faced with more debt and are looking to renew their financial outlook for the year ahead. However, keeping your finances and budget top of mind throughout the fall and the holiday season is a good plan to make sure you don’t end the year with financial stress.
Here are some financial tips to help make sure your fall and holiday seasons are full of joy.
Plan Your Holiday Giving
Create a plan for holiday giving. List out all expenses that may come up during the holiday season, including gifts, travel, and entertainment. Then, create a budget of how much you will spend on each area. Planning how much you'd like to spend gives you a much-needed sense of financial discipline as the festive season begins.
Think About Your Outstanding Debt
If you find yourself heading into the holiday season with a lot of debt, there are options to help you alleviate this financial burden. By utilizing a credit card balance transfer or a debt consolidation loan, you can get a handle on your debt and lower the total amount you are paying.
For example, let’s say you have multiple credit card balances you’re currently paying. Most likely, these credit cards all have different interest rates. By transferring the balances to either a lower-rate credit card or a debt consolidation loan, you’re able to reduce your payments since you will only be paying one loan with one interest rate.
Plan for the New Year
Many people wait until after the holidays to start planning their financial goals for the new year. However, it is during the holidays that most people’s finances fall off course. Instead, begin planning your financial goals before the holidays start. Doing so will help keep your finances top-of-mind as you head into the holidays and hopefully help prevent overspending.
Check Your Credit Report
Before closing out the year, check your credit report. This step will help catch any discrepancies before the new year begins. You can obtain a free credit report each year from the three major credit bureaus at www.annualcreditreport.com.
Create a Savings Plan
While you may be thinking, “how can I possibly save during the holiday season?” this is one of the best times to begin a savings plan. After all, if you can start a successful savings plan now, you have a better chance of continuing this plan throughout the new year.
With payroll deduction, you can easily automate your savings. When you sign up for payroll deduction, you can choose a specific amount to save each month. Then, when your paycheck is deposited, that portion will automatically go into the account you choose. Putting your savings on autopilot is a great way to build your balance without being tempted to spend it.
CAMPUS Can Help!
As we enter into the busiest spending season, it’s important to keep your finances top-of-mind. Whether you’re looking to consolidate debt, increase your savings, or begin planning for your future, we’re here to help.
Please stop by any of our convenient service center locations or call 800-367-6440 to get started today.
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By Campus USA at 27 Oct 2021, 08:40 AM