WASHINGTON –
As September rolls in with cooler weather, it's a reminder that the holiday season is fast approaching. This often means higher spending, but this year can be different. Let’s focus on preparing for the holidays without overspending or falling into debt. Throughout September, I'll be sharing financial strategies to help you plan wisely for the upcoming holiday season.
Holiday Tip #1 - Before You Start Spending, Create a Budget!
• Organize Your Spending into Categories: Gifts, travel, special meals, decorations, and entertainment.
• Set a Realistic Budget: Make sure your budget is based only on your income—avoid credit cards, loans, or "buy now, pay later" options.
• Start Saving Early: Begin a savings plan by setting up automatic withdrawals into a high-yield savings account to cover your holiday expenses.
• Track Your Spending: Write down every expense, whether on paper, a mobile device, or using an app—don’t estimate or round up your spending.
With a budget in place, you’ll be able to enjoy the holiday season without the stress of debt. Stay tuned for more tips throughout September!
Looking for an easy-to-use, fillable tool to help you keep track of your spending? Try DoD’s Office of Financial Readiness mobile app, Sen$e. https://finred.usalearning.gov/ToolsAndAddRes/Sen$e
V/r,
Valerie Purvis, AFC® Email: PFC1.DC@MagellanFederal.com
Valerie Purvis is the DCNG Personal Financial Counselor that provides no-cost, face-to-face (or virtual) financial counseling appointments, trainings, and workshops on a variety of topics, such as money management, budgeting, debt, and credit card management, homebuying, retirement, estate planning, and more.