November 20, 2015
By Josie Moyer
Along with good tidings and cheer, the holidays bring on so many expenses—Christmas parties, travel, decorations and groceries—on top of holiday gifts. Setting a budget and savings goal early in the year will keep you from feeling overwhelmed by expenses when the holidays roll around. Here are some ways to help you build a holiday nest egg.
Set up a holiday savings account or join a Christmas Club
Have a portion of your paycheck deposited directly into a separate savings account that is solely for the purpose of saving for the holidays. Or, join a “Christmas Club,” which is designed to help you save little-by-little over the year. Bank of Guam Christmas Club accounts earn interest and have no monthly service fees, and you’re not allowed to withdraw the money until November.
Re-examine your budget and expenses
Marianas Finance knows that a few small changes can make a big difference in your monthly expenses. Whether you’re looking to refinance an auto loan or apply for a personal loan, Marianas Finance can help you reassess your current spending and put you back in charge of your money.
Consolidate bills and debts
Another way to save is to consolidate bill and debt into one monthly payment. Express Financial can simplify the repayment process by transferring multiple debts into a single new loan. You may even qualify for lower rates or new terms, which could reduce your monthly payments. Express Financial will take your application by mail, fax or phone and in most cases you can receive your loan cash the same day you apply.
Secure a small personal loan
Family Finance specializes in small personal loans between $1,000 to $3,500 with repayment terms of up to 2 years, giving you the boost you need for the holidays. You can apply in person at any of their three branches in Hagåtña, Upper Tumon and Dededo. Bring a verification of employment and two check stubs. Terms and conditions apply.
Trim Expenses
Check your cell phone and internet plans:Â If you’re not using minutes or data that you’re paying for, switch to a cheaper plan or bundle cable/cell phone/internet services to trim expenses. Do you pay membership to a gym you haven’t visited all year? Drop the gym membership and take up running outside or working out at home.
Give up something
You’d be surprised at how much money you can save just by giving up one of your little indulgences. For example, if you gave up one gourmet coffee ($4) and packed your lunch ($8) once a week starting in January, by mid-November you’ll have over $500 to spend on Christmas shopping. A practical way to recoup this cash is to calculate how much you spend on the item you’re giving up, and then deposit that amount into your holiday fund on a weekly basis.
