Did You Save for a Jolly Holiday Shopping Season?
If you’re one of the lucky few who has already set aside money for the holidays, then well done. Chances are, you’re like the rest of us, who had the best intentions to start saving early this year and wonder how it’s already October. With the impending time change and clocks going back in a matter of weeks, you may be wishing that you could turn back time as well. Whatever derailed your savings plan, the question is…what now? Holiday shopping season is nearly upon us, and those of us who don’t have a savings club maturing are looking for our Plan B.
Here are some tips to help get you started:
Are you close to maxing out the amount you can contribute annually to a health plan, retirement plan, or something of that sort? If so, you might want to consider pausing your contributions until the New Year and freeing up that little bit of extra income. Whether it’s paycheck deductions to fund a Health Savings Account or 401K and retirement contributions, resources abound to help you determine what you can contribute in the current tax year . Plus, it’s always a good idea to consult a tax advisor if you’re not sure.
Check your regular contributions
Take advantage of extra paycheck monthsFor those of us who get paid weekly or bi-weekly, these “extra” paychecks happen a couple of times a year, and they are always welcome! This December is a great example, since there are five Thursdays and five Fridays. So, if you can make that extra payday work for you, it may bail you out just in time for some last-minute shopping!
Thrift is still in vogue
Think about your local consignment shop or websites that resell merchandise. Not only do they offer opportunities to make a little bit of money on short notice, but also the potential that you just may find that perfect gift that you were (or weren’t) looking for…and at a fraction of the price. After all, the original packaging doesn’t even matter when it comes from the North Pole, right? This suggestion is particularly relevant if the person on your list is under the age of ten, and they have the tendency to grow out of toys at a rate on par with growing out of clothes! Feel good about being part of the reuse and recycle movement.