Financial Planning for the Holidays

On average an American household spends $1,455 on holiday gifts.

With the holiday season swiftly approaching for many of us, we want to make sure that this glorious time of year and surprise holiday costs turn into anticipated costs.

At Newton Federal, we know that we are better together. That is why we have a team of professionals that are a powerful combination that work on your behalf.

Budgeting is Important, No Matter the Time of Year

Budgeting, a daunting word that we all hear are fathers telling us to do in the back of our heads. While we know that budgeting has many benefits like; helping keep your eye on the prize, make sure you don’t spend money you don’t have, leads to a happier future, prepares you for emergencies, sheds a light on poor spending habits, and ultimately helps you sleep better at night, can be difficult. It is important to increase your financial planning habits to allow for planning in the short term and long term. The goal is to balance your income with your expenses. When it comes to the holidays, spending rapidly increases. Budgeting can efficiently ensure that you are prepared for the unexpected and the expected. Planning for the holidays can be stressful, which is why having a good budget plan in place can eliminate any stress and potential over spending.

Be Mindful of Credit Card Spending

Less than 25% of all Americans are debt free, and 60% of Americans have been in debt for at least a year. While credit card spending can feel great in the moment, it can later come back to affect your life long-term. At Newton Federal we recommend implementing the process of mindful spending. No this does not mean cut back on all spending, it just simply means be more thoughtful in the purchases you are making and ensure that every swipe of the card is done with intention.  We know our customers are smart, driven individuals who understand that budgeting allows for a sense of control and stability in possible times of uncertainty. In a world that can change on a dime, as we all know, it is pivotal to provide yourself with a sense of security wherever you can. That’s where we at Newton Federal come in. Eliminate serious risk impact to your credit card future by implementing mindful credit card spending.

Start Saving Long Before the Holidays

Experts recommend that in an ideal world, you should start saving for the holidays at least three months in advance. Newton Federal knows that the holidays may not even be on your mind post summer vacations, which is why we recommend budgeting. This allows for less stress and early shopping. Hit those early Black Friday deals with confidence when you financial plan before the holidays. Feel rewarded when you tackle holiday shopping with ease and intention through finding better prices earlier each year. Financial planning makes sure you have the time to find every loved one in your life the perfect gift.

Happy Holidays From
Newton Federal Bank

Newton Federal knows how complicated and difficult it can be to financially plan for the future. Which is why we try to simplify your banking all year round. We believe in giving back to the community, because we know that we work better together. Bank closer to home, with Newton Federal, and have a happy, stress free holiday season this year with thoughtful financial planning. So whatever you celebrate each year, make this year the best year yet with Newton Federal. Happy Holidays!