With the holidays quickly approaching, many people will flock to department stores to stock up on the year’s hottest gifts. Many people will spend more than they intend to during the holidays, and this could set a lot of people back financially. This holiday season consider being mindful of what you’re spending with these helpful financial tips from Michael J. Yuda, CPA, LLC.
- Decide how much you can actually spend! People often overlook extra fees when they draft a budget: this includes wrapping paper, gas to get to the store, and other small expenses. Come up with a realistic budget, and stick to it.
- Much like Santa, make a list and check it twice. Assess your spending limits for the gift receivers in your family, to ensure you can comfortably spend the money on their gifts. Keep your focus on what you’ll spend, and not the gift you will buy.
- Pay Cash! Many people rely on credit and debit cards, but without seeing the money dwindle, you’re more inclined to overspend. If you must use a card, use a card with the lowest interest rate.
- Give yourself enough time to get your shopping done. When you wait until the last minute to finish your holiday shopping, you’ll end up overpaying for items that may have been priced lower in previous months. Getting an early start also ensures you can breathe and enjoy the holiday without stressing out.
- Don’t just focus on material things! Gifts come in all shapes and forms. If you aren’t financially set to spend a lot of money this holiday season, consider giving gifts from the heart.
Your financial health is important to us! If you’re looking for a CPA in Hawaii, consider Michael J. Yuda, CPA, LLC.