The holidays are a time for giving gifts – which means spending money. No one likes to start the new year with an empty bank account, so how can you save money while still enjoying the holiday season? At Blackwell’s Tax Service, we don’t just provide individual tax services near you. Our accountants also want to help you manage your money better. Here are some holiday money tips to help you through the season:
- Have a budget: First off, set a gift buying budget and stick to it. Write down your daily spending limit and keep track of every expense — even miscellaneous purchases. This will help you be comfortable with the amount of money you intend to spend this season.
- Only buy what’s needed – and what you can afford: Think about what the people on your list really need. For example, clothes, books, and school supplies are great items to give your kids. Also focus on what you can really afford. Regretting a purchase is never a good thing, even if it’s a gift for someone else.
- Use cash: Use cash whenever you can while you’re shopping. When you keep yourself from using a credit card, you’ll reduce the number of unnecessary purchases. Set aside cash from each paycheck in order to save up – or open a Christmas Club account at your bank or credit union.
- Wipe out debt: Ask your spouse to use the money they would’ve spent on a gift and apply it to your debt instead. Wiping out debt is one of the best ways to achieve financial security.
If you need help with financial management, accounting, or taxes, call Blackwell’s Tax Service. We provide accurate individual tax services near you, along with many other financial services. We welcome new clients from Fort Mill, Rock Hill, and surrounding areas of South Carolina.