By Brittney Schori
Health & Human Resources Extension Educator, Purdue Extension Whitley County

COLUMBIA CITY — We all know how expensive the holidays can be. Between gift giving, holiday outfits, charitable causes, and all that holiday feasting. It all adds up quickly! Luckily, there is enough time to start saving before the holiday season is officially upon us. Here are a few tips that will help you keep your bank account happy and your holiday spirits high!

Cut back on treating yourself. It can be difficult, but a couple of months before the holidays, it’s best to cut back on monthly spending habits. Try skipping going to the nail salon and use your skills and paint them at home. Instead of eating out multiple times a week, decide which night ahead of time you will get take-out or dine-in. Make your coffee and meal prep lunches at home instead of hitting the coffee shop. Generally, a gel manicure costs $30 plus tip. If you get two of those a month, you can save $120 from now until the holidays. That’s the price of a nice gift for anyone on your list. Get creative and pull back on those extras until 2021.

Brittney Schori

Do your homework. The best way to plan financially for the holidays is to get a head start. I keep a Pinterest board year-round so I can pin holiday ideas whenever I come across them. This way, I’m not scrambling at the last minute trying to figure out what to purchase and can take advantage of Black Friday and Cyber Monday deals. Being prepared for holiday purchases allows you to have a bird’s eye view of the budget you need to set in place. Keep a running list throughout the year and at the end of November you can map out where the best deals are going to be.

Download a saving application on your phone or tablet. There are several apps that can help you add a bit of savings on the side. Depending on your spending style you may prefer one over the other. I recommend checking out multiple different applications, such as Digit, Mint, and Qapital Finance. I personally use Digit. It is a handy automatic app that analyzes spending and deducts reasonable amounts each week. It only deducts what the app analyzes you can afford, and always protects from overdraft fees.

Use the envelope system. Cash is king and it’s much easier to keep track of it when you can physically touch it. Are you someone who likes tangible savings? This method is for you then. It’s simple. Create your budget categories, figure out your budget amount, and keep track of the balance on the front of the envelope. When you’re out of cash, you’re out of cash. It helps you stay on track with your budget and not overspend.

Treat yourself, but use it as an opportunity to save. Match the cost of your nonessential indulgences in savings. So, for example, if you splurge on a smoothie while out running errands, put the same amount into your savings account. And think of it this way, if you can’t afford to save the matching amount, you can’t afford the treat either.

Calculate purchases by hours worked instead of cost. Take the amount of the item you’re considering purchasing and divide it by your hourly wage. If it’s a $50 pair of shoes and you make $10 an hour, ask yourself if those shoes are worth five long hours of work.

Unsubscribe. Avoid temptation by unsubscribing from marketing emails to the stores you spend the most money at. By law, each email is required to have an unsubscribe link, usually at the bottom of the email.

Place a savings reminder on your card. Remind yourself to think through every purchase by covering your card with a savings message, such as “Do I need this?” Write the message on a piece of masking tape or colorful washi tape on your card.

Participate in a local Investment Development Account program. If your income is low, you may be eligible to participate in an IDA program where your savings are matched. In return for attending financial education sessions and planning to save for a home, education, or business, you typically receive at least $1 for every $1 you save, and sometimes much more. That means $25 saved each month could become several hundred dollars by the end of the year.