5 Steps for Holiday Budgeting Success
World Finance offers Chicagoland area shoppers simple tips to take the stress out of holiday expenses
It's the most wonderful time of the year, and you know what that means? It may not be the most wonderful time for your bank account.
There's the good, of course: holiday retail sales are slated to increase 7% this year, and one in three people say they plan to spend more this year than in years prior. Vaccinated people feel better about going out, and there will likely be a lot more dining, shopping and merrymaking in public.
And then there's the hard part - the holidays can feel like a big financial burden for many Chicago area families, especially for those who don't want to forgo the discretionary celebrating.
World Finance, a people-focused finance company that offers services like personal loans and tax preparation at more than 10 local community branches in and around Chicago, is sharing some tips to get the most out of your holiday season without tanking your credit:
• Start early: Decide on a budget for holiday expenses including gifts, gift wrapping, decorations, travel and other special events. By knowing your budget well in advance, you can start saving before you spend.
• Back to basics: It's amazing how fast the savings add up when you opt to pack lunches, make coffee at home, pre-prep meals, etc. Find some simple changes you can make now to help save money for your holiday budget.
• Stick to a plan: Credit cards can make it easy to overspend. A cash envelope system for holiday expenses is a helpful physical reminder and limitation. Another method is to keep track of your holiday credit card purchases and tally the cost along the way, keeping your budget in check and preventing a big bill later.
• Reduce, reuse and recycle: One of the best ways to save is to use what you already have. By repurposing last year's decorations or gently used gift wrapping, your budget will have more room for other expenses. You can also put your creativity to use by DIY-ing a thoughtful and one-of-a-kind gift to help save money.
• Shop around: Whether shopping online or in-person, prices can vary drastically. Give yourself time to track prices and compare special offers at stores. If shopping online, certain browser extensions like Honey, Rakuten and Capital One Shopping will do the work for you.
"The holidays should be a time of celebrating family and friends, but too often the season is overshadowed by financial stress. With advance preparation and setting realistic budget goals, the holiday season can be a cheerful time," says Missy Ulrich, regional vice president of World Finance.
World Finance also helps customers with budgeting and personal finance tips, credit-building loans and products, and more. To find a local branch or for information about World Finance, visit www.loansbyworld.com. Additional budgeting tips, credit information and loans can be found at www.loansbyworld.com/blog.
1 Deloitte Annual Holiday Retail Forecast
2 Roku and Harris Poll 2021 Holiday Survey
About World Acceptance Corporation
Since 1962, World Acceptance Corporation (NASDAQ: WRLD) has helped millions of people unlock their financial good. World aids customers in overall financial wellness, celebrating the hundreds of thousands of customers able to achieve mainstream credit each year. Headquartered in Greenville, SC, World reaches over one million customers annually – turning their financial possibility into reality through services like personal loans and tax preparation. With over 1,200 branches in 16 states, World is proudly rooted in the communities it serves. World sets itself apart as the financial partner with heart, offering an ever-expanding menu of customer-focused services and a commitment to teamwork, community, and care.