Smart Savings, First National Bank

Although it may be hard to believe now, the holidays are right around the corner, which means busy shopping centers, cheerful times with friends and family and, often times, a large shopping and gift list. By planning ahead and saving now, you can lessen the impact the holidays will have on your checking account. Well according to First National Bank, here are some great ideas to help you stay on track with holiday spending. 

• 1.Review Last Year’s Spending: By auditing your spend from the previous year, you can challenge yourself and set a lower budget goal. Open a First National savings account to use only for the holidays, start setting money aside now and continually monitor your savings’ progress towards your goal.
• 2.Start Shopping Now: Make your gift list and start the search. Shopping a few months ahead will help you avoid seasonal price increases and will give you more time to shop sale and clearance items in order to find that perfect gift. Additionally, if you are doing your shopping online, ordering early will help you avoid expensive rush shipping charges.
• 3.Buy Groceries Gradually: By planning your menu and buying food items that won’t spoil in advance, you can save later. Stock up on flour and sugar now for your baked goods, and watch for sales on ham or turkey that can be frozen now and then used for your holiday dinner.
• 4.Stock Up on Gift Wrap: You don’t need to use holiday-specific wrapping paper for your gifts. Watch for wrapping paper or gift bags with plain colors or simple patterns to go on clearance. Save tissue paper throughout the year and use last year’s holiday cards to make your own gift tags.
• 5.Book Your Travel Early: If you are planning a holiday vacation or visiting loved ones in another city, book your travel early, as prices will typically increase the closer it gets to the peak season. Comparison shop using travel sites to find the best deal.
• 6.Volunteer: As the holidays draw closer, save on entertainment expenses and spend time with your family volunteering for a local charity. This will help you celebrate the season of giving, without spending any money, by giving back to others and enjoying each other’s company.

The holidays are right around the corner, which means busy shopping centers, cheerful times with friends and family and, often times, a large shopping and gift list. By planning ahead and saving now, you can lessen the impact the holidays will have on your checking account.

• 1.Review Last Year’s Spending: By auditing your spend from the previous year, you can challenge yourself and set a lower budget goal. Open a First National savings account to use only for the holidays, start setting money aside now and continually monitor your savings’ progress towards your goal.
• 2.Start Shopping Now: Make your gift list and start the search. Shopping a few months ahead will help you avoid seasonal price increases and will give you more time to shop sale and clearance items in order to find that perfect gift. Additionally, if you are doing your shopping online, ordering early will help you avoid expensive rush shipping charges.
• 3.Buy Groceries Gradually: By planning your menu and buying food items that won’t spoil in advance, you can save later. Stock up on flour and sugar now for your baked goods, and watch for sales on ham or turkey that can be frozen now and then used for your holiday dinner.
• 4.Stock Up on Gift Wrap: You don’t need to use holiday-specific wrapping paper for your gifts. Watch for wrapping paper or gift bags with plain colors or simple patterns to go on clearance. Save tissue paper throughout the year and use last year’s holiday cards to make your own gift tags.
• 5.Book Your Travel Early: If you are planning a holiday vacation or visiting loved ones in another city, book your travel early, as prices will typically increase the closer it gets to the peak season. Comparison shop using travel sites to find the best deal.
• 6.Volunteer: As the holidays draw closer, save on entertainment expenses and spend time with your family volunteering for a local charity. This will help you celebrate the season of giving, without spending any money, by giving back to others and enjoying each other’s company.
  

A Guide to Spending & Living Within Your Means

"According to First National Bank, Living within your means doesn’t have to mean eliminating the things you love in life. Creating a detailed budget, tracking your spending, saving for unexpected expenses, and finding simple ways to enjoy your favorite things for less can help you avoid building up debt and struggling financially.

Be aware of all income and fixed expenses. Evaluate your current financial situation and create a budget containing an itemized list of your income sources and amounts (paychecks, pension, freelance, etc.) and all of your monthly bills (from your cell phone bill to your mortgage payment).

Create a list of essentials. Essentials include expenses that are necessary to live your daily life such as groceries, gas or transportation costs, and personal hygiene and health products. Make sure to separate your ‘needs’ from your ‘wants’ and do not include costs associated with entertainment, dining, or splurges on clothes or electronics.

Set a savings goal. Ensure that you are saving a portion of your income each month to prepare for unexpected expenses, as well as future purchases such as a family vacation or a new car or home. Use our online calculator‘What will it take to save for a vehicle, home, etc?’ to set a goal and help determine how much you should automatically transfer to your savings account each paycheck.

Track your spending and saving. Track all income, spending and saving contributions to stay on track. First National’s online banking allows you to monitor your accounts 24/7, easily pay your bills, and manage your finances.

Stick to a fixed monthly budget for your ‘wants.' Be smart when spending your discretionary income. Do you really need a latte every morning before work? Maybe cut back to once a week. Or instead of treating your family of four to an afternoon at the movie theater, rent a movie and spend some quality time together in the comfort of your own home. Setting monthly budgets and ensuring you don’t go over will only help you in the long run.

Constantly re-evaluate your finances. Your income, expenses, needs and wants can, and will, change over time. Major lifestyle changes such as marriage, starting a family, buying a home or starting a new job can all affect your finances. Make adjustments as needed to ensure you are still covering your expenses while saving for the future.

Keeping your goals in mind and making small changes to your spending and savings habits can make all the difference when it comes to comfortably living within your means now and providing a secure financial situation for your family for years to come."