It’s Christmas (saving) in July!

We have all heard the saying “Christmas in July.” Instead of it meaning spending, why not make it about saving. With less than six months until Christmas, we’re on the downhill slope. To help, here are our top tips to make your December less of a financial pain point.


#1 - Create a budget and stick to it.
Make a list of the people you plan to buy gifts for and assign each a budget. This may also include making a rough plan of the gifts you intend to purchase. Write it all down, so you can stick to it as you save. The Money Management tool from BHFCU provides members with an electronic option to create and monitor budgets.


#2 - Plan for your saving.
Once you have your total budget set, make a plan to save for gifts over the next six months. Maybe you plan to divide the total by six and save that much back each month. Or, if you know of upcoming expenses, plan around them for times when your disposable income will be higher. Your goal doesn’t have to be saving 100% of your budget. Work to save as much as you comfortably can.


#3 - Track your progress in a sub-savings account.
One way to keep yourself accountable for your saving plan is to open a sub-savings account to track your progress. This free account will be tied to your other BHFCU accounts and provides a dedicated space for you to save. Any BHFCU personal financial associate can help you open a sub-savings account!


#4 - Make intentional purchases over the next six months.
We have been focusing on saving, but that doesn’t mean you can’t also be spending. If you have specific gifts in mind, watch for deals throughout the next six months. You can use some of your saved funds to purchase gifts early and for less!

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