Financial IQFeatured December 02 2019

12 Days of Savings

The holidays are now upon us, and each year you might find yourself a bit unprepared for the inevitable spike in your spending habits in the months of November and December. From family meals, travel, gifts, and social outings, the holidays are one of the most expensive times of the year. We have compiled some tips to help you spend mindfully during this holiday season.

Cook holiday dinners at home

As you plan for holiday meals, consider preparing food at home. Dining out with extended family during the holidays can get expensive. According to Forbes, it can cost five times more to dine out compared to eating at home. Save some money by planning all the holiday meals at home. You can find deals on meat at your local grocery stores and cook a 5-star meal in your own kitchen! Or suggest a potluck amongst family and friends.

Suggest a Secret Santa

Buying a gift for each person in the family adds up. Suggest a Secret Santa gift exchange instead for your gathering. Draw names from a hat or use an online randomizer to assign the recipients. This way, each person gets something they want, and you don’t break the bank buying 20 gifts for extended family.

Make a homemade gift

A homemade gift is a wonderful choice to not only save your hard-earned money but to create a more sentimental gift. Consider using your hidden talents – knitting, sewing, wood carving, writing, drawing, music, photography, etc. – to create a memorable and unique gift. Not only will you save money, but you will also gift a special and personalized item.

For larger gifts - look for 0% financing options

The holidays are the perfect time to make that big purchase – new furniture, electronics, or appliances. There are sales and discounts everywhere you turn, but you don’t want to spend your entire holiday budget on one gift. If you didn’t save the entire amount for these big-ticket items, consider choosing a store that offers a feasible timeline for zero percent financing.

Take advantage of Black Friday and Cyber Monday

Chances are, you can knock out your entire gift list in two days – Black Friday and Cyber Monday. Whether you like to stand in line for the newest tech and toys or hunt for the best online deals, you can utilize the numerous discounts offered on these days.

Use coupons

Search online for promo codes before completing your online purchase and utilize coupon mailers and email offers. Even if you don’t do your shopping during the Black Friday or Cyber Monday sales, you can still take advantage of the many other holiday discounts!

Look for airline deals for holiday travel

Flying or driving to visit relatives for the holidays can get expensive – especially if you have a big family. Keep an eye out for airline and rental car deals to save you money on travel. Try to fly on Tuesday, Wednesday, or Thursday, as those are the least expensive travel days according to U.S. News. Compare different sites and airlines to find the best deal.

Make a list, set a budget, and stick to it

If you tend to go a little crazy during the holidays – especially for gifts for kids and grandkids – you’ll want to follow this holiday savings rule: Set a max budget for all your gifts, travel, and food for the holidays. Make a list of items for gifts, travel needs, and food/drink items along with their prices, so there are no surprises when your credit card bill hits in January.

Utilize a budgeting app to track spending

Download a budgeting app to monitor holiday spending. You can set a budget for certain categories and check often to ensure that you are staying within your means. You can even check your app quickly WHILE shopping, so you don’t accidentally overspend at the store. Use this in lieu of or in conjunction with an organized list.

Host a clothes swap party for holiday clothing/dresses

There are already so many items to purchase during the holiday season, so why add this extra expense to the mix? Instead of purchasing new outfits for each holiday meal and gathering, host a clothes swap party with friends to snag some new {well, new to you!} holiday pieces for your wardrobe.

Make your coffee & lunch at home

This tip is a great way to cut spending year-round, but sometimes we forget how much we can save. Skip the Starbucks every morning this month and pack a lunch to eat at work. You’ll instantly add an extra cushion for that upcoming holiday spending.

Nix expensive social outings

Instead of planning social outings at restaurants & bars, movie theaters, ice skating, etc., opt for some holiday activities at home for the month. Host a movie night or game night, bake holiday cookies, or host a party at your house. Your bank account will thank you at the end of the month for going easy on it.

Sources:

Forbes

U.S. News

Search Results for query

February 07 2019

A Modern Mortgage with a Personal Touch

In the digital age, we know that you expect a simple online experience that is quick, easy and guides you step-by-step through the mortgage process. With Eagle’s Digital Mortgage, you can apply for a home loan faster and easier than ever before –...

Read More

February 04 2019

How Secure Is Financing Your Home Online?

Technology has changed the way we live our lives – including home financing! Eagle’s Digital Mortgage has been found to save days (even weeks!) in the mortgage process by providing a more complete pre-qualification upfront and an easy way for you to...

Read More

January 23 2019

A Community That Fits Your Lifestyle

You’ve worked your sixty-hour weeks and raised your family, now is the time to live the lifestyle you deserve. Lennar's award-winning Active Adult communities create a relaxed and stress-free setting while also offering a variety of amenities and...

Read More

December 17 2018

FHA Announces New Loan Limits for 2019

The Federal Housing Administration (FHA) has announced their new loan limits—and it looks like it’s another increase in 2019!

Read More

November 15 2018

The Impact of Rising Rates

If you’ve ever had a credit card or purchased a car, you should be familiar with interest rates. An interest rate is the percentage of the amount you are borrowing (known as the principle) charged by the lender as a fee for allowing you to use their money....

Read More

November 12 2018

What to Keep From Your Closing

After several stressful months of buying or selling your home, it may be tempting to put the transaction in the past and dispose of the evidence—which is often more than 100 pages. However, there are several important legal and financial documents...

Read More

November 05 2018

What is an Appraised Value?

Everyone wants to sell their house for more than they bought it for, but real estate is trickier than that. Markets change, and home values change right along with them. Fortunately, there are licensed professionals called appraisers who will come to your home,...

Read More

November 02 2018

Pros and Cons of Buying a Condo

Whether you are a first-time homebuyer or searching for home number ten, buying a condo instead of a house may be the perfect choice. Most condos are essentially a hybrid between an apartment and a single-family home. They are great for certain lifestyles but...

Read More

October 29 2018

What a Home Inspection Should Cover

Before making what may be the largest investment of your life, you’ll want to get a home inspection. Home inspectors are trained to examine the physical structures and systems of a house. If you’re going to spend hundreds of thousands of your...

Read More

First23456Last

Mortgage Calculators

Crunch the Numbers With Our Helpful Mortgage Calculators

Payment Calculator

payment calculator

Payment
Calculator

Affordability Calculator

affordability calculator

Affordability
Calculator

Refinance Calculator

refinance calculator

Refinance
Calculator

The Modern Digital Mortgage with a Personal Touch

Paperless. Effortless. Awesomeness TM

Simplify the home financing process with our Digital Mortgage. We'll be here to help navigate you through the entire process.

Get Pre-qualifiedWhat is a Digital Mortgage?