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BUSINESS Tuesday 8 OcTOber 2019
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No holiday savings yet? Here's how to build your funds fast

By SEAN PYLES While planning this year's
Timing is everything when it holidays, start thinking
comes to saving for the hol- about how you'll save mon-
idays. The longer you have ey next year.
to build up cash reserves, Track your spending to help
plan your budget and buy inform what you'll need,
gifts at the right price, the Reese advises. "If you went
better you can cover these over your budget, set aside
seasonal costs without go- more for next year," she
ing into debt. says.
Avoiding debt around the Then, find a saving strategy
holidays can save you from that works for you. Here are
a spending hangover in the a few options:
new year: Shoppers who — The 52-week savings
used credit cards to fund challenge: One of Red's
the holidays in 2018 antici- preferred methods, with
pated it would take them this "challenge," you start
over three months to pay by saving $1 the first week
off their debt, according to of December, then $2 the
a NerdWallet survey of over next week, $3 the follow-
2,000 adults conducted by ing week, and so on, add-
The Harris Poll. In this Nov. 9, 2018, file photo Christmas decorations are shown at a Walmart Supercenter in Hous- ing one dollar each week
Starting a couple of months ton. for a year. At the end,
before peak holiday sea- Associated Press you'll have nearly $1,400 to
son might be cutting it a spend for the holidays.
little close for grand sav- is and try to keep expenses, SPEND SMART: Create a says Summer Red, profes- — Holiday savings ac-
ings schemes this year, but including gifts and food, gift list that fits your bud- sional development man- counts: Typically offered
you do have options. Here's within that amount. get, find good deals, and ager at the Association by credit unions, these sav-
how you can plan your Being mindful of what you consider reducing holiday for Financial Counseling & ings accounts are gener-
spending this year — and can afford can keep you spending on food and gifts Planning Education. ally locked so you can't
start saving for next year's from overspending, says across the board to avoid "Food is central to most access what you're putting
holidays. Los Angeles-based finan- going into debt. holiday celebrations, and into savings until the holi-
SET YOUR PLAN FOR THIS cial coach Dominique' Re- Use your budget to guide there are a lot of foods peo- day season. Putting just $25
YEAR ese. "I say think about your your gift list. If your budget is ple will buy even though a month into one of these
Say you're planning to kick future self," Reese says. tight, consider whether you people don't like it," Red gives you $300 saved for
off shopping in earnest "How would your future fi- can buy for fewer people; says. If no one in your family the holidays after a year.
around Black Friday, which nancial self — yourself in maybe you can suggest a likes the dark meat of a tur- — Set aside part of your
falls on Nov. 29 this year. January, February, March get-together instead of a key, for example, consider income: Reese suggests
You still have two months — feel about the expenses gift exchange with some getting specific cuts rather socking away a percent-
for saving and planning. that you made over the friends. than a whole bird. age of your income and
Start with these steps: holidays?" Black Friday and Cyber "I encourage people to automating transfers to
SET YOUR HOLIDAY BUDGET. To build your holiday bud- Monday can offer big sav- let go of some traditions build the habit of saving.
If you don't have much sav- get, trim discretionary ex- ings, but you might find and focus on what they re- Having some of your pay-
ings, you'll likely have to use penses over the next cou- better deals at other times. ally enjoy," she says. "That check deposited directly
your discretionary income ple of months. Cut back on Start checking prices now means you also have less into a savings account by
— what's left over after dining out or going to the so you know what's a good food waste and less money your employer is an easy
regular bills — to fund your movies, or temporarily can- deal — and what to skip. waste." way to set money aside
holidays. Get a solid under- cel a couple of monthly Being frugal with holiday SET YOURSELF UP FOR NEXT without thinking about it,
standing of how much that subscription services. meal shopping can go far, YEAR too.q