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Holiday pumpkin and snowman decorations in storage

Halloween Is Almost Here, So What About the Holiday Season?

 

Football season is back in full effect, the weather is starting to change (as much as possible for Houston, Texas) and the kiddos are back in school! This means the holiday season is not too far away. More than a few of you are reading this on your phone while waiting in line at Starbucks, preparing to buy your first pumpkin spice latte of the season, but it is actually time to start thinking of peppermint mochas instead. Even if you’re the type of person who regularly posts Facebook rants about the neighbors putting up their lights before Thanksgiving, making financial plans for the holiday season is still a really great idea.  It might be too early to hang a stocking, but it is never too early to start putting money away for the holidays.

 Holiday pumpkin and snowman decorations in storage

Question: How much will I be spending on the holidays this year?

Answer:  Recent studies have pegged the price of the holidays at roughly $300 per child, while one in 10 shoppers admit to spending over $500 on gifts for their children.  Overall, Americans spent about $600 billion on holiday shopping last year, which comes out to around $2,000 per person. This includes decorations, hams, ugly sweaters, and whatever else you tend to buy. That’s a lot of money.

 

Question:  Ugh. Why are we even talking about that money now?  It’s not even Halloween!

Answer:  Halloween is exactly why we should make plans now.  Since 2005, American spending on Halloween has spiked.  Last year, we spent about $7 billion on Halloween, including $350 million on costumes for our pets!  It’s easy to overspend in October, let that lead into an indulgent Thanksgiving in November, and then find ourselves putting all our holiday season spending onto a high-interest-rate credit card. If you have to do this, you want to plan ahead and make sure you find out details about our low-interest, zero balance transfer fee PrimeWay credit card. Planning ahead is a necessary step to prevent you from a holiday hangover in the New Year.

 

 

Question:  Is it too late to get ahead for this year?

Answer:  Not at all.  You have a lot of options to save yourself from your own spending.  You can sign up for a holiday savings account with PrimeWay, a money market or a variety of other plans. But that’s not the only approach.  You can also get ahead of the rate hikes by moving all of your credit card debt into a home equity loan (check out our rates here ) or by signing up for one of our low-interest credit cards here.

 

But even all those options don’t represent all the various ways to save money.  Remember that holiday spending doesn’t have to be an all-or-nothing proposition. You can combine savings, credit cards and budgeting to attack the holiday season from several angles.  Start now, and by the holiday season, you’ll have a well-stocked war chest, or in this case, toy chest, to give you a variety of options.

 

Sources:

http://www.bankrate.com/calculators/credit-cards/credit-card-payoff-calculator.aspx?MSA=&&&&

http://www.today.com/parents/yes-we-spoil-our-kids-6-000-moms-come-clean-1C7397939

http://www.theatlantic.com/business/archive/2011/10/the-halloween-economy-2-billion-in-candy-300-million-in-pet-costumes/247531/

http://abcnews.go.com/WN/mailform?id=14998335

 

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