Save Up to Afford Everything on Your Holiday Shopping List
Texas CPAs Offer Holiday Savings Tips
If you plan to buy your loved one a partridge in a pear tree, it’s going to cost about $159. If you’re to stay true to the song and buy 12 of them, be prepared to spend approximately $1,919, according to PNC Wealth Management’s Christmas Price Index.
In order to afford these holiday birds or anything else on your holiday shopping list, you might want to develop a holiday savings plan.
Texas CPAs say start with making a list of all your expenses this season, monthly bills included. The list should also include everything from gifts you’d like to buy to holiday travel costs (and don’t forget to factor in the cost of the pear trees, plus shipping).
According to Texas Society of Certified Public Accountants (TSCPA) Chairman, Kym Anderson, look for simple ways to cut costs during the next couple of weeks.
“Start brown-bagging it, instead of going out for lunch every day. You’d be surprised at how much you’ll save by taking your lunch. It’s also a great idea to limit the cash you carry. The less you have, the less you’ll be forced to spend,” said Anderson.
If you’re looking for gifts that’ll keep giving this season and beyond, Texas CPAs recommend financially savvy gifts like donations to local causes in the name of that special someone, U.S. savings bonds, or contributions toward college.
Section 529 plans are savings vehicles that families can use to put away money for college without paying federal tax on their distributions.