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 you about $165.  If you were to stay true to the song and buy 12 of them, be prepared to spend $1,980, according to PNC Wealth Management’s Christmas Price Index.  In order to afford these birds or anything else on your holiday shopping list, you might want to develop a holiday savings plan to keep your green out of the red.

Texas CPAs say start with making a list of all your expenses this season, monthly bills included.  The list should also cover 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) immediate-past Chairman James A. Smith, look for simple ways to cut costs during the next couple of weeks.

“Try junking the java, and take your coffee to work with you in a thermos.  You’d be surprised at how much you’ll save by ditching the pricey lattes each morning.  Limit the cash you carry. The less you have, the less you spend,” said Smith.

If you’re looking for gifts that’ll keep giving this season and beyond, Texas CPAs recommend financially savvy gifts like U.S. savings bonds. Or, make a contribution 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.