- Category: Widget
- Published: Thursday, 17 September 2015 17:16
- Written by Isaac
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Begin Planning Now For Holiday Season Expenses, Staten Island Business Bank Suggests
We may be in the middle of September, but Thanksgiving and the winter holiday season will arriving in the blink of an eye.
That’s why it’s a good idea to begin planning your financial strategy now for the holidays, advises Victory State Bank. It’s not too early to create your spending strategy, the bank says.
The financial institution, Staten Island’s only community-based commercial bank, says the holidays can be more enjoyable and less stressful if a budget is created well in advance of the festive season.
The bank recommends these tips from the Consumer Financial Protection Bureau to get you started:
1) Begin by creating a holiday spending plan.
Decide how much you can afford to spend this season. Include gifts, travel, parties, decorations, and any other holiday expenses. Consider discussing the plan with your family members. Look at how much you’ll earn between now and the holidays and determine how much you’ll need to set aside each paycheck to save the amount you need.
2) Make a list of the people you will be giving gifts to.
Decide how much you can spend on each one. If you have specific gifts in mind for each person, start comparing prices online and keep an eye out for discounts and sales.
3) Keep track of what you spend.
If you find that you don’t need to spend as much as you thought in some categories, shift the extra funds to others. Or, save the money and give yourself the gift of a head start in the New Year.
4) Avoid impulse purchases.
Instead of an impulse purchase, make a note of the product, where you saw it and how much it was. Consult your spending plan, and, if there’s room, return for the purchase. Using cash, like three quarters of Americans say they do for most of their holiday purchases, can also help you avoid splurges, as well as potentially costly fees or interest from debit cards, credit cards, layaway, or store financing.
5) Don’t carry plastic.
Leave your credit cards at home unless you know you need them for a specific purchase and you have a specific plan to repay the debt.
6) Check the details when purchasing a gift card.
Any fees that may be imposed in connection with a gift card will be provided on or with the card. Dormancy, inactivity and service fees (that is, fees for using or not using the card) are not allowed unless you don’t use the card for a year. If the card has an expiration date for the funds, it will also be listed on the card.
About Victory State Bank
VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.