Project Money: Team Emily offers advice on managing holiday expenses
The holidays can be so expensive. Project Money's Team Emily has some advice to help you manage your holiday expenses.
As season 11 of Project Money winds down, we check in with Emily Gullickson, who has saved $14,328, and reduced her debt by $4,397.
She recommends the following to cut costs during the holidays:
1. Use Summit Climbr's cash flow calendar to keep track of items including monthly bills and expenses.
2. Consider needs vs wants and get rid of any unnecessary/unused expenses, like cancel ling a gym membership or TV subscription.
a. Find cable alternatives like streaming services, for workouts shop around for the best price or consider doing them at home.
3. Start saving for the holidays months in advance, so you can build up savings before you're ready to shop.
a. Set budget for this time of year and calculate how much of each paycheck you'll want to save and start auto transfers to this account.
b. Talk to family members about your holiday budget and make a list of who you need to shop for so you have a set plan ahead.
4. If you're able, consider picking up a part-time job – many places hire seasonally and can be a great way to earn a few extra dollars.
We asked Emily how these holiday saving tips have helped her reach her financial goals: "In years past, the holidays were an easy time to buy a bunch of gifts on credit cards and spend two or three months into the New Year paying them off. By setting aside savings early this year, I’m able to spend money that I know I have rather than using credit cards!"
Season 11 of Project Money began last June, and ends December 31.
Summit will announce the winning team February 11.
For more information on Project Money: https://www.summitcreditunion.com/project-money