By Jason Kaufman, District Manager, Marine Credit Union
Why wait to start planning ahead for those inevitable financial burdens that seem to come up every winter and holiday season?
- Even though we just got done with one holiday season, consider planning ahead to cover holiday expenses at the end of this year. Think about not only gifts for your family and friends, but your holiday meal, travel plans, other holiday activities or decorations. Reflect on what you spent in 2019 and if your plans are changing in 2020. Then total up your list of expenses. Are you spending $6,000 each year like Tim Allen and Jamie Lee Curtis in Christmas with the Kranks? Maybe not but whatever your total amount is, you’ve got 10 months to save! Start putting a small amount away each month or paycheck to set you up for a stress-free holiday season!
- Take some time NOW to evaluate your vehicle. What parts need to be replaced, fixed or serviced before next winter? Maybe your brakes, tires, heater or windshield wipers? Get quotes from your preferred auto repair shop so that you have a grand total in mind. Let’s say you have $1000 in auto repairs that you’ll need to pay for in 10 months. Put $100 per month (or $25 per week) aside in a separate savings account. By the time those nasty repairs need fixing, you’re well prepared! Is your vehicle not worth the repairs? Put that $100 away anyway to save for a down payment on a newer vehicle at the end of this year. A holiday gift to yourself! Consider Marine’s Get Credit program to help you stay accountable for that $100 per month PLUS increase your credit score at the same time.
- Do the same with your home. Need a new furnace or hot water heater soon? Repeat this process and start setting money aside for those home repairs you can’t get through the winter without.
Don’t wait until the ground is freezing over to start planning ahead! Your budget will appreciate it!