1. Use gift cards during the end-of-year sales.
The amount of sales and discounts offered to online shoppers has increased two-fold this year. Winter coats, home goods, toys and electronics are deeply discounted for some retailers, while many are trying to make room on their shelves for new merchandise pouring in during January. To get that tax deduction and save even more money, make any year-end donations before January 1st.
2. Buy wrapping paper, bows, decorations & party favors now.
Big-box stores like Walmart and Target will slash prices in an effort to move seasonal merchandise out of the way. Buy what you’ll need for next year and save money while beating the holiday rush. Even small items, like packaging tape, ribbon and gift bags can save you enormous expense and trouble long-term.
3. Open a separate savings account and deposit $20.
Taking this measure now sets the pace and tone for making it a habit all year round. Every week, stash $20 away to help you save for gifts all through next year. If you put away $20 each week until next Christmas, you’ll have at least $1,000 in the bank to use towards holiday gifts and other related expenses. To keep temptation at bay, hide or destroy the ATM card that comes with the account.
4. Book tickets for travel
Plan on taking a trip next year? Buy any plane or train tickets now and try to make the reservation as early as possible. Obviously, the longer you wait to buy plane tickets, the higher the price, but this is especially true for international flights to top destinations like Europe and Hawaii.
In addition, remember that tickets can be cheaper if you can actually leave on that holiday. Flights in and out of airports on Christmas Day are significantly less expensive than the day before or after. This also rings true with Thanksgiving and New Years.
5. Revise and renew your family’s estate plan
To reflect any significant changes during the last year (a divorce, death, inheritance or major health change), prepare and edit your family’s estate plan. Ideally, your estate plan changes along with your unique situation, but often the task is put off until the last minute, causing interpretation of any unclear clause to be left up to the courts.
At Fessler, Schneider & Grimme, we consult with you FOR FREE. We offer extensive guidance in all matters of family law so don’t wait until it’s too late! Call us TODAY!
