Autumn is finally here – there’s a nip in the air, the leaves are changing and the days are slowly shortening. This means the holiday season is right around the corner. Are your employees financially ready for the holiday season?
Between gifts, decorations, travel, food and entertaining, the holiday season can have a big impact on an employee’s financial well-being. Prevention and planning are key.
Consumer Affairs offers some tips to ease the financial burden of the holiday season. Sharing these ideas with employees could help prevent them from being stuck with a whopping credit card bill come January that lasts well into the new year.
- Figure out how much you can spend – How much can you truly afford after taking into account gas, utilities, groceries and insurance?
- Make your list – And check it twice! For each gift recipient, write down the specific amount you will spend on a gift – and stick to that amount.
- Save a little each week – Putting aside even $20 a week can help ease the sting of holiday shopping
- Choose thoughtful gifts – Expensive gifts aren’t always the most meaningful! Personal gifts tend to go over big and be less expensive than pricey, conventional gifts.
- Know when it’s okay to say “no” – Practice saying “no” to events, gatherings and gifts that don’t fit within your spending limit.
- Use cash, not credit – This can help prevent overspending and high credit card interest rates.
Setting a budget can be the first step toward financial well-being. Elements Financial shares its ideal budget.
For more information on financial well-being in the workplace, contact the Wellness Council of Indiana at [email protected]iana.org or (317) 264-2165.