Help to manage next year’s budget with what you know now in 2023. Although we’re still wrapped up in the holiday season, take some time to reflect on your goals and budget for 2024. There’s no better time to have open and honest conversations with yourself, your spouse and/or family about aligning desires and needs within a specific budget that will help achieve better outcomes in the new year and going forward.
Smart planning can also help to get you ahead of next year’s holiday gift-giving and leave you with funds to spend on personal goals throughout the year, such as self-care activities as part of your entertainment fund.
Brian Atkins, Chase DC Community Manger finds it beneficial to assign each and every dollar we spend and says planning ahead and staying disciplined are ways he stays on track each year.
Not sure where to start? Consider these four tips to help maximize your 2024 savings and budget.
Build your holiday budget now —then stick to it
Once you’ve made your list, commit to staying within your budget. With so much pressure surrounding gift-giving around the holidays, it’s easy to spend more than you planned. Scout out online shops early to ensure you’re getting the best deals when the purchase moment arises. Get family and friends on board with your plans early and suggest a gift swap; opt for handmade gifts or even pitch in for a group gift.
“A goal without a plan is just a dream. Begin creating realistic budget goals now, put them on paper and stick to them,” said Atkins.
“My daughters and I created vision boards for next year, and already their personal goals have changed but the main goal for us is to stay within budget. It’s normal for our personal goals to change but it helps to utilize a budget planner that can help you accomplish smaller and larger goals throughout the year. Creating a vision board is about more than collecting materials, it’s an opportunity to cultivate the mindset that will stay with you year-round. If you’re in need of old magazines to cut up, I’d suggest asking your doctor’s office for any magazines they plan to recycle.”
Scope out major deal days now
In addition to the deal-hunting tips above, you can plan to take advantage of annual deals now since you have an idea of when they typically happen.
“My favorite annual deals to take advantage of are Black Friday and Cyber Monday. Although these deals have already passed this year, that doesn’t mean I can’t take this next year to prepare for what I know is coming back around,” said Atkins. “Sometimes it takes planning for these specific deals to help us stay within our savings and budget.”
Save, save, save now
One way to save is to set up a separate savings account for expenses. Start saving at the beginning of the year, and vow not to withdraw any money until it’s time for holiday shopping.
“I’ve found that creating a separate savings account with no access to transfer funds to another account helps me year-round, and helps in preparation for the holiday season,” said Atkins. “I call it ‘out of sight, out of mind.’ If you want to begin saving just $20 every week, it’s helpful to use an automatic savings tool that’s offered by your bank.”
Pick up a short-term gig now
Even the best-laid budget plans can still fall short of your available funds. If your schedule allows it, take on a temporary job sooner than later to bring in some extra income.
“Identify a passion that doesn’t seem like work and can generate revenue,” said Atkins. “It’s important to think of opportunities, “hustles,” that are mutually beneficial to your existing income stream.”
These are just a few ways to get you thinking about how you can maximize your 2024 savings and budget. There’s always an opportunity to save, and planning ahead for next year’s holiday season may just be the next step.
For more information, tools and resources to help support your savings and budget planning anytime, visit chase.com/financialgoals, or better yet stop by the Skyland Town Center at 2728 Good Hope Rd SE and visit Brian Atkins in the branch.