Reflect on last year and prepare for this year!
Early Gallup predictions estimated that Americans would spend an average for $975 on holiday gifts in 2023. In addition, an article published by Bankrate in November 2023 mentions that the average cost of a one-week vacation in the United States is $1,984, rising about $400 from the previous year. Combined, that’s a lot of money to add to your budget every year.
So, how did you do? Did you come up with a strategy to tackle these expenses last year or did you spend a little more than you planned for?
No matter what your aspirations and goals are this year, it’s important to pause and do a financial debrief. We have a few tips to help you plan and save for your next big purchase, vacation, or holiday spending.
Let’s kickoff your financial debrief
First thing’s first — take a moment to reminisce on the past. With 2023 in the rearview, it’s time to reflect on your financial goals and strategize for the year ahead. To do so, it’s important to understand what you did last year. Maybe you went a little overboard on holiday spending or maybe you didn’t budget enough for your vacation expenses. Guess what? That’s okay! Now’s a great time to understand your past spending and budgeting habits, pinpoint what worked or didn’t work, and decide how to grow moving forward.
Plan for the financial year ahead
Next, it’s time to create a vision board for the year ahead and start setting some goals. Are you ready to finally take your dream vacation? Want to get ahead so you’re prepared for holiday spending at the end of the year? Have big plans for a big purchase? Or do you plan on celebrating a big life milestone like getting married, adopting a furry friend, or starting a family? The one thing in common with all of these goals is that they all cost money, so it’s best to be financially prepared.
Implement financial tools to help you
You don’t have to work towards your goals alone! At Clearview, we have plenty of financial tools to help you get where you want to go. Here are just some of your options:
- Staying on budget is important to financial wellness, but sometimes that’s difficult to do day in and day out. Budgeting is even more important when you’re saving for a future trip and holiday gifts. Money Management is a great tool that has a variety of features that provide you with a 360-degree view of your finances in a single location, giving you proactive and personalized insights broken down into different categories.
- Our club accounts are great solutions for a year-round approach to saving for vacation and the holidays. This separate account can help you build savings by making regular deposits through payroll deduction or automatic transfers. After a certain amount of time, you can transfer the money you've saved to your checking account!
- Consider opening a cash back or rewards credit card, like our Premium World® Mastercard®, to get rewarded for your vacation and holiday spending! Each card and accompanying rewards program have different perks, but with our card you can enjoy cash back for every purchase you make, no foreign transaction fee, and a wealth of other benefits. Book your flights and accommodations or buy everything on your gift list with this card to get rewarded every time you swipe.
There’s a lot to look forward to in 2024, so let’s make sure you’re financially ready! Whether you’re taking the vacation of a lifetime, preparing ahead for holiday spending, or anything in between, we want to make sure you’re equipped to achieve all your goals for the year.