Each week, the #FridayFive brings you the top five tweets highlighting important or trending topics from the Twitterverse. While we hope that you're already a regular follower of @AmericaSaves on Twitter, we want to be sure that you're getting the week’s top tweets on personal finance, savings, and financial news.
We’ve hit the threshold, folks! Hanukkah is underway and we’re less than a week away from Christmas Day. (Did I just rhyme?) On the blog, social media, and in digital conversations with partners & friends, America Saves has been sharing helpful tips for making a holiday plan, prioritizing expenses and gift-giving, building a budget, and being a savvy holiday shopper and even savvier holiday saver. ICYMI, here are five of the best last-ditch tips for holiday savings:
1. Keep your holiday spending in perspective. Prioritizing your gift-giving and being savvy in your spending can help keep your budget in check and avoid swaying under any pressure to overdo for everyone.
Experts say spend no > 1.5% to 2% of annual gross income on holidays (e.g., $600 - $800 if you have a household income of $40,000) #wbchat— Dr. Barbara O'Neill (@moneytalk1) December 18, 2014
2. Check in on your credit report(s). While identity fraud is an issue to be wary of year-round, make it a point to check your credit report(s) and verify that all the activities are a result of your choices around the holidays and not someone else's use of your information!
3. Spend carefully. Credit cards offer great consumer protections, especially with online shopping, but spend carefully or it'll be "Happy Holidays, you're in debt!"
A7: What my parents told me: buy one thing on your credit card each month and pay it off every month. #creditchat— nonPrime 101 (@nonPrime101) December 17, 2014
A5: Not paying your bills on time is the biggest score killer. Make your payments on time, 100% of the time. #creditchat— NerdWallet (@NerdWallet) December 17, 2014
4. Resist the urge to impulse purchase. We might be coming down to the wire, but don't sacrifice your budget or your savings to buy on the fly.
5. It's never too early to plan ahead. Keep an eye out for heavily marked-down decorations and holiday extras to get ahead on your 2015 holiday season budget!
A6: I buy wrapping paper and decorations the day after Christmas when they go on clearance and just save them for the next year #wbchat— Leslie H. Tayne, Esq (@LeslieHTayneEsq) December 18, 2014
Thanks for joining us for this week’s #FridayFive! We'll be on a hiatus during the holidays, but we'll see you in the New Year. Happy 2015!