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Saving Money
In the New Year
 The
hectic holiday has passed, and by now you should be receiving
those credit card bills for presents and vacations. You don’t
want to add new debt to what you already owe, and it is
important to pay off holiday debt as quickly as possible. Here
are some tips to help you save money and pay off debt after the
New Year starts:
Buy off-season merchandise now.
Don't wait until May or June to buy beach towels and swimsuits.
If you're planning beach or pool time for the summer, buy those
sunshine supplies in the dead of winter when they're more likely
to be on sale. You may find less variety, but you could save as
much as 30 percent off of seasonal merchandise prices.
Decorate for the holidays.
Next year's holiday, that is. Late January is the best time to
purchase holiday decorations, greeting cards and wrapping paper,
and especially larger items like artificial Christmas trees,
holiday lights, and ornaments. Most of these items will be on
sale this time of year.
Return unwanted gifts.
Gift receipts are handy for duplicate or unwanted gifts, but if
you can get cash instead of store credit for those receipts, be
sure to save it or use it to pay down on your credit card bill.
If the receipt is only good for store credit, don't spend it
right away. Wait until you need something from that particular
retailer and then redeem the gift card or credit receipt, but
make sure receipts do not expire.
Stick to your budget
Most importantly, create and stick to your budget until the
holiday bills are paid. Simple switches like eating in (versus
dining out), renting movies (versus going to the theater), and
brewing your own coffee in the morning (versus a stop at the
coffee shop) can save you upwards of $100 over the next month or
two. Overspending is common during the holidays, but it doesn't
have to ruin your New Year.
Baylake Bank is here to help you make the most of your money.
Contact a Personal Banker for an account review at any Baylake
Bank Financial Center.
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