Christmas is right around the corner and if you aren’t sure you can afford gift giving this year, Regions Bank Greater Chattanooga Market Consumer Banking Manager Jamie Stogsdill offered advice on how to manage the holiday shopping stress.
“Manage expectations early on with both friends and family,” she said. “Understanding and knowing who you're buying for, knowing how much you're planning to spend, and even communicating that with friends and family.”
She said if finances are tight be honest and transparent while discussing the matter with others. For example, if you’re on a budget you could decide to just get gifts for the kids.
“Oftentimes we find that people are surprised by how many other people say, “’yes, I'd love to do that. What a relief,”’ she said. “Consider drawing names. I know a lot of people feel the pressure to buy a gift for everyone. But sometimes drawing names or doing a dirty Santa or a white elephant gift exchange, as some people call it, are great options because you don't have to buy a gift for every person. People typically enjoy activities associated with games.”
Stogsdill said consider setting a limit on the amount of money you spend per gift. “You can be creative and thoughtful in your gift-giving,” she said. “If you have someone that is a coffee lover, your inclination might be to purchase an expensive coffee maker, but instead, opt for a couple of local, unique blends of coffee and maybe a mug.”
Stogsdill said you should buy gifts with cash to avoid overspending on credit cards and avoid the high-interest rates. Another way to reign in the budget is with do-it-yourself gifts.
Take inventory of things you can repurpose such as picture frames, photos, candles, or other items you can include in a gift basket.
“I think these are fun,” she said. “You can start by looking around your home for inspiration. Take inventory of things you can repurpose such as picture frames, photos, candles, or other items you can include in a gift basket. Oftentimes those items, along with a cheery holiday card, can go a long way.”
Parents can consider gifting their children with their own saving or checking accounts. “If they are younger, we will open an account as long as they have a parent or family member on the account with them until they turn 18,” she said. “Children can start to learn the basics of managing their money by having and using a checking account.”
Stogsdill said Regions Bank offers year-round approach to financial education and financial wellness. “It's part of our model. To help build a plan for both customers and non-customers really is a roadmap for the financial journey. We can talk about budgeting, borrowing smartly, and saving for the future once.”
Stogsdill said Regions Bank has Greenprint planning services. It is a personalized – no-cost – plan designed to help you achieve your financial goals. Working with a banker, you'll build a plan to move toward the milestones that matter to you. The banker will offer other smart solutions and personalized guidance to help you meet goals. They’ll help keep you on track and eliminate the guesswork, so you feel confident you’re making the right decisions.
Once your plan is set, Regions Bank Next Step offers you resources and tools to help you make your goals and learn how to be better at managing your money.
There are 21 Regions Bank branches in Southeast Tennessee, Hamilton County, North Georgia, Bradley and Rhea Counties, making it easy to find financial guidance during the holiday season or year-round.
Visit your nearest branch in person or open an account online at regions.com/personal-banking