POSTED: Friday, September 30, 2011 - 4:49pm
UPDATED: Monday, October 3, 2011 - 9:30am
TYLER — With the holiday season is creeping up on us once again, many of us are strapped for cash.
So should -- and how -- can we start saving now?
With the economy like it is, many are wondering how they are going to stretch their pocketbooks to accommodate holiday for gift giving.."
Financial Adviser Dr. Don Cutler of FOCUS Financial Group in Tyler says everyone should have a rainy day fund of approximately six to eight months worth of expenses.
"Hopefully, some of them have already started and have been increasing that rainy day fund knowing that the holidays are coming," Cutler says.
So how can you make sure you're prepared for the season?
For one, pay attention when using debit cards, Cutler says.
"It is an instant deduction from your checking account - if you're not very careful, you'll over spend with debit cards."
Save yourself the sweat, and don't wait until the last minute.
"People sometimes will have emergency expenditures that come up and their rainy day fund gets depleted at the wrong time," Cutler says. "It's very important that (they save) just a little each month and at the end of the year, they will have some extra funds there to do some extra shopping."
Lastly, Cutler has one simple piece of advice.
"If you don't have the money, you should not put that on the credit card," he said.
For more tips on how to save up by Christmas, visit: http://finance.yahoo.com/family-home/article/110179/10-tips-to-help-you-...