In the midst of the festive cheer that comes with family celebrations, time and money can both be hard to manage during this time of year. With the holiday season upon us, many consumers stress over the annual holiday traditions of gift giving and long-distance travel. Purchasing gifts for family or loved ones can often be a top holiday stressor.

When it comes to juggling the joys (and demands!) of the holidays — exchanging gifts with family and friends, visiting relatives, keeping a busy social calendar — it’s no surprise that efforts to thoroughly track spending sometimes get sidelined. When managing holiday finances, we can all use a more effective budget regimen that helps avoid financial setbacks in the New Year.

“Look to maximize saving through any rewards programs or special offerings,” says David Rudis, checking and debit executive for Bank of America. “For example, Bank of America customers are able to access discounts at hundreds of retailers nationwide on www.bankofamerica.com/shopping. You work hard for your money, so it is important to make every dollar go further, especially with so many financial demands this time of year.”

Bank of America offers these holiday saving tips to ensure consumers are on the right path to financial success in the New Year, and the list starts and ends with organization.

Determine your holiday plans.
Create a notebook that includes your gift list, events, social occasions, and travel plans. Knowing exactly what you have coming up during the flurry of holiday activity will help you prepare for what costs may be associated with each event.

Create a holiday budget and stick to it.
Make a list of what you want to buy and set a limit for each item. Be as detailed as you can with your budget. Note each person you will buy for (Does Granddad really want new socks?), what you realistically need for each social engagement (Will last year’s little black dress do?), and what travel expenses will look like for this year’s drive over the river and through the woods. Again, the more detailed you are with your list, the more complete budget you will be able to create.

Organize your financial life.
The end of the year is a great time to get a handle on short and long-term budgeting and financial goal-setting. Start by opening a checking account to help safeguard and properly manage your hard-earned cash. In addition, open up a savings account and remember, the Federal Deposit Insurance Corporation (FDIC) recently announced the increase in insuring up to at least $250,000 per depositor.

Use a check card for purchases.
Using a check card for holiday purchases is safer than carrying large amounts of cash in your purse. It also provides the ability to better manage transactions and track your overall spending. Use this information to check against the detailed budget you created to ensure you are sticking within the spending guidelines you set for yourself.

Note: For more information, including helpful financial tools, tips, and budget planners, please visit www.bankofamerica.com.

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