Tax Break: The TurboTax Blog » holiday spending

Summer R and R on a Budget: Spending Guide to Popular Travel Destinations [Infographic]

TurboTaxLisa — Thu, 23 May 2013 23:18:33 +0000

Whether traveling for Memorial Day weekend or summer vacation, we are always seeking the best deals so we can keep more money in our pockets. Our infographic compares the top 10 most popular student and family travel destinations this year and how much everything from airfare to state sales tax costs.

Infographic by Column Five Media

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The Cost of Fun and Ways to Save [Infographic]

TurboTaxLisa — Fri, 03 May 2013 21:28:50 +0000

With Memorial Day just weeks away and tax refunds in hand, everyone is looking for ways they can have fun and save at the same time. Check out our infographic which looks at the cost of fun and how you can find ways to keep more money in your pocket.

Infographic by Column Five Media

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10 Years of U.S. Toy Sales and Kids Most Wanted Items [Interactive]

joshritchie — Wed, 05 Dec 2012 03:17:30 +0000

While many industries have been impacted by the economy, toys remain a major part of spending this Christmas and it’s not only Santa checking his list. Kids all over the U.S. have made their list of most wanted toys for Christmas. Surprisingly some of the toys topping the lists this Christmas have gone retro like the Furby, Barbie, and Legos. Check out the last 10 years of toy sales and kids most wanted items in our interactive.

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width=”600″
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Battle of the Budgets: Holiday Spending Habits of Men vs. Women [Infographic]

joshritchie — Thu, 29 Nov 2012 03:00:00 +0000

With Black Friday and Cyber Monday sales hitting all time records this holiday season, holiday spending is in full swing among both men and women. Interestingly enough, both sexes plan to create a holiday budget, however the gifts they plan to spend money on and their shopping strategies differ. Check out our infographic which shows the holiday spending habits of men versus women.

Infographic by Column Five Media

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5 Finance Tips for the Holidays

Jim Wang — Wed, 21 Nov 2012 00:23:38 +0000

Black Friday is the beginning of the shopping frenzy and if you’re one of the millions of Americans expected to hit the stores this Friday, Jim Wang shares some great money saving tips you don’t want to miss this holiday season.

With the holiday season fast approaching, it is common to ramp up the spending. While many people enjoy the holidays, it can also be stressful, since holiday spending can put increased strain on your finances.

Holiday Savings

Before things really get underway with your holiday spending, consider some of the impacts that this time of year might have on your pocketbook. Here are 5 finance tips to help you counteract them this holiday season:

1. Make a List

One of the best things you can do in any financial situation is to make a list. Look ahead to what you will actually buy. From presents to decorations to special foods, consider your potential purchases. Make a list – and then stick to it.

It can be very easy to buy on impulse during the holiday season. If you want to limit your impulse spending, a list can be a great way to do so. Plus, the list will help you quickly identify sale items.

2. Plan for Sales
Once you have a list, you can begin planning your shopping patterns, and make purchases of items when you see them on sale. Compare your holiday shopping list with sales flyers and promotions. Don’t forget to look online for special pricing and sales. You’ll save money on your purchases and experience less stress for your bank account.

3. Use a Rewards Credit Card to Make Purchases
You can offset some of your costs by using a rewards credit card for purchases. Some credit cards are even running special chances to earn extra points during this time of year. You might get bonus rewards for buying toys, or for making grocery purchases. Find out what promotions can help you maximize your rewards. You could get some of your holiday purchases for free when you are savvy about your credit card use.

4. Create a Plan to Pay Off Your Purchases
You will need a plan to pay off your purchases – especially if you are using a rewards credit card. The use of a rewards card shouldn’t be an excuse to spend more than you should. Instead, you should only spend what you had planned. Then, you should pay off the card as soon as possible. The best results are achieved if you pay off your credit card bill immediately, at the end of the billing cycle, so that you aren’t charged interest. If you do end up carrying a balance, make sure you have a plan to pay it off in no more than two months. High interest can offset the value of your rewards the longer you carry a balance.

5. Start Getting Ready for Next Year
If you really want be ready for the holidays, use the entire year to prepare your finances. This can mean the least amount of stress for your budget during the holidays. If you decide to prepare from February to November, you will end up with 10 months to get ready. Set aside money each month, putting it in a high yield account that you use as your “holiday fund.” Use your spending this year as a guide.

If you prepare all year, whether you set aside money or look for gifts to purchase throughout the year, you won’t have one big rush to spend during the holidays. Your budget will thank you.

Seeking Ways to Save: The Ups and Downs of Holiday Spending [Infographic]

joshritchie — Thu, 15 Nov 2012 00:22:18 +0000

Now that the presidential election is over and Black Friday is coming soon, people plan to hit the stores(or the internet in many cases) to do some holiday shopping. Although 63% of consumers plan to spend more or the same this holiday season, many of them are changing their spending habits to save money. Before you get in a spending frenzy, take a look at our infographic to see how Americans spent in the past and plan to save this holiday season.

Do you have any tips for saving this holiday season? We’d love to hear yours.

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The Hunt Begins: Creating the Perfect DIY Halloween Costume [Infographic]

joshritchie — Wed, 17 Oct 2012 23:25:49 +0000

Now that fall is here, Halloween has become the topic of conversation with 170 million people planning to celebrate it this year. Although money is tight, there is no need to stress when your little one starts to ask you what they’re going to be weeks before Halloween. 18% of U.S. consumers said they are going to cut cost and make their own costumes. Check out our infographic to find out how Americans are saving money by making their own costumes.

DIY costumes can be the most fun creative costumes at any Halloween party. What Halloween costume will you make?

Infographic by Column Five Media

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It’s the Fourth of July: Independence Day Boost the Economy

joshritchie — Fri, 29 Jun 2012 22:36:15 +0000

Independence day is here! The day we remember those who fought for our independence in the past and honor our heroic military troops of the present. It’s also a day we celebrate with our families and friends by doing everything from firing up the grill to attending explosive firework shows. No matter what we chose to do, Fourth of July celebrations are on the rise. With more than 67.6 percent of Americans planning to join in the festivities this holiday and with the Fourth of July falling in the middle of the week, many Americans plan to start their spending and celebrations earlier than usual. Our infographic shows you everything from how much Americans spend on Independence Day to how many millions of dollars in damage their personal firework celebrations are causing.

Interactive by Column Five

How do plan to spend the Fourth of July? Whatever you do, stay safe and remember our military troops.

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Father’s Day vs. Mother’s Day and Tech-Savvy Daddy

joshritchie — Thu, 07 Jun 2012 00:35:09 +0000

Father’s Day is right around the corner and although Mother’s Day wins in the battle of the splurge (sorry dad), Father’s Day spending is closing the gap on one of the most celebrated days (Father’s Day spending is expected to reach $12.7 billion this year). In addition, in the battle of the techie, dads reign supreme over moms when it comes to receiving the hottest new electronic gadgets as Father’s Day gifts. So, what should you get that special dad in your life? Check out our infographic that compares Father’s Day vs. Mother’s Day spending, shows why dad is more tech-savvy than mom, and how much more we are spending on those electronic gadgets dads love.

Interactive by Column Five

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Holiday Spending : How Much Do Americans Spend?

joshritchie — Sun, 04 Dec 2011 01:23:19 +0000

The holiday season is upon us and consumers still plan to spend money on gifts despite their tight budgets. Find out who and what they’re spending on here.

Interactive by joshritchie

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10 Ways Build Your Finances with Your Tax Refunds

Elle Martinez — Mon, 25 Oct 2010 22:21:11 +0000

As tax season is coming up, many people are anticipating receiving a tax refund. Last year, the average tax refund was $3,036. Many folks might not be thinking about it quite yet, but with the busy holidays fast-approaching, before you know it, you’ll be wondering what the best way to use that chunk of change is.

Here are 10 ways you can jumpstart your financial life before the busy holidays arrive:

Start or build up your emergency fund. If you don’t have around 3 months of expenses socked away, using your tax refund can be an easy way to give your family a financial cushion.
Pay off your credit card(s). Even if you only pay off one credit card, you’re freeing up money in your monthly bills to help increase your debt snowball.
Fund your IRA for the year. With $5,000 being the yearly contribution limit for those under 50, using your refund can take care of 60%. With the power of compound interest, that money can come in handy during retirement.
Invest in your side business. Do you have a hobby or skill where you earn money on the side? Using your tax refund to make it official can help you build a great income stream doing something you love.
Start a car replacement fund. Escape car payments for your next vehicle by saving up the cash for it.
Pay down your mortgage. We did this with our $8,000 tax credit and we knocked off 4 years from our mortgage loan!
Fix up your home. Do you have a remodeling project you’ve been putting off? With that chunk of money you can update your kitchen or bedroom.
Donate it to a worthy cause. If you’ve been doing well financially and can part with some or all of your refund, there are some wonderful charities that would appreciate the support. Plus your donation is tax deductible, double bonus.
Take a well-earned vacation. You can always just save your cash. Going on a paid for vacation can relieve your stress during and after the trip.
Put some away for your kids’ college fund. This can be a wonderful opportunity to go ahead and start or build up your child(ren)’s 529 plan.

As you can see there are no shortages on how you can use your tax refund for your financial benefit. The great thing is you can accomplish so much with it.

Thoughts on Tax Refunds

If you’re expected a tax refund, what you are planning to do with it? Will you adjust your withholding next year?