Why You Need to Start a Holiday Gift Savings Fund Right NowLast year, Americans racked up an average of $986 on their credit cards during the holiday season according to a poll conducted by MagnifyMoney. There are better ways of giving a holiday gift than charging it on a credit card that you will be paying off well into the spring.

It’s only September, but the holiday season will be here quicker than you think. Rather than racking up as much as $986 in debt on holiday spending, you can be proactive by starting to save now for the holiday gift giving season. It typically takes people up to five months to pay off credit card debt that they’ve racked up during the holiday gift giving season.

According to a @magnify_money poll, Americans with added an average of $986 holiday debt last year.Click To Tweet

Here are a few tips to help you grow a holiday gift savings fund now!

How to Start a Holiday Gift Savings Fund

Make a List Like Santa

Just like Santa Claus, you should make a list of everyone you want to give a holiday gift to this year. And, stick to it! Make a list of people you’re giving gifts to this year.

You will have to draw a hard line on who will receive gifts from you and who will not. You may want to start setting expectations now with friends and family. Tell them that you’re cutting down this year on your gift giving, but you’re upping your Christmas card list.

Know Your Christmas Budget

How much did you spend on holiday gifts last year? Were you close to the average of $986 we talked about above?

How many people does that number equate to? 10? 20? If you have a list of people and a budget for holiday gifts that you want to stick to, it can greatly help you to stay on plan and not deviate.
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How To Store Gold and Precious MetalsDo you bury your gold like a pirate? Or, do you hide your gold and other precious metals in shoeboxes sitting around your house or under the bed? Do you know how to store gold and other precious metals to keep them safe?

Many people love investing in gold, silver, and other precious metals. They can make a great addition to your investment portfolio and round out your primary retirement investments in your Roth IRA and 401k retirement plan. But, many people don’t even realize that they can take physical possession of their gold and precious metals. 

There are two schools of thought on where to keep assets like precious metals. You can take physical possession of your investment in gold, silver, and other precious metals. Or, you can have an investment company hold your metals for you at their location in an account.

There’s no right or wrong answer to your choice. It’s strictly a personal choice and preference. But, there are some benefits and drawbacks to each option that you should be aware of.

My Father-In-Law Hides His Silver Under the Bed

My father-in-law likes to have his precious metals where he can see them. So, he hides his silver, his favorite precious metal investment, in shoe boxes underneath his bed. It always blows my mind, and it may be a generational thing. He likes being able to physically see his investment.

My mother-in-law always tells us to to check every book in the house after she dies for hidden money. They have hidden jewelry, silver, gold, and other precious metals around the house as well. It may be a family scavenger hunt one day to find it all.

I’m not saying that you have to go to that extreme when you are trying to figure out how to store gold and other precious metals. There are plenty of other places to store your gold and other precious metals instead of a shoebox or under the mattress though.

Do you hide gold coins or precious metals under your bed? Where do you keep your valuables?Click To Tweet

How To Store Gold The Right Way

Investment Firm

You can have an investment firm who specializes in precious metals, like Noble Gold Investments, hold your stockpile of gold, silver, and others for you. You can roll over an IRA or convert a 401k retirement plan from a previous employer in a self-directed IRA that owns precious metals. Your precious metals are then secured at an insured depository and managed by an IRS approved custodian like Noble Gold Investments.

You also don’t have to use a retirement account to store gold and precious metals with an investment firm. You can also open a regular taxable investment account to manage your gold investments instead of holding precious metals in a retirement account like an IRA.

You can also open a direct investment account where the investment firm ships the metals directly to your doorstep fully insured and within five business days. They can also store the metals fully insured for a small fee annually.
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