Now that we've made it through two very intense and unique tax seasons, we wanted to talk a little bit about saving money so when the next tax season comes around, it won't be such a shock to you or your bank account! We will also be talking about how to begin recovering financially from the whole of 2020! 

While many of our readers and some of us at Hoods are still reeling from the after-effects of these past two tax seasons, we can all take a deep breath and say "we did it"! We've learned a lot about the tax environment and the changes in tax law thanks to these past two tax seasons and thanks to these blogs, and we hope that all of our readers take each and every one of these lessons to heart! For many, one of the trends that we saw throughout these strange and unknown tax seasons is the fact that those tax bills have been a little shocking and unexpected. Of course, due to the pandemic, those tax bills did hit a little harder and were a little more unexpected than most have been in the past! After last year, we should all know that anything could happen when we least expect it to, and now is the time to be as financially prepared as possible. Now that we are on the other side of things and with these ideas in mind, we wanted to dive into some tips, suggestions, and ideas on how to help you save money better than you have ever before, to help prepare you for the next tax season, and to recover from the aftermath of 2020. 

After last year, and after many savings accounts, 401(k)s, and IRAs were dipped into, saving money, we're sure, is one of your top priorities right now. Getting back into your flow of saving money will help make up for what you need to do financially to stay afloat, and will also help you begin paying back what you took out of these saving accounts and to get you back on track and help you feel a little more secure financially for the first time in a long time! While no one can specifically say when we will all be back on our feet financially, we do know that there are steps you can take to get back on the right path again. One of the biggest parts towards recovering your finances and getting back on track is simply starting. Make a plan and get going! Make a plan that works for you and get started one step at a time!

If you did take money from your retirement plan or contribute to a retirement account, your decisions about how you're going to move forward from last year are going to make the biggest differences in your financial future and will help you solidify it once again. It is in your best interest to stay cool, calm, and collected right now, and to get focused. Outside of some of the tips that we are going to be sharing with you today, it is in your best interest to get back into the habit, if you haven't already, of contributing to your retirement program and your overall savings account. You don't have to start back up at the amount you were paying into either before the pandemic, but getting back into the habit of saving as you can, even with smaller amounts, can make a big difference! With all of this in mind, let's get right down to some of the best ways you can start saving money and begin to recover financially from 2020 and to be prepared for next year's tax season! 

• Online shopping became an even larger part of our daily lives last year out of need and safety. Now, you can turn it around and make it work for you! Are you looking to go shopping for any extra items or a big-ticket item you've had your eye on for a while now? Hop back online and shop smart by doing some price comparison between the items you're interested in. Never let a good deal pass you by, you have too many tools at your disposal not to! You can save a lot of money with the use of online digital codes and promotions, too. 
• While this isn't a new or groundbreaking idea, it's one you will continue to hear about because it's still such a hard and fast rule that always works! Begin budgeting better by cutting back on unnecessary expenses. We know this might be extra difficult right now as more and more things begin to open back up and (hopefully) you're working again at almost, if not full, capacity! While it's going to be very tempting to get out there and feel like normal again, take your time to ease back into normal spending until you've recovered financially. Even then, your best bet is to remain financially diligent for a while and to continue these habits throughout your life. One of the best ways to get a better idea of your money is to really understand where it's going and track it as best you can. There are a ton of excellent and helpful apps that can help you do just that! 
• While you're working to recover in multiple ways financially and beyond, part of that recovery is planning for what could come in the future. No one saw 2020 coming, and without being too cryptic, we don't know what else could be coming our way! With last year still fresh in our minds, it would be wise to start working on building an emergency fund so you won't be hurting again or in a tight spot if another year like 2020 happens again! 
• One of the best things you can do is to make a plan of how you're going to pay off all of your debt, and set real and attainable goals to do so. We do urge you to be as realistic about these goals as you can be, and to give yourself time and patience! It will take time to see the end of your debt, but it will happen and it will be worth all of your hard work! 
• Automation can be a real life saver! Choose automatic payments for as much as you can, and do it for more than just paying your bills. You can choose to have money taken out and put into your savings, retirement fund, and much more. Automated payments can make sure you don't accrue any late fees, don't spend anything rent money by accident, and can come with a few perks if you choose to go paperless and turn on automated payments with your bank and other saving establishments. 
• Try matching your savings to how much you spend every week, if not more. If anything try to match your savings and spending dollar per dollar! 
• Get creative on how you spend your free time! Look for fun and free things to do right now in your city, as it is becoming safer to do so and the weather is so wonderful! Since it is almost officially summertime in the Lowcountry, there are so many amazing things to do for free right outside your front door! Also, try and cut down on eating out! While this may not have been part of your 2020, it can be tempting to get out as much as possible now. Save for when it's a special occasion, and start cooking at home as much as you can. 
• Continue with the popular trend that 2020 rushed in with DIY projects and doing work around your home yourself. All the projects, cleaning, and yard work that you can do with no problem, keep doing them! This can be a huge money saver! 
• While traveling does sound very tempting after the year we've had and the prices for plane tickets are looking very appealing, pump the breaks before you book ten trips back to back this summer! Continue to be smart about your overall budget and let that include your travel budget too. 
• Don't just save because you want to save. While we always recommend having an excellent savings account and financial plan, go one step further. Sit down and understand what you're saving for. A nest egg? Emergencies? College? Vacation? Your dream home? All of this and more? Whatever it might be, understand exactly what you want. Visualizing it can make saving money a lot easier. You can see and say exactly why you're putting this money away, not just because you know it's the right thing to do! 

While this list of the ways to save money and ways to begin repairing your fiances after 2020 is just a small one in comparison to all the savings options out there for you, it is a great place to get started! You need to find what works for you, financially, and commit to it! If you have any questions, comments, or would like to discuss your financial options of how we can help you, please never hesitate to reach out! Please remember that we are your leading experts and tax preparers in the Goose Creek area to help with tax prep, throughout tax prep season, the best accounting services in Goose Creek, the best tax preparation in Goose Creek, business consulting in Goose Creek, bookkeeping in Goose Creek, or payroll services in Goose Creek, we are here for you! Our phone lines and inboxes are waiting for you. Don't hesitate! Please stay safe, everyone. We will see you soon!

​While we all want to open our arms and our wallets to our loved ones and a big turkey dinner, 2020 might not be the best time to do that. While this might be a hard holiday pill to swallow, it's all going to be okay.

Thanksgiving is in the air, and we know that many of our Goose Creek friends and customers are getting excited to gather with their loved ones to celebrate. While everything is still very up in the air and uncertain, we hope that when choosing to gather with your loved ones this year that you choose to do so safely and with your loved ones in mind. 2020 is the year of smaller Thanksgivings, outdoor gatherings, gatherings with bigger smiles and fewer hugs, and sharing a meal over zoom and FaceTime. This might be a different holiday season for so many reasons, and we are here to support and offer our comfort and condolences. It will look much different in our homes this year too, so we sympathize and understand how many of you are feeling right now.

While the Thanksgiving and Christmas holidays might be different when it comes to how far we can and cannot travel and how many of our loved ones we will be seeing, many of us might be tempted to make it look and feel the same. This is a quick route towards spending way more than is needed right now or ultimately what you actually want to do. Remember, Christmas is just a few short weeks after Thanksgiving, so make sure to spread out all of your holiday budgets wisely. With all of these ideas in mind, we were inspired to write this week's blog. We wanted to share a few tips and suggestions on how to save money through the 2020 holiday season, and what that can mean for you and your loved ones.

TRAVEL BILLS
Many of us won't be traveling for the holidays this year. Instead, we will be staying put and creating new traditions with our bubbles, our close friends, the relatives we live closest to, or just with our nuclear family members. While this is still an incredible way to celebrate the holidays, it can be difficult not to see the whole family or all of your friends during this time of year. The silver lining of all of this? You can save hundreds of dollars by not spending it on plane tickets, hotel rooms, and other travel expenses. You can save money not driving those long distances, save money not having to put a lot of work into your car to make those long drives, and you can also save a little peace of mind not having to worry about driving in the snow or ice when many of us haven't done that in years. Instead, make time to plan Zoom Calls, Facetime Calls, and group phone calls. Save this unused travel money to help pay for the shipping on all of the Christmas presents you have your eyes on for your loved ones, save it for when you can travel to see your family again, or save it to help out with those surprise extra bills that might appear at the end of the year. Don't forget, once we hit January 1, 2021, tax day will be here faster than you might think. Maybe saving a few dollars here and there can help with paying your taxes as well.

TO BLACK FRIDAY OR NO?
Black Friday has already started for a lot of our favorite big box stores with in-store deals, discounts, and online deals. While the big Black Friday shopping might not happen as it has in the past, that doesn't mean that it's going to stop or slow down online Black Friday or Cyber Monday sales. We've mentioned this in previous blogs, but as we all reach for our credit cards to buy everything we come across in our Black Friday shopping sprees and going with our "treat yourself" mentality to make these difficult holidays feel a little bit better, maybe step on the brakes. Trying to avoid these big shopping sprees right now can be a huge benefit to you and your bank account. If you're still planning on shopping, set a spending limit and a budget for yourself. This includes if you are planning to do your holiday shopping on Black Friday or Cyber Monday. Pick who you are shopping for, how much you're going to spend on each person, and stick with it. We know a big Christmas for your loved ones can be a knee jerk reaction to a difficult year, but be financially smart about it. Outside of budgeting your cash flow, make sure that these plans include putting a spending limit on your credit cards. You can come up with every excuse to use your credit cards when your Christmas budget has been depleted, but try and go easy with the plastic. Can you imagine the gift it would be to start 2021 financially stable with little to no outstanding balance on your credit cards? We also recommend that if you are planning to shop big on thanksgiving, try and shop small. Invest in local small businesses, local artists, or creators on websites like Etsy or Redbubble for all of your shopping needs. These are the people that need your Black Friday money more than Walmart or Target. If you're investing in local artists and small businesses, this is an investment in your local community and local economy.

TURKEY TIME
We know that Thanksgiving comes with this beautiful picture of a giant turkey with as many sides and desserts surrounding it that can fit on the table. When having a smaller 2020 Thanksgiving, why put that pressure on your family, yourself, your refrigerator, or your wallet? There is nothing in the rule book that says you have to get a huge 20-pound turkey for the holiday. There are smaller birds available, and the option of only getting half a turkey or just a fantastic cut of a turkey breast is out there too and at a much lower price than your standard turkey. This can help save a ton of money on your initial Thanksgiving grocery bill, and it can also help with your leftover situation. Not everyone is on board with eating Thanksgiving leftovers for days on end. So why buy a ton of food that's just going to go to waste? Also, there is no rule saying that you have to eat turkey for Thanksgiving. If you want to try a different protein, go totally vegetarian or vegan, or just have your favorite fast food to celebrate the day, that's okay too. However, if you end up with a big turkey and a large number of leftovers, it can help save you money on the following week's grocery bill following Turkey day. As you plan your turkey day menu, plan a menu for the week to follow that can reuse as many leftovers as possible. The key is to pick a wide variety of recipes that doesn't make you feel like you're just eating turkey for a week straight.

Also, save on the drinks. Many people who enjoy adult beverages during the holidays might go get some wine or beer for the day. Instead of buying multiple bottles of wine or cases of beer, choose a cocktail or punch to share. If you're going to be preparing a traditional meal, use Costco or Sam's Club to help save money. Also, keep an eye on online deals and coups. Don't forget, if you are hosting a small gathering, a potluck Thanksgiving is a perfect way for everyone invited to save money!

SIMPLE AND CHIC
While the Griswald's would disagree with us, keeping your decorations for Thanksgiving and Christmas on the simpler side can help you save money too. It's tempting because right now every store you walk into is already bursting with Christmas decorations. They might be calling out to you to redo all of your decorations this year, but stick with what you already have. Believe us, this will be a huge money saver and can help reduce your stress and anxiety about decorating the perfect house and home for your in-laws to see this year. Take that pressure off, you're staying safe and saving money by decorating with what you already have!

A LITTLE MORE, A LITTLE LESS
While many of us are still having a hard time adjusting to the fact that Thanksgiving will look different this year, and dealing with being away from our loved ones, we will still have food on our tables. Regardless of it being a big turkey dinner or a pizza, there will be something there. Take some of the extra money you're going to be saving by following these tips and donate to those in need.

PLANNING FOR WHATS NEXT
We know that Turkey Day and Christmas might be what has your full attention is focused on right now. What about the day AFTER Thanksgiving? Just like the day after Halloween and Valentine's day, a lot of Thanksgiving food items will be significantly marked down. Buy the non-perishable items that are on sale and save them for Christmas dinner or help lighten the load in your grocery bills over the next couple of weeks between Thanksgiving and Christmas. While everyone is participating in this year's unique and socially distanced black Friday events, head to the grocery store instead and save big for the next few weeks and beyond.

The great thing about Thanksgiving can be the goals you set for yourself financially, and being able to reach them without stress. This can be your reason for the season and your reason to celebrate without breaking the bank. Enjoy the little things this year, and be ready to financially step into 2021. Remember, if you are looking for the best accounting services in Goose Creek, the best tax preparation in Goose Creek, business consulting in Goose Creek, bookkeeping in Goose Creek, or payroll services in Goose Creek, we are here for you! Our phone lines and inboxes are waiting for you. Don't hesitate! Please stay safe, everyone. We will see you soon!