Tips for Smart Holiday Shopping

The holiday season is a wonderful and special time of year yet financially, it can be incredibly stressful. between gifts, décor, travel, and entertaining, you may soon find yourself spending more than you planned. Many end up spending far more than they even imagined possible, turning this wonderful time of year into a financial nightmare. This year, there’s an opportunity to spend in a smart way and start your 2026 debt free and stress free! Watkins & Co is here with some tried-and-true tips on how to save during the holidays and to help you become a savvy holiday shopper. Plus, we’re here to help guide your financial planning and accounting needs all year long. 

How to Save on Holiday Spending

By developing a clear plan and instilling the discipline to stick to it, you can take control of your holiday spending and keep your bottom line healthy while still sharing in holiday cheer.

Create a Holiday Spending Budget 

It’s important to use a spreadsheet or budgeting app to break down your holiday budget into specific details, assigning limits to every category on your spreadsheet. You may also consider creating a dollar amount for gifts, decorations, entertainment, and travel. When you are listing out gifts, list every person for whom you want to purchase a gift and set a budget for each and every gift. When you are budgeting for parties, entertaining, and other holiday activities, plan out each event and set a limit on how much you will spend on that specific event. In terms of travel, make sure to include gas, flights (including luggage fees and transportation), accommodations, incidentals, meals, hostess gifts, and every other aspect you may need to consider for your travel costs. If you believe it would be helpful, it may be a good idea to create a cash envelope for each category and for each gift. Take only that cash with you when participating in each spending event so that you cannot go over your budget. 

Start Early, Plan Ahead, and Look for Deals 

One of the most impactful ways to save money during the holidays is to start your shopping early. Ideally, you could be gathering gifts all year long, purchasing as you find the perfect gift for those on your list. If that doesn’t happen, starting early still can help you save. If you strategically time your buying, you can save; it’s always helpful to track prices for major sale events like Black Friday, Cyber Monday, pre holiday sales, and other deals you come across. By planning ahead and having an idea of what you are going to spend, you are more readily able to purchase when you see a discount or sale. 

Maximize Cash Savings and Credit Card Rewards

The same goes for credit card rewards and discounts; with a little planning, you can maximize credit card rewards by determining which of your credit cards offers discounts on which items and can utilize those savings when holiday shopping. If you’re spending, earning something back helps you save money. You can choose the credit card that offers cash back on retail purchases, points toward your holiday travel, or any other such credit card reward. Important note: This is only a method of saving if you can pay off the balance immediately. Otherwise, the high interest on credit cards will actually end up costing you more. Always avoid charging any gifts, travel, or entertainment to your credit card any time of year unless you are ready to pay it off immediately. Credit card debt can add up quickly, putting you into debt faster than you may imagine. 

You can also search for bulk retailers or specialized websites that offer discounted gift cards. For instance, you may purchase a gift card that is valued at $100 but you only pay $85. You can either give these gift cards as your gift or use them to purchase your gifts.

Best CPA Services Near Me

Watkins & Co. has spent decades helping individuals and businesses across Mississippi with financial planning, tax planning, comprehensive tax services, CPA services, and other invaluable financial services. Just as a holiday budget can help you save, partnering with Watkins & Co helps you save on taxes and more, setting you up for long-term financial success.

How to Improve Your Credit Score

Your credit store is vitally important for a wide range of daily activities. Not only is it a reflection of your financial health but it also can earn you better loan rates, approval for mortgages and rentals, lower insurance premiums, and offer you financial opportunities with credit cards that you may not otherwise have. Yet millions of Americans have a credit score that is less than ideal. The good news is that you can improve your credit score with the right strategies and professional guidance. Watkins & Company is your reliable accounting firm in Jackson, Mississippi. We can help you learn strategies to improve your credit score and provide more financial options for yourself.

Ways to Increase Your Credit Score Quickly

Your credit score does matter and the aspects of your life it affects are loan approvals and interest rates, credit card limits and terms, mortgage eligibility, rental applications, job opportunities in specific industries. It’s important to maintain a good credit score and secure your long-term financial stability. If life’s twists and turns have taken you to a place where your credit score is less than perfect, there are ways to improve your credit score. 

The steps to improve your credit score include:

• Check your credit report regularly: You need to consistently review your credit report for mistakes or outdated information. These factors may seem inconsequential but correcting mistakes can give your credit score an instant increase. 
• Pay bills on time: Payment history of credit cards and other bills account for roughly 35% of your credit score. Set reminders or create automated payments to avoid missing any due dates. The fastest and most effective way to increase your credit score is to pay your bills in full and in a timely manner. 
• Reduce outstanding debt and keep your credit cards to a minimum: Credit is also based on the amount of credit used versus your ratio of available credit. This means that if you have a credit card with $10,000 available, you should only use about 30% of that amount, which is $3,000. Maintaining a lower credit ratio enables you to pay it off faster and builds your credit score quickly.
• Maintain a responsible borrowing track record: The length of your credit history matters, accounting for about 15% of your credit score. If you have an older credit card that you are no longer using, don’t close it. Instead, maintain it and put a few small purchases that you can pay off immediately on that credit card. This can benefit your credit score greatly.
• Diversify credit: It can be helpful to have a wide range of credit. That means having different types of credit such as a mortgage, car loan, credit card, and so forth. However, this is only effective if you can pay and maintain a positive track record with these various credits. 
• Limit new credit applications: Every time you apply for anything that runs a check on your credit, your credit score is lowered by roughly 10 points. Avoid opening too many accounts in a short period of time or having your credit checked regularly. 

Best Accountant Jackson, MS

For reliable and knowledgeable credit advice and guidance, contact Watkins & Co today. Our skilled accounting team in Jackson, MS is standing by, ready to assist you in improving your credit score and opening up opportunities for your financial future.

5 Budgeting Tips for Families in Jackson

The truth of the matter is that saving money is always beneficial! Regardless of economic climate, personal needs, or market fluctuations, having a budget and planning out your finances can prove incredibly helpful. Whether you are saving for your future, planning for retirement, accounting for college tuition costs, saving to buy a new house, or any other financial incentive, budgeting in Mississippi can provide the funds you need. 

Watkins & Co is here to help you with some budget friendly tips for families living in Jackson, Mississippi. With an extensive background in personal finance, we know the importance of managing your personal financial plans and we are here to provide experienced advice, guidance, and education for your financial needs. 

How to Budget in Jackson, MS

Watkins & Co helps local families create budgets that work for your needs while keeping your long-term financial goals in mind. Our personal finance experts are here to share the ins and outs of budgeting, providing invaluable techniques and tips for budgeting successfully.

Track your Spending

The first step of creating a budget is knowing where your money goes. Before you begin to make a plan, keep a daily log of expenses. Include everything from major expenses, like mortgage, rent, car payments, credit card payments, and other expenses down to the simple coffee shop or fast food run. Make sure to include housing, utilities, transportation, hobbies and activities, healthcare and other such aspects of life. Every penny adds up and it’s important to be realistic when planning your budget.

Prioritize Essentials 

Major, essential expenses are priority. Housing, utilities, groceries, gas, insurance and so forth should always be the first expenses listed in your budget. Only once you have allowed for all your daily living costs can you move on to hobbies, activities, and events.

Plan for Seasonal Expenses

Many people work out an extremely effective budget for day-to-day expenses, yet when it comes to holidays or birthdays, their budget goes out the window because they have not accounted for these extra expenses. When creating your budget, look ahead at the year. Build in methods of saving during the months when there are no extra expenses necessary. Account for seasonal spending needs in the quiet months and set that money aside to account for your holiday shopping, summer plans, and birthday activities.

Take Advantage of Deals

There are plenty of deals to be had out in Jackson, Mississippi today. You can easily save on groceries by shopping local deals. Take a look at flyers and farmer markets or check in your local community market for prices. Doing a little price comparison in shopping is always a good idea when you are trying to remain on budget for groceries. It may require going to a few different grocery stores to get the best deals for the week but those dollars will quickly add up as you price hunt over time. Similarly, there are many low cost family activities available. Plan your social calendar around what free activities are occurring that are interesting to you and your family. Reducing costs on hobbies and events can make a huge difference in your daily budget. This provides you more funds for the essentials and for your long-term saving goals.

Plan for Emergency Funds

It’s important to remember that life’s twists and turns are often costly. Whether it’s an unexpected illness or injury, a sudden maintenance repair on your home or vehicle, or even an unplanned cost for your child’s sports or school, having an emergency fund for the unexpected can make all the difference. Even if you only start at a few hundred dollars, setting aside a little each month toward your emergency fund can help you through the unplanned expenses that always seem to pop up. 

Personal Accounting Company Jackson, MS

Watkins and Co. is here to help you create a realistic and manageable budget. Taking into account every expense and asset, along with your income, we can help you build a budget that will work in the long run. Adjusting your budget as necessary is an important part of a successful financial plan, as well as adhering to it even when times get tough. Watkins & Co. is your trusted partner in helping you achieve both your short term and long-term financial goals. 

Give us a call today for budgeting advice, personal tax preparation, personal finance guidance, and any other financial needs you may have. Our experienced team is standing by ready to help!

4 Strategies for Staying Debt-Free

In these turbulent financial times, debt can sneak up on anyone, all it takes is an emergency expense, a missed bill here or there, and suddenly you realize that your financial footing is not as secure as you thought. Yet, you can remain on stable financial ground with some awareness, a little proactive planning, and smart strategy implementation. The team at Watkins & Co is here to provide valuable information on how to stay out of debt, along with expert guidance and financial planning services in Mississippi to keep you out of the red.

Smart Strategies for Avoiding Debt

Why does staying out of debt matter? Doing so provides you with valuable peace of mind and a far less stressful financial life. By building credit and saving, you’ll have greater access to future financing and the ability to build wealth rather than simply breaking even. It means that when the time comes to make big steps and invest in your life goals, you’ll have the ability to pursue those dreams – buy a house, start a business, take an important trip, support your child in college. So how do you accomplish staying debt-free? 

Stick to a Budget

Controlling where your money goes and providing a purpose for every dollar can help you become more familiar with where and how you’re spending your money. Doing so can help you identify potential problem areas and help you recognize the red flag of debt before they become problematic. Watkins & Co can help you create a custom budget based on your financial objectives, lifestyle, and income. Our financial advisors across Mississippi will help you track spending, prioritize spending, and make the most out of your money.

Constantly Track Your Spending 

It’s important to be aware of exactly what you’re spending in real time. Small, seemingly harmless spending in daily transactions can quickly add up and cost much more than anyone expects. Watkins & Co can connect you with tools for tracking your spending in real time so you know where your money is actually being spent. This will enable you to make a conscious decision on where to spend and where to save.

Using Credit Strategically

Many a financial downfall is a result of accrued credit card debt. It is best to either avoid credit cards completely or use them to your advantage. The only benefit credit cards offer is the building of credit. If you do decide to get a credit card, be sure to only allow an amount to build that you can quickly pay off. Always pay more than the minimum balance so that you can avoid interest build-up. Don’t fall for the “buy now, pay later” concept, especially for non-essential items. This is a trap that can quickly end in financial ruin. 

Establish an Emergency Fund

An unexpected bill or emergency is sometimes the tipping point that slides people into debt. Whether your car breaks down, you have a surprise medical expense, or you lose your income suddenly, the expense of such events can wreak havoc on your financial life. Having an emergency fund can save you from sinking into the red. How much should you save for emergencies? It’s a good idea to have 3-6 months of living expenses saved. Watkins & Co. can help you save this protection gradually, showing you ways to save small amounts based on your current cash flow.

Best Financial Planning Services Near Me

For the expert financial guidance you deserve, visit us at Watkins & Co. We serve individuals and businesses in Flowood, Madison, Brandon, Jackson, and beyond. We’re here to help you stay out of debt and maintain your financial freedom!

Retirement Financial Planning Tips

Preparing for retirement is something that we rarely think of when we’re young and busy with life. Establishing a career, opening a business, raising a family, enjoying social engagements and other aspects of a busy life tend to become all-consuming. Yet retirement planning is crucial for financial stability and peace of mind later in life. When considering your golden years, you may have questions about how much you need to save, the best methods of financial planning for retirement, which investments are the most sound, and more. Watkins & Co. is your go-to partner in retirement financial planning, providing sound guidance and financial advice, as well as assisting you in carrying out an established plan. 

How Much Should I Save for Retirement?

When thinking about how much you should save for retirement per month or how much should you have saved for retirement by age 55, or any other retirement-related question, you first have to assess your retirement needs and goals. You’ll want to plan for your expected retirement needs. This means you’ll need to estimate how much you’ll require annually for essential expenses such as housing, food, health care, utilities, transportation, and so forth. It’s also important to account for inflation, fluctuations in the market (if you’re not relying solely on savings in your bank account), cost of living increases, and for your life expectancy – it’s always wise to plan for living longer than expected, just to be safe. Then factor in any expenses for travel, hobbies, activities, family responsibilities, and other costs you’ll likely incur in retirement. Sound like a lot? You do not have to figure all this out on your own! You can use retirement calculators or consult with a Watkins & Co. financial planner to determine a specific savings target based on the above factors, your age, current savings, and expected retirement age.

What’s the key takeaway? Most financial advisors for retirement planning will tell you to save 10-15% of your income before tax. The ultimate goal would be to save this for at least 40 working years (for instance, when you are working from the ages of 25 to 45 years old). 

The reality of the situation, however, is that many Americans have not saved for retirement in their younger years and you may find yourself close to retirement with little to no savings. Do not panic! Sitting down with a Watkins & Co. financial retirement advisor can help you determine how to proceed based on where you are currently. Every situation is unique and you will deeply benefit from the expertise and guidance of a certified financial planner for retirement. At Watkins & Co., we take a full accounting of your financial situation, retirement savings objectives, and savings thus far to help determine a sound course of action moving forward. We can help you implement a savings and/or investment plan from this point on that will provide you with financial stability for your retirement years. 

Financial Planning Services for Retirement Jackson, MS

For the most reliable and best retirement financial planning services near Jackson, MS, stop by Watkins & Co. After decades of working in business and personal financial planning and accounting, our team has the qualifications and experience to help you achieve your financial goals for retirement. We are here to help pave the way to a smooth and enjoyable retirement! Give us a call today to learn more! 

How to Maximize Your Tax Refund in 2025

Filing for taxes can be a stressful and daunting task even in the most straightforward of cases. Instead of losing sleep over filing, keep it stress-free with the assistance of the tax professionals at Watkins & Co.. After over 30 years of experience as a thriving accounting firm in Jackson, Mississippi, the tax pros at Watkins & Co. are your go-to local tax experts. We offer a comprehensive suite of accounting services designed to provide for every accounting need of individuals and businesses in the Jackson area. 

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