6 Ways To Keep Your Finances Intact This Holiday Season

12/04/2021

6 Ways To Keep Your Finances Intact This Holiday Season

You don’t have to rack up a huge credit card bill or go into debt to cover your holiday expenses. Enjoy a financially stress-free season with these six tips:

1. Create a detailed list of all your expenses

Draw up a list of every holiday expense you anticipate. Include all gifts, décor, travel expenses and donations. Try to keep it as trim as possible by cutting out non-essentials and using stuff you may have in storage from previous years.

2. Determine how much money you can spend

Work on finding a magic number that will cover everything on your list and that you can realistically afford. Ideally, this money should come from funds you’ve set aside just for this purpose.

3. Divide and conquer

Next, assign specific amounts of money in your budget for each expense category and for every person on your gift list. Again, make sure your numbers will work from both a financial and practical perspective.

4. Track as you shop

As you shop, keep careful account of exactly how much money you’ve spent for each person and in each expense category. Review your budget often to make sure you’re staying on track.

To make this job easier, use your Family Trust app or digital banking. It allows you to set a budget.

5. Shop smartly

Keep your spending to a minimum with these hacks:

  • Shop online on Tuesday morning. Research shows this time of week is when you’ll find the hottest online deals.
  • Shop with a friend. Take advantage of BOGO sales by splitting the cost of a single item with a friend and each of you taking one item home.
  • Shop late. Prices actually fall in the weeks leading up to Christmas as retailers get ready to clear out their holiday inventory.

6) Let Family Trust Federal Credit Union help

Here are three ways Family Trust Federal Credit Union can take the financial stress out of the holiday season:

  • Holiday Personal Loan. If you can’t come up with the funds you need for the holidays, consider taking out a Family Trust Federal Credit Union Personal Loan.
  • Christmas Club Savings. Spread the cost of the holidays across the year with an account created just for that purpose. You’ll set aside a little bit of money each month, and next year, when the holiday season rolls around, you’ll have all the funds you need.

As always, you can schedule an appointment with our financial counselor, Sharon Brooks, if you need assitance with budgeting, or any other financial education. Happy shopping!

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