The average American spends nearly $1,000 on holiday shopping and three quarters of that is spent on gifts. Families, especially those with children, feel compelled to make the Christmas season extra special with food, gifts, decorations and travel, which can quickly lead to overspending. Here are a few ways to manage your funds and still keep Christmas merry.
Don’t Open Til Christmas – If you spend all year earning Reward Points or Cash Back on your credit card, make a point of saving them until it’s time to go shopping. Gifts and travel pair well with rewards and cash back.
Cease the Moment – When Black Friday and Cyber Monday roll around, shop smart. Not every deal is a good deal, but if you do your research, you might land the best deals on your Christmas List.
Christmas Is Over – It is no secret the best holiday sales are after Christmas. So, get ahead of the game and scoop up big savings by knocking out your holiday gift buying in January.
Do It Yourself - Do you like to cook, bake, sew, woodwork, paint, or scrapbook? Then do it yourself (DYI) gifts are a great way to save money, showcase our talents and share a personal or unique gift with someone special.
A Novel Idea - White Elephant or Secret Santa gifts are sure to bring a smile to any holiday gathering. Play a game, swap a gift and watch the room light up while keeping your costs down.
Who’s Got Uncle Bob – For those with big families or multiple families, may we suggest drawing names and setting a price limit. This ensures everyone received a gift and you stay on budget.
Kids Only Christmas – Let’s be honest, grandma does not need another pair of slippers. If your family is in favor, vote to buy presents for the kids only and let your gift be seeing their excitement on Christmas Day.
Tiz’ the Season – If you need a little extra cash during the holiday season, a Christmas Loan might be the right fit. A short-term personal loan could be at the top of your shopping list.
Join The Club – Secure a Holiday Savings or Christmas Club Account at your financial institution which is designed to accept regular or automatic deposits throughout the year. By December your savings account balance will even make Santa a little jealous.
A Great Experience – During the holidays, the memory of attending an event or taking a trip far outlast those of receiving a gift. If you are debating, we suggest you buy an experience everyone can enjoy and skip the gift.
Cash Not Credit – When Christmas shopping, those who chose to use cash or their debit card were more likely to stay within their budget versus those paying with a credit card. If you must utilize a credit card over the holidays, confirm you are getting the best interest rate and perks.
