How to Keep Your Holiday Spending in Check
We’ve got 3 tips to help you plan for your holiday season spending.
It can be easy to get overwhelmed when it comes to a season centered around heightened spending - which inevitably leads to the common New Year’s resolution to decrease spending and save money. Consider these three financial tips this Holiday season and get one step ahead on your resolutions.
1. Have a Spending Plan
The holiday season can be a stressful time of year without a plan. It is important to always keep track of your spending and during the holidays this importance grows. Having a plan of what gifts you are going to purchase for certain people before going out to shop can help you stay within your budget.
Another idea is to check to see if you can get the same toys or gifts elsewhere at a cheaper price. Looking for different sales, promotions, and discounts can help you save some money.
Your holiday shopping also doesn't have to be for just the end of the year. Starting your holiday shopping earlier in the year can help spread the expenses and put less financial stress on you around the holidays.
Having the right tools to implement your plan is also key to keeping your spending under control, and IAA Credit Union is here to help!
2. Have a Budget
Budgets are a key tool to avoid overspending. It’s never too early to start your planning for next year by opening an IAACU Christmas Club account! Set your end-of-year savings goals, and watch your account grow! This short-term savings account disperses the first Friday in October to ensure plenty of time to take advantage of holiday deals! Having the peace of mind that your Christmas Club account is growing all year can help ease the stress of holiday spending.
It’s important to note that while budgets can feel limiting, they can also open your mind to opportunities you did not consider and could also lead to some creative gift-giving. Knowing what your maximum budget is for the holiday season, or a certain amount to spend on each person can help you when planning and staying within budget.
3. Consider a Holiday Loan
While it’s always smart to try to reduce debt, some years come with unexpected challenges. IAACU offers personal loans with competitive rates and flexible payback options that can help you take a load of stress off any expense. With quick turnaround times, we’ll give you access to the cash you need!
When applying for a holiday loan, keep in mind how much you can handle paying back and what term would be best to fit your monthly budget. Footing the bill for the holiday season can feel like a burden without the right tools, but IAACU is here to help!
ORIGINAL PUBLISHED BY: DISCOVER MODERN MONEY, ADAPTED BY IAACU