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7 Tips to Sleigh Your Holiday Budget

7 Tips to Sleigh Your Holiday Budget

‘Tis the season for festive lights, joyful gatherings, and the tempting allure of Black Friday deals just waiting to be seized! As we approach the whirlwind of holiday shopping, now is the perfect time to craft a budget that not only preserves the magic of the season but also safeguards your financial well-being.

 

With these 7 budget-friendly tips, you can sleigh the season with savvy spending, enjoy stress-free holiday shopping, and still have plenty of cheer left to share with your loved ones.

 

1. Make a List & Check It Twice

Start by making a list of everyone you plan to buy a gift for, including family, friends, colleagues, etc. Next, set a spending limit for each person or group on your list. Be realistic about how much you can afford to spend. Then, refer to this list throughout your shopping excursions. It will serve as your roadmap to ensure you’re not forgetting anyone and that you’re staying within your preset budget.

 

2. Avoid Shopping Sprees

There are incredible deals and limited-time offers everywhere. It’s easy to keep spending once you’ve already started. There’s even a name for it – the shopping momentum effect. While it can be easy to get swept up in the spending frenzy, it’s crucial to stick to your list to stay on budget and avoid overspending. If you feel the temptation to impulse buy setting in, take a few minutes to center yourself and review the items in your cart. This tactic will give you a much better chance of only purchasing the things you need.

 

3. Don’t Forget Shipping Costs

You’ll likely be doing some online shopping this holiday season. Don’t forget to factor shipping costs into your overall shopping budget to avoid overspending. Shipping fees add up and can quickly catapult you from within budget to over budget, especially if you’re ordering from multiple retailers. Before you checkout, look for free shipping offers or coupon codes from the retailer to help you save. You can also use “ship to store” options when available to help you reduce the shipping costs.

 

4. Get Creative

Don’t overlook the charm of a homemade gift! Handcrafted presents are guaranteed to be a meaningful and budget-friendly way to show your loved ones that you care. Think about how you can use your skills and hobbies to create personalized presents for everyone on your list. Your loved ones will surely appreciate the thought and effort you’ve put into their gifts.

 

5. Don’t Procrastinate

Don’t wait until the last minute to start your shopping. When you put off your shopping, it’s almost guaranteed that two things will happen: 1) You’re more likely to overspend, and 2) You’ll undoubtedly settle for gifts that are less than ideal. Not to mention the added stress of trying to knock out your whole shopping list in a short amount of time! Start your shopping early to ensure you have enough time to make thoughtful choices within your budget.

 

Plus, if you’re traveling this holiday season, make sure to budget for your travel expenses early! Planning ahead for transportation and accommodations can help you avoid last-minute price hikes and make your holiday trips stress-free.

 

6. Plan Now for Next Year

Get a head start on saving for your holiday shopping next year by putting money aside throughout the year. Consider setting up automatic transfers into an account dedicated solely to holiday spending, such as a Holiday Club Account. You can deposit money into these special accounts during the year, and the funds are released in November – just in time for holiday shopping. They’re a great way to save without accidentally spending the funds throughout the year.

 

7. Consider a Holiday Loan

Holiday loans are one of the best tools to stay within your budget. They function like a personal loan and provide you with a set dollar amount. This feature makes it easy to budget for holiday expenses vs. relying on credit cards. Plus, the interest rates are typically much lower than traditional credit cards. And with a set repayment schedule, you’ll avoid long-term debt as you head into the new year.

 

We’re Here to Help!

 

With a little planning and these 7 tips, you can make the most of the holiday season without letting financial stress “snowball” out of control. If you need more information on holiday loans or other ways to save, we’re here for you! Visit us at any of our branches or give us a call at 800.528.3330, ext. 7550 to get started.

 

Happy Holidays – here’s to sleighing the season with joy and savings!

 

Each individual’s financial situation is unique and readers are encouraged to contact Floridacentral Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.