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 helpful tips.
Create a detailed list of all your expenses
Make a thorough list of every holiday expense you anticipate. Include all gifts, décor, travel expenses and donations. By cutting out non-essentials and using stuff you have in storage from previous years, you can keep costs lower.
Determine how much money you can spend
Work on finding a number to 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.
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.
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. You can also track your spending with My Financial Partner, our free online personal financial management tool, .
Keep your spending to a minimum with these hacks.
- Use shopping apps, like the Coupons App, to get your favorite retailers’ best deals and coupons delivered right to your phone.
- 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.
Let your credit union help
Here are three ways Partner Colorado can take the financial stress out of the holiday season.
- Skip-a-Payment. We get it. The holidays can be expensive. That’s why as a member, you can skip a payment on your auto or personal loan in December and we’ll waive the $25 processing fee.¹
- Holiday Loan. If you can’t come up with the funds you need for the holidays, consider taking out a holiday loan. Now through December 31, 2020, you can enjoy $1,200 at 12.00% APR for 12 months.² Apply using our Mobile Loan Application or on our website.
- Holiday Club Account. Spread the cost of the holidays across the year with a holiday club account created just for that purpose. You’ll set aside a specific amount of money each month, and next year, when the holiday season rolls around, you’ll have all the funds you need.
Don’t let financial stress ruin your holiday cheer this year. Follow our tips to keep your spending down, and stop by Partner Colorado to see how we can help.
¹Certain conditions and restrictions apply. You are not eligible for this offer if you have skipped a loan payment in the past 12 months. ²APR=Annual Percentage Rate. Certain conditions and restrictions apply. Must qualify through normal underwriting guidelines and credit criteria. If you received an Emergency Relief Loan you are not eligible for a Holiday Loan.