It’s still a bit early in the holiday season and there’s still time to have a strategy, plan and budget for having a happy and cost-effective holiday. A budget can prevent overspending and then the unpleasant consequence of having to painfully constrict expenditures after the holidays to help pay off accumulated seasonal debt. Here are some easy steps to budgeting and spending wisely during the upcoming holiday season:
Make a list of all expected holiday expenses, check it twice and then prioritize it. Predict and plan what you expect to be spending money on this holiday season. This leave-nothing-out list should include purchasing activities such as traveling, buying presents, hosting events (including special food and drinks), taking people out for meals, purchasing new decorations, attending special events and other seasonal activities. Make the list and then rank the expenses from “must do” to “nice but not necessary” to accomplish.
Add estimated costs to the holiday expenses list and determine a realistic, don’t-bust budget. Now add specific, estimated dollar amounts attached to each anticipated expense and look at the total potential cost. Set a limit on what you intend to spend this year for yourself and for others—that’s this year’s holiday budget. Don’t lock the budget and make it rigid; you should have some flexibility to take advantage of unexpected and worthwhile savings opportunities, but commit to staying generally within your original spending limit. Keep in mind that spending on needs should come before spending on what you want; avoid buying things you don’t need just because they’re on sale.
To help stay within your budget, make a point of using credit card points for a rewarding experience. Stretch your budget by using credit cards that have good reward points programs. Reward points usually can be used in a variety of ways (often including merchandise and gift cards), and you should accumulate even more reward points during your holiday purchasing. Using points more means spending money less, offering the opportunity to stay within your planned expense limits.
Research seasonal sales and monitor retailers. Go online to check upcoming sales and specials and add them to your calendar so you’re prepared when they become active, including the big Black Friday or Cyber Monday sales in November. Don’t forget to check for coupons, clearance and back-to-school sales. Sign up for retailer email alerts for early notice of future sales and follow brands on social media. Don’t forget to look for digital coupons online and for “BOGO”—buy one, get one free—deals in physical stores.
Dare to compare—prices! Investigate stores’ price-matching policies. You have to find out both if a store has a price-matching policy and its details. Note that almost all price-matching policies have a number of very specific rules and retailers that also function as a marketplace for other sellers often don’t have price-matching policies. Go online and visit a retailer’s website; if the site has a search function, type in the words “price match,” or look up either the website’s section on customer service, policies, consumer promises, commitments or guarantees. Next, keep track of the lowest prices you can find. That way you’ll recognize a good deal when you see it. Once you find the policy, scrutinize the details and make a note of them; specifically, what types of price matching the retailer will honor and what the exceptions are to its policy—what it won’t let you match. Two common details to look for in price-matching policies are that the matched item must be in stock and be the exact same model that has a lower price at the competitor’s store.
Buy used or refurbished electronics. Buying used or refurbished items is a great money saver and a useful category for this is electronics. Used and refurbished televisions, stereo equipment, laptops, tablets, cell phones and headphones that are relatively recent models can perform similarly to new, current versions. Refurbished electronic gear may be indistinguishable from new products and come from large retailers with warranties of several months to a year.
Just in case a little more money is needed just for the holidays…there are special holiday loans to consider. Delta Community has Holiday Loans—these are fixed-rate Personal Loans offered seasonally during the months of November and December. The Holiday Loan is a helpful financial solution that can provide readily accessible extra cash for whatever you need during the holiday season or for several months afterwards. Features of these loans may include (but not be limited to):
- A fixed rate.
- A quick and easy application process.
- Funds are deposited directly into a Delta Community Checking Account, typically the next business day.
- The flexibility to use the loan for whatever you need now or next year.
- No collateral needed based on creditworthiness.
- No annual fee or processing fee associated with this loan.
Delta Community has more holiday money tips…and money management ideas for the rest of the year too
Looking for more advice on holiday expenses, spending and save? We have some…
Concerned about how to BALANCE™ your holiday spending?
BALANCE™ is a financial education and counseling organization that offers free services to Delta Community members. Some of its services include credit report reviews, debt management and information on budgeting, money management and home buying.
Visit the BALANCE™ website to learn about their education and assistance programs. Members can also speak with certified credit and housing counselors to get personalized guidance.
Want to connect with a Financial Coach about your specific situation? Call 1-888-456-2227 to speak with a Financial Coach today.
Note that the services offered through BALANCE™ are separate and distinct from any business conducted with Delta Community and are not guaranteed by, nor are they obligations of, the Credit Union.
