Financial Tips to Do Better

The Snow is Falling, Friends are Calling, and Your Finances are Crawling Away.

The holiday season is right around the corner, and while it's a fantastic time to spend with friends and family - it can also be a little tough on your finances. One of my favorite things to do is shower my friends and family with gifts, but it can easily get out of hand! As you plan for the holidays, it's important to keep your expenses and spending under control and to prepare so you can enjoy some quality time with those you love - without worry.

I've put together some tips to help you make the most of this time of year without sending your funds limping into the new year!

Cash or Credit?

Before you book a plane ticket or swipe your card all over town, let's take a moment and check up on our credit health. There's always a bit of a flu going around, so how's your credit doing?

You don't need to break out the tissues, but you should check your credit score. The holiday season is a financially demanding time of year, and knowing where your credit score stands and how much capital you have is paramount to ensuring that if you do splurge a little for the holidays, you're not spending the next 12 months recovering.

You can check your credit score with SavvyMoney in Digital Banking WHENEVER you want, and there are monitoring alerts to keep you informed of any changes in your score.

Are Your Finances on the Naughty List?

It's hard, but now is the best time to fight against impulse purchases. Every business in existence is vying for your attention and money in December, and while sales might be tempting, do you really have the money to spend?

Write down the outstanding balances of all your credit cards, their credit limits, and the interest rate attached to each card.

Compare that against any money you've budgeted aside for purchasing gifts for your family.

How much do you have to spend? As a good rule of thumb, you should limit your credit card spending to no more than 30% of your available limit; otherwise, your credit score might suffer.

If you compiled your credit card debt and found yourself with a new worry, it might be time to consider steps you can take NOW to prepare your finances for the new year.

Need tips for rebalancing your budget so you can focus on chipping away at your debt? Give our blog 8 Reliable Tips to Weed Out Bad Financial Habits.

Want to be more proactive? Consider applying for a debt consolidation loan which will let you worry about one monthly payment and potentially help you secure a lower interest rate.

Make a List and Check It Twice

Before you find yourself stuck in busy lines, sit down and make a list of everyone you're going to get a present this year – friends, family, your boss, your mailperson – anyone you THINK you'd like to give a gift.

Once you have your list, it's time to decide how much you're going to spend. Remember, we don't want to be feeling the pain from gift-giving five months from now! Divide how much you've set aside to spend on each person, and then STICK TO IT. It's just that simple.

As you shop, make sure to take advantage of companies that run sales through the end of the year, but don't be afraid to turn away or compare prices at multiple retailers.

All Aboard Gate 3A.

Sometimes, our family is far away, and this time of year, all we want to do is to be able to see them.

It's a little late to buy plane tickets, but if you keep an eye out for any last-minute getaways, there's a chance you might be able to score a trip through the sky that won't cause your account to cry. Consider driving to Boston for a cheaper flight, or if travel's just not in the cards – try to get together digitally.

It doesn't quite have the same magic as being all together, but it's an alternative when you have no other options and want to spend a little time with your favorite people. Plus, at this point, we're all Zoom experts.

Check-In

Standing in line with an armload of presents and unsure if you have enough money in your account to afford it? It's never been easier to check your account balance – with Digital Banking anywhere you are, all your information is at your fingertips.

As you're out and about swiping your card – make sure you monitor your recent transactions. It's a useful tool to help you make sure you stick to your budget.

Don't Spend a Thing

Listen, this time of year has been pretty heavily influenced by materialism, but never forget the greatest gift you can give – your time and company. Set time aside to spend with your friends and family. Decorate the house, cook a delicious meal, and play some games. Just be there for each other. I promise they'll remember that more than they will a new gadget or thing they don't ACTUALLY need.

Less is more. All year round, I listen to those closest to me, and I keep a note in my phone where I write down gift ideas – the things they're passionate about, the things that are missing in their lives, and what I know will put a smile on their face. Sometimes, those things aren't bought with a credit card or by emptying your bank account but just spending time together.

We're Here to Help!

With the holidays swiftly descending upon us, there's no better time than the present to have a quick check-in with your credit health or take a second look at your budget. Keep the holidays merry and bright by budgeting wisely and shopping smart. With a bit of prep work, you can start the new year off on the right financial footing.

If you want to learn more about how debt consolidation can provide an affordable alternative to credit cards or different services available to help you easily stay on top of your accounts, we're happy to help. Please stop by any of our convenient branch locations or call 800-834-0432 to speak with a team member today.

Happy Holidays!

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The Atlantic blog strives to deliver informative, relevant, and sometimes fun financial information. If you enjoyed this article, please forward it to a friend.

Each individual’s financial situation is unique and readers are encouraged to contact the 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.