Atlantic Blog

One of my favorite things in the world is to give presents to my friends and family. I'll spend all year thinking about what I want to give them, stashing away notes of things they mentioned off-hand to help me when the holidays roll around, but if you're anything like me, your gift-giving aspirations can spiral out of control.

Everyone loves giving gifts (and getting them!), but it is important to make sure you don't break your budget or erase your savings in the holiday pursuit. I have some simple steps you can take to make sure the giving season isn't something you need months to recover from!  

1) Create a Gift List and Budget

The guy in red isn't the only one who should create a list and check it twice. If you're giving out gifts this holiday season, make sure that you plan things out ahead of time. Create a list of what you want to buy for each person and keep track of your spending. It might not be the most exciting task, but a little prep now can minimize future stress when you're reviewing your financial statements.

Personally, I've set a spending limit for each person on my list, and it's tough with a big family to ensure I don't let my spending slip out of control. You don't need a rigid, restrictive plan but rather healthy guidelines.

2) Don’t Wait Until the Last Minute

Supply chain issues persist, and stock of certain items might fluctuate the closer we get to December. Keep an eye on the items you want; electronics such as video games, mobile devices, computers, or televisions might be in short supply. Waiting too long could leave you empty-handed, and stores tend to inflate prices the closer you get to the holidays.

3) Secure Better Deals Online

In this internet age, shopping online offers you tons of benefits; you can compare prices easily from multiple retailers and ensure you get the best deal possible. Plus, you can set alerts for any must-have items for when they go on sale.

While most retailers will now offer free shipping, for those that don't, you can opt for curbside pickup and save extra cash for your holiday budget. 

BUT BEWARE! Watch out for programs that can trick you into overspending. Layaway programs and payment plans sound tempting but can often cause you to break your budget. Before you sign up, consider how necessary the purchase is and look for any hidden downsides or interest baked into the program. 

4) Use Credit Cards Responsibly

Credit Cards can feel magical, but boy, are they dangerous. While your budget will help you avoid overspending, remember a couple more things. Opt for the credit card with the lowest rate and limit your holiday purchases to one card for easier tracking.

If you have an Atlantic Visa® Credit Card, now would be a great time to take advantage of our Spend and Give campaign.

Until December 31, 2023, every $100 you spend while holiday shopping will result in a $5 donation towards the Campaign for Ending Hunger in Maine, courtesy of Atlantic*

5)  Make Travel Plans NOW

People often forget the most stressful shopping each year – travel! December is a hectic time to fly, so be a smart shopper and save money by booking your flights early. Take advantage of travel websites and apps to easily compare prices, set alerts for price drops, and even score some incredible holiday deals.

A Present for You: More Savings Tips!

• Open a Separate Savings Account: When your checking and savings accounts are linked, automatic withdrawals can lead to accidental overspending. By opening a separate savings account and transferring your holiday funds there, you can protect yourself from accidentally dipping into them.

• Redeem Credit Card Rewards: Most credit cards have a built-in rewards program that will also let you transfer reward points to gift cards. Gift cards can help manage your spending power but also make great presents for hard-to-shop friends and family. 

• Consider a Holiday Loan: Need some extra cash for the holidays? Skip the credit card and go for a holiday loan instead! These personal loans have lower interest rates and help you stay on track with your budget. Plus, with set monthly payments, you’ll avoid long-term debt and repay the balance quicker when compared to minimum monthly payments on credit cards.

We're Here to Help!

While the holidays can be stressful, they are also a time of celebration. If you're looking for financial assistance during the holiday season, we're here to help. Please stop by any of our convenient branch locations or give us a call today at 800-834-0432 or with Video Banking to learn more about all the options we have to help make your holidays merry and bright.

Stay up to date and join our email list.

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

*For every $100 you spend, up to $1,000, Atlantic will donate $5 (maximum donation of $50 per account) to the Campaign for Ending Hunger in Maine through 12/31/2023. Maximum credit union contribution of $20,000.

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.