6 Tips for Saving this Holiday Season

Does it feel like you’re spending more than you’re comfortable with this month, between gifts, parties, and holiday activities? You may have missed our Holiday Loans that were available during November, but there are still great ways to save money during the holidays, no matter how many gifts are on your shopping list.

1. Set a Budget

You’ve heard it a thousand times, but there’s a reason for that. Whether you set your total budget for all expenses, or you decide the maximum you want to spend gift-by-gift, it’s smartest to go in with a plan. The key to sticking to a budget? Keep track of your spending throughout the month so you know when you’re overdoing it.

2. Trim the List with Gift Exchanges

If you were to make a list of all of the people you give gifts to, are there people on the outskirts who probably don’t need a box of chocolates or another ornament? If you like to give gifts to all of your extended family, every person in the entire office, or all the 24 nieces and nephews, consider a gift exchange, where each giver pulls the name of another so you only need to buy (and thereby only receive) one gift.

3. Coupons

The Black Friday deals trickled into Cyber Monday, which bled into Cyber Week, which is now becoming an entire month of savings to various degrees. Get on newsletter email lists for all your favorite stores, especially the ones you’re keeping an eye on, and you will get daily sales and promo codes sent to your inbox. Watch carefully, and remember your budget, and you will save on gifts across the board.

4. Homemade Gifts

Taking the time to make your gifts and putting your own personal touch and love into it can mean the world to someone. Create personalized gifts for others based on your favorite creative hobby, whether it’s woodworking, baking, jam-making, knitting, or even writing poetry. Take this tip from livingonthecheap.com: “Wrap your gift in a gift. A homemade loaf of bread wrapped in foil and tied up with a fresh new dishtowel and ribbon is the perfect gift. The wrapping is part of the gift.” Looking for ideas? Create a Pinterest account and find countless brilliant gift ideas that you can “pin” or save for later.

5. Focus on Gratitude and Togetherness

It seems like just yesterday we were going around the Thanksgiving table sharing what we were most thankful for. Did anyone over the age of 5 name something that gets put under the tree? Most people are thankful for family, spending time together, and experiencing new things. Focus on quality time and experiences instead of expensive gifts this year! The memories will stick with you, and your budget will remain intact.

6. Curb Kids’ Expectations

Wanting to create a magical Christmas for your kids can cause your spending—and their expectations to quickly get out of control. When it comes to a wish list for kids, have them choose 5-6 gifts instead of scrolls of 20+ have-to-have-it gifts. Ask them to choose their very top wishes, and remind them (again and again) that Christmas is not about what you receive under the tree.


For budgeting and saving advice, contact First Choice Credit Union and have a Happy Holiday season!

3 Tips for a Smart Holiday Budget

Holiday spending can get steep if you’re not careful.

The average American plans to spend nearly $1,000 this holiday season, according to the National Retail Federation. Between decor, food, and gifts, the costs add up fast.

Budgeting doesn't have to take the fun out of the Holidays. Keep these tips in mind for a jolly and wallet-friendly holiday.

1. Grab a Pen and Paper

Don’t assume you’ll remember your holiday shopping list by heart. Write down everything you need to buy. That means everything; your grocery list, gifts, decorations, new clothes for a holiday party, gas or airline tickets, gift wrap, and even holiday greeting cards. Keep a running budget with the list. It may be helpful to mark out how much you plan to spend on each gift.

Then, take to the holiday ads and scope for deals. Check each store’s price match policy. Being prepared helps you cut out expensive last-minute gifts or impulse buys.

2. Shop Early, but Not All at Once

If you feel like every shopping outing turns into an all-out shopping spree, you’re not alone. It’s not your self-control that’s at fault. Buying one thing can psychologically trigger you to buy more things – something researchers call The Shopping Momentum Effect.

It’s because of this that shopping boundaries are important. Take advantage of Black Friday and Cyber Monday deals, but stick to your list. Shopping online could help ease this by getting you out of the mall atmosphere, but watch out for shipping costs, which can climb quickly.

3. Get Strategic About Big Purchases

Huge store sales like Black Friday can be a great time to buy electronics, appliances and exercise equipment because of the steep markdowns. You might want to think about buying last year’s model rather than the latest releases, which can save you a significant chunk of change.

If you’re planning to make a really big purchase this holiday season, a loan can help make your holiday dreams come true. First Choice Credit Union’s Fair Rate Lending Program gives members the best payback rate possible based on their credit score. You’ll save money because the loans are calculated based on simple interest, and there is never a prepayment penalty.

It’s possible to celebrate the Holidays and stay on a budget – even if you’re planning a Clark Griswold-esque celebration. Enlist the help of First Choice Credit Union - we’ll help you reach your yuletide goals without demolishing your budget.