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!

How to Spend Your Tax Return Wisely

When your tax return comes in, you are undoubtedly tempted to spend it on some big ticket item on your wish list. Perhaps you have been waiting to buy a new sofa or you would like to take a vacation. The average taxpayer receives a refund around $3,000 and that is a good chunk of change. The wisest ways to utilize that money are listed below.

Pay Off Debt

The number one thing you should do with your tax return is pay off high interest debt. Any loan or debt you owe incurring more than 5% interest should be paid down as quickly as you can. Credit card debt is especially detrimental, as it can make it very difficult to get ahead and bringing down your credit score. Not only will paying off that debt feel like a relief, but you will be grateful every month when your overdue bill does not come in the mail.

Make Home Improvements

The home improvements you should spend your tax return on are the ones which will give you the highest return on investment. These are not improvements like heated tile floors or new kitchen cabinets, they are the kind that will increase your home's efficiency and decrease your ownership costs for months – or even years – to come. Adding insulation to your home's attic if necessary, replacing old appliances with energy efficient ones, or installing new windows are some of the wisest home improvements. In the long run, the money you spent on these improvements will find its way back in your pocket.

Save it For a Rainy Day

The majority of Americans do not have enough money in savings to protect themselves against sudden setbacks. An emergency fund should always hold 3-6 months of your expenses in the event you lose your job, incur medical bills, have a large car repair, or have to pay for something unexpected. First Choice Credit Union has great savings account options and can meet with you to determine how large of an emergency fund you should have.


It can be hard to refrain from purchasing a wish list item with your tax refund! However, if you choose to spend your tax return wisely through one of these three avenues, you future self will thank you.

Budgeting for Spring Break

As the old saying goes, spring is just around the corner, and that also means Spring Break! Every college student dreams of going on some elaborate trip with their friends and having the time of their lives. Unfortunately, many students wake up from that dream and remember that they are college students who can’t quite afford an elaborate trip. Maybe you’re not planning on heading out of the country this March, but here are a few tips to help you save for your trip:

Set Your Budget

To a college student, the word “budget” brings visions of ramen noodles and bus passes, but if you are going to save for your trip, you need to set a budget. Start by getting a rough figure of how much your trip will cost. Then, you can begin to build a savings plan. There are many apps that you can download to help you track your savings. (First Choice Credit Union, for example,  offers online banking and apps for Android and iPhone users.) Mobile banking is a great way to  keep track of your spending and savings so you can reach your goal.

Purge Your Closet

If you need some more cash, try selling some old textbooks or go through your closet and sell your unused clothes for cash. Also, keep your eye out for any easy job offers. Some colleges may request help running large events on campus or in the mail room. These jobs are typically only for a few weeks, but are great if you are only looking to get a little extra income. You can even recycle cans and bottles for extra money!

Tighten Your Belt

This one may seem obvious, but stop spending your money on unnecessary things. Weekends are the worst time for college students - spending can get out of hand. Dine out less, wait to see the latest movies, don’t buy clothing items you really don’t need - you know the drill. If this trip is important to you, look into free ways to spend your weekend. See what’s going on around campus or try to get ahead on school work. If you simply must go out, don’t spend money. It may seem tough at first, but trust us, it will pay off in the long run!

Flash Your Student ID

One last way to try and save some money is by using your student ID. Many companies offer a student discount which can help you save just a bit more towards your trip - just ask!

Even if you don’t have the money right away, just yet get creative about saving and you’ll be on your dream trip in no time. If you have any questions about other ways to save or setting up a savings plan, give us a call at (561) 641-0100 or check out our website.

New Year New You? Building Savings After Holiday Spending

Some say the January is the worst. Christmas is over, your summer tan is long gone, and you bank account has been sufficiently depleted. Weeks into the New Year, there is still time to make (or keep) your resolution to save money. Spending less and saving more was one of the top three New Year’s Resolutions of 2015. However, trying to save money after spending so much on the Holidays can seem daunting.

Here are a few quick tips to help you start 2016 off right.

1)      Take Stock of Your Spending

Before you start to make a savings plan, examine your expenses from the holidays. Take a look at how much you spent and charged to credit cards. Be sure to categorize the areas in which  you spent money, such as entertainment, gifts, and food/drink. Not only will this give you a better idea of what you spent money on, but it also reacquaints you with your accounts and gives you a great starting point for rebuilding your savings.

2)      Make a Game Plan to Tackle Debt

You are not the only one who is dealing with the New Year debt blues. However, if you want to eliminate debt quickly, you’ll need a plan. You should aim to pay off the debt on your credit cards within a few months. There are a few strategies that you can use to motivate yourself: First, pay off the card with the lowest balance on it or pay off the card with the highest interest rate. Try using our financial calculator to help you come up with a plan or contact a consultant for help. First Choice CU has a skilled staff that can assist you in digging yourself out of the Holiday Hole.

3)      Make a Budget and Stick to it

Categorize your needs and tighten your purse strings if you are serious about getting out of holiday debt fast. Make a budget that works for you factoring in how much of your debt you should be paying and stick to it. If you are finding that it’s hard to stay within your budget, set yourself a dollar amount and use cash. Once the cash is gone, then you have reached your spending limit.

Just like with any New Year’s resolution, there is no “one size fits all” solution. If you have any questions about saving or how to get out of debt it is usually best to ask a professional. Our representatives are available to assist you with all your financial needs. Although trying to save after the holidays can seem hard, we can help point you in the right direction to get your 2016 off to a great start.