Courtesy of TFCU
The holidays are here. For many of us, that means gift-giving, family get-togethers, travel and spending way too much on all of it. This year, we’ve put together a few tips to help you enjoy the season and start the new year right.
Create a Holiday Budget: Yours should include gifts for everyone on your list, food for entertaining, decorations, cards, postage, travel, as well as seasonal concerts and events. Just remember, this is money you’re spending beyond your usual expenses.
Stick to the Plan: For some, having your entire budget in cash will help ensure you don’t go over budget. If you don’t decide to use cash, use cards that offer benefits like the Transportation Federal Credit Union Platinum with rewards credit card. You can earn unlimited points or cash back for every purchase. As an alternative option to carrying around cash, you can also deposit the total budget into a separate Transportation Federal Credit Union savings account. Then pull funds from that account with every purchase. Once the account is at $0, you’ll be done spending money on the holidays.
Make a List (and check it twice): Who is on your gift-giving list? Do you really need to buy a present for your Uncle Bob or Sarah in human resources? Cut your list of recipients as much as possible then use that money in other areas of your budget.
Avoid Store Credit: Yes, those 0% offers along with no payments until next year sound good now, but you’ll eventually have to pay it back. Don’t forget, even with a low-interest loan, those store accounts often have plenty of fees and other charges. Read the fine print and have a plan for paying it back before it expires.
Don’t Wait: The longer you wait to shop for gifts, the more you’ll end up paying. Travel expenses, such as airline tickets and hotel accommodations, often get more expensive as the end of the year comes into focus.
Plan for Next Year: Start a Holiday Club Account, then make monthly deposits to the account. By this time next year, you’ll have a big boost for your gift-giving, holiday-fun budget.
We’re Your Holiday Helper
We’re here to help you reach your financial destination. Contact us to speak with a Member Representative today! Transportation Federal Credit Union (TCFU).