Conquer Holiday Spending

Even if you haven’t really begun thinking about what you plan to spend during the holidays, you likely have a general idea from previous years. To help get ahead of it, start setting aside money now! Whether you select an amount based on an estimate or set aside a few dollars here and there, this will help build a spending fund you’ll be thankful for down the line.

 

It can sometimes feel like the number of people we want to show appreciation for is never-ending, especially as new names come to mind throughout December. Take some time before you start shopping to consider everyone you might want to get a gift for. This may include family, friends, coworkers, neighbors, and teachers.

 

In addition to a gift-giving list, assess all your anticipated expenses for the season to gauge the total amount you may expect to spend. From travel and food to decor and charitable donations, it can all add up quickly! Setting a limit for each category will help give you parameters as you shop, and it will make it easier to factor these expenses into your everyday budget.

 

With increased giving also comes increased scams. Some common examples include:

• Fake websites offering incredible deals to steal credit card information.
• Payment requests in gift cards, such as for charitable donations.
• Fake package delivery notifications.
• Fake social media holiday giveaways.

The key to protecting your wallet is to being mindful and alert. If you encounter something that seems off or too good to be true, take a pause before providing your personal or credit card information. See if you can double-check the legitimacy of the source through an official website or phone number, or else seek another option that you know is real. It’s always better to be safe than sorry!

 

Aside from planning ahead, there are a few other ways to help prevent January credit card stress.

• Use cash back or reward credit cards, but be strategic. Avoid running up balances you can’t pay off quickly.
• Compare prices across multiple retailers, and use browser price-tracking tools.
• Be cautious with “too good to be true” online deals, especially from unfamiliar retailers.
• Keep receipts, track your purchases, and watch for unexpected or recurring charges.

 

At OMEGA Federal Credit Union, we want your holiday season to be joyful instead of stressful. With careful planning and smart moves, you can better ensure that you create a festive experience for you and your loved ones without the excessive spending.