- Create a detailed budget to monitor spending
- Keep a running total of holiday costs to avoid overspending
- Know how you will pay for holiday purchases
- Spend less by reducing stress while shopping
Has the stress of Christmas spending turned you into a scrooge? Gifts, traveling and other holiday expenses can often leave both us and our bank accounts drained. Save your mind and money this Christmas with these tips from Metro North Federal Credit Union.
1. Set a Spending Budget
Establish a budget to make sure you don’t overspend this Christmas. Think of all the people you will be purchasing gifts for and set a limit on the amount of money you are willing to spend per person. Stick to this budget when shopping.
Holiday budgets shouldn’t just include presents. Be sure your budget includes all holiday spending, including:
- Travel costs
- Festive food and drinks
- Shipping and handling costs for online purchases
RELATED: How to Manage Holiday Purchases
2. Keep A Running Total Of Your Christmas Budget
Keep a running total of all holiday spending. This will help keep your budget fresh in your mind and let you know early on if you are overspending. If you do catch yourself over budget, adjust spending accordingly until you are back on track.
3. Know Where The Money Is coming from
How are you going to pay for your Christmas purchases? Before you spend anything this holiday season, know where the money is coming from. Whether you use your savings, a credit card or a bank loan, plan ahead on how you will replenish or repay after the holiday season.
SEE ALSO: Tips to Get Out of Holiday Debt
4. Avoid Stress When Shopping
Christmas shopping can be stressful. Between long lines in stores and the sheer amount of people, it can be easy to spend more money just to avoid the chaos. Decrease stress while holiday shopping by:
- Shopping at odd hours when stores are less busy.
- Ordering purchases online to be picked up in store. This let’s you to avoid high shipping costs and long checkout lines.
- Planning ahead and only stopping in specific stores to limit your time in busy shopping centers.
Save Time and Apply For a Holiday Loan with MNFCU
No matter how much planning you do in advance, Christmas spending can be expensive. Spend comfortably this Christmas with a holiday loan from MNFCU. Receive up to $1,000 with rates as low as 5.99% for 12 months. Apply online or at one of our two locations in Holly or Waterford. Contact us for more information or give us a call at 855-443-5995.