Money Saving Tips for the Holidays
While it can sometime be difficult to keep track of expenses during the holidays, there are a few things you can do to help prepare yourself for a more financially-responsible holiday season.
Making travel arrangements and buying presents for loved ones during the holiday season can be a stressful time for consumers. For the average American household, this may entail going over their spending limit by taking out personal loans or charging more to their credit cards. According to a LendingTree survey, more than 36% of consumers acquired holiday debt last year, averaging $1,249. While it can sometimes be difficult to keep track of expenses during this time, there are a few things you can do to help prepare yourself for a more financially-responsible holiday season.
Create a holiday list and budget
Make a list of all the people you typically buy presents for, from your mother-in-law to the children of your cousin. You may know what your partner or children want, but if you’re not too sure about what’ll you’ll be gifting your neighbor or whoever is on your list, simply give them a price range and decide later. It's preferable to slightly overestimate at this point in order to allow for tax and delivery costs.
Look at your existing budget after making a list of your expected expenses so you can create a plan for how to pay for everything. It's a good idea to start saving money now, either in your current savings account or a new one created specifically for the holidays, so you can be prepared for the increased spending.
Need help getting started on a budget? Hughes’ myHUB lets you combine all your Hughes and non-Hughes financial accounts so you can track, monitor, and learn from your finances in one convenient, user-friendly site. Get insights on your spending and saving habits to help you create a budget that works for you.
Utilize cash and prepaid cards
Paying with cash is one strategy to stay out of debt over the holidays. When you've decided on your holiday spending budget, withdraw that amount from your account and stick to it.
If you’re shopping online, try using a prepaid card instead. Prepaid cards are available at many different locations, including Hughes Federal Credit Union and other retail and convenience stores. With prepaid cards, your spending is restricted to the amount you load into the card. If the cash method won’t work for you, the use of prepaid cards is an excellent way to monitor and control your expenditure.
Make your travel plans early
It pays to plan ahead when traveling. You can comparison shop for airfare, lodging, and other costs. If you have time to spare, schedule your trip so that you arrive over the weekend or depart a few days before or after the actual holiday. In addition to avoiding the big crowds, you might receive a better value. Think about flying at weird times, such as choosing an early am redeye over a later morning choice. Many airlines provide better rates for booking flights at unusual hours.
Checking PLUS account holder? Before booking, be sure to check out the cashback exclusives that come with your upgraded account. Get 3%-5% cash back on hotels, air travel, car rentals, and cruises. Get the guaranteed lowest price and specially negotiated rates.
Secret Santa and potlucks for the win
Having a big family can end up costing you big during the holidays. Having to cook and buy for each person in your family may require you to spend more money than you can afford, which removes the fun and joy of giving. Instead, try planning a gift exchange like Secret Santa. Everyone throws their name into a bag, then each person picks a name without revealing who they picked. Rather than buying everyone a gift, you’re only responsible for your pick. Typically, a reasonable price cap is enforced, and the element of surprise during the gift-exchange time makes it more enjoyable.
Take advantage of deals and cashback offers
By ignoring something you may use every day—your checking account—you could be losing hundreds in savings. Even though not all checking accounts provide the same incentives, it's always worthwhile to look into any savings that might be included.
With Hughes' Checking PLUS account, you can save on everything from groceries to amusement park tickets. If you enjoy stocking up on gift cards, Checking Plus can also help you save 5%-15% on gift cards and eGift cards to Amazon, Home Depot, CVS, Kohl's, Lowe's, GameStop, Gap, Old Navy, iTunes, Macy's and more. You can even combine your Checking PLUS savings with Rakuten purchases to receive an extra 50% cash back! Try Checking PLUS and discover the savings!
*A $4.95 monthly fee applies when you enroll for Checking PLUS. You may cancel at any time by contacting the credit union by phone at 520-794-8341, through secure email form, or in person at any Hughes branch location.