So, you blinked…and all of a sudden, it’s the holiday season once again! It seems to get here faster each year, and every year it feels like budgets get tighter. Your fingers ache from pinching so many pennies, there are more people that appear on shopping lists and the budget crunch adds more strain to the season. But, it’s not all bad; allow us to offer up some tips to relieve a little bit of that stress and to make your budget go further!
Sign up for notifications for discounts and deals at your favorite retailers.
- This year shoppers are again starting early, which means retailers are pushing their deals out way before the normal ‘deal days’. Sign up for emails or notifications from your favorite retailers to be notified when something that you wanted goes on sale.
Consider downsizing that gift list.
- There are a number of frugal ways to help your budget go further for your shopping list this year. A few options: decide on a sibling or co-worker gift exchange instead of buying for every single person, or agree on a spending limit for each person you’re buying for.
Only shop for gifts, not credit offers.
- It may sound like a good idea at first - maybe you get a discount when opening a store card at the time of purchase – but, often store cards have outrageous interest rates that could add up on the balance you owe if you don’t pay it off right away.
- It’s also good to note that opening a bunch of credit cards just to get ‘discounts’ dings your credit score. When opening a lot of new trade lines (or shopping for credit cards) it can decrease your credit score, which could open up a whole other world of financial stress after the snow thaws.
Check the interest rates on your current cards.
- If you’ve done your holiday shopping with credit cards, you may want to look around for great Balance Transfer options. This could help you save on interest while paying off what you’ve purchased in the gift-giving madness. However, be sure to check the terms of the balance transfer option that you choose and avoid costly fees associated with the transfer.
Open a Christmas Club account to save for the next shopping season.
- If you weren’t as prepared as you wanted to be before shopping this year, consider opening a Christmas Club savings account now. When you’re ready, you can transfer funds, or make it automatic where at every pay a little is transferred into that account. Either way, that saves money towards your holiday budget all year long. Think about it, if you get paid every two weeks and put back even just $5, you could save $130 without even thinking about it!
If you need some financial flexibility this year, talk with a CSE representative. We have holiday loans, financial counseling, and other tools available to help.
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