INDUSTRY INSIGHT
SAVING MONEY
SPONSORED CONTENT
How to actually save money during the holidays
I just read a statistic that said the average person celebrating Christmas, Kwanzaa and / or Hanukkah this year will spend $ 804.42. Do you have that much saved? Many of us do not. Here are a few tips to help you get the most out of your holiday shopping and hopefully help keep you on track and out of debt.
1. Write a list – It’ s the number-one tip! Take 30 minutes at the start of the shopping season to write a list of every single person you will be buying for and assign a budget for each gift. This is an invaluable tool to help keep you on track and not go over your holiday spending budget.
2. Set aside a little money each pay – If you haven’ t planned in advance and saved as much money as you need, it’ s never too late. Start now and set aside as much money as you can from every paycheck and make that your shopping budget until the next paycheck. Sometimes taking a little bit of money each paycheck makes it easier to not overspend on one gift. Then next year start saving a little every paycheck beginning in January. Setting aside just $ 20 a week starting in January will give you $ 1,060 to spend next holiday season.
3. Start comparison shopping online – Especially for big-ticket items like televisions and computers, online research can really save you time and money. In the end you may find a better deal at your local“ big box” store vs. a website, but at least you can do all the research from the comfort of your home before venturing out. Many say that online shopping and department store shopping will top the list this year in terms of popularity.
4. Shop the ads – Retailers sometimes put the hottest deals in the weekly ads. Spending a few minutes a week looking through the ads can save you a lot of time driving to different stores to find the best deal.
5. Buy gift cards that earn you incentives – Studies show that 69 % of women prefer gift cards over other gifts. Many times you can buy gift cards using a store loyalty card and earn rewards for yourself such as discounts on gas or other purchases. If you are going to spend the money, why not earn a little for yourself in return?
This Industry Insight was written by Wendy Kingsland. Wendy Kingsland is the CEO of Visionary FCU in Bridgeville. Prior to joining Visionary in 2011, she was employed by Clearview FCU from 1991-2011. Kingsland currently serves as Vice President of South West Communities Chamber of Commerce. She is active in the Pittsburgh Chapter of Credit Unions, serving as a board member since 1991 and currently serving as Treasurer. She also serves as a Director for the Pennsylvania Credit Union Association.
6. Don’ t rely on credit cards – It’ s so easy to overspend during the holidays by pulling out our cards when we are short on cash, but if that balance ends up being carried into the next year, that’ s a post-holiday trend we don’ t want. Spending $ 700 on a credit card with 18 % interest over a few months will cost you $ 770.
7. Enjoy the season – In the end, the holidays are all about enjoying friends and family. Staying focused on time with loved ones and other joys of the season can help you to keep stress in perspective.
And if you didn’ t get a good start on your holiday savings for this year, make a pledge to start a savings plan in 2017. Your local community credit union or bank can help you set up a holiday savings club. That way next year you’ ll start off on the right foot!
Apply today!
2.99 % APR *
up to 18 months
Avoid the shopping rush and using a high rate credit card to get the job done. With the Jingle Bucks Loan Special you can enjoy a low rate loan and make the holidays bright for the ones you love.
Call 412-221-6660 for more details! All the Way to the Holiday!
201 Beram Avenue | Bridgeville, PA 15017 www. VisionaryFCU. org
* APR = Annual Percentage Rate. Loan rates listed are:“ as low as” rates and your final rate may be higher depending on credit worthiness and debit to income ratio. Other rates and terms available. Any or all promotional rates and offers may change and / or end without notice. Approval is based on normal underwriting requirements and income verification.
Chartiers Valley | Winter 2016 | icmags. com 13