With the holiday season already here, you may be gearing up for cozy family get-togethers and festive gift exchanges. These experiences make for wonderful memories, but they can put undue stress on your wallet if you’re not careful.
To help you safeguard your budget this holiday season, we’ve compiled four simple tips to help you save money without sacrificing any holiday cheer.
#1 Set a Holiday Budget Ahead of Time
From holiday parties to extravagant decorations, this time of year is often more expensive than the rest.[1] Even so, you can keep your spending in check by setting a holiday budget in advance.
Here are some questions to get you started:
● How much money do you have saved up to put toward holiday expenses?
● Who do you need to buy gifts for?
● What are the must-have presents on your loved ones’ gift lists?
● Are you hosting or attending any holiday parties?
● Are you traveling to visit loved ones?
● Do you need to buy any new holiday attire or decor?
After reviewing your holiday funds and estimated expenditures, you can construct a realistic budget. To stay on track, make sure to document your budget and check in with it consistently.
#2 Select Budget-Friendly Financing
Maybe your savings account doesn’t have sufficient funds to cover all of your planned holiday expenses. In this case, low interest financing can help you cover the difference.
At North Jersey Federal Credit Union (NJFCU), we offer several affordable financing options you can take advantage of, including our:
● MasterCard® Classic Card – Our MasterCard® Classic Card offers added security and convenience for a hassle-free experience. With a low variable APR of 13.99% to 18.00% and no annual fees, this card strikes an impressive balance between flexibility and cost-effectiveness.
● Unsecured Personal Loan – Our unsecured personal loans provide access to fast funds without any collateral requirements. They come with APRs as low as 11.99%. You can use your NJFCU personal loan to borrow up to $15,000 and enjoy a loan term of up to 60 months.
● Fixed-Rate Home Equity Loan – Are you a homeowner? If so, you can enjoy an APR as low as 6.00% using one of our fixed-rate home equity loans. This loan has flexible terms and is free of application fees.
Once you have your budget-friendly financing ready to go, you can feel more empowered when you hit the shops to tackle your holiday shopping list.
#3 Deck the Halls With Discounts
After creating a list of presents for your loved ones, you can score the best deals by comparing prices across retailers.[2] It’s a smart move to start this process before the last-minute holiday frenzy sets in. This way, you’ll have more time to scour the sales and apply holiday promotions and discounts whenever possible.
#4 Start Saving in The New Year
Trying to come up with the money to cover holiday expenses at the last minute can be tough. That’s why it’s a good idea to start saving in January of each year.
By setting aside a small portion of your paycheck each month, you can amass an impressive holiday nest egg and make your next holiday season that much more stress-free.
Want to get a head start on saving for next year’s holiday season? NJFCU’s are made just for the occasion. After opening one of these accounts, you’ll be able to:
● Deposit money throughout the year via automatic transfers, mobile banking, or in-person deposits.
● Conveniently monitor your account balances through NJFCU’s digital banking portal.
● Withdraw your funds early if needed for a low fee.
Because you’ll automatically receive your holiday savings in your primary savings account the first week of October, this gives you plenty of time to shop Black Friday and Cyber Monday sales—saving you as much as possible on holiday shopping.
Safeguard Your Budget This Holiday Season With the Best Credit Union in NJ
As you can see, there are several ways to set yourself (and your budget) up for success during the holidays. By following these four tips, you can take the stress out of holiday shopping and focus on what really matters—making merry memories with your loved ones.
If you want to secure affordable financing or set up a holiday savings account, explore your options with NJFCU. As a member-owned, not-for-profit financial cooperative, we’ve been serving the North Jersey community for nearly 90 years.
Ready to treat yourself this holiday season to superior banking services? Become a member of NJFCU today.
