‘Tis the season for holiday parties, secret Santas, and festive trips with gifts — which can be a burden on your budget. The holidays can cause more financial stress than any other time of the year. Figuring out how to afford gifts, holiday decorations, and food for parties can seem overwhelming, but it doesn’t have to be. We have some tips to help handle your financial stress during the holidays!
Determine Your Budget
It is important to figure how much you can spend during the holiday season. Look over your earnings and expenses to determine how much you’re willing to spend on your holiday expenses — make sure to consider all of your costs like gifts, decorations, and food. You could even assign a dollar amount to each section to help curve the temptation to overspend.
Stick to Your List
It is so tempting to window shop, but that usually ends in buying something that wasn’t on your list. Before you head out to brave the crowds at the mall make a list of exactly what you need from each store. This will help you to avoid unnecessary items and prevent overspending. You could even put your budget on a reloadable debit card. DEXSTA has reloadable debit cards that allow you to put up to $5000 on the reloadable card and then you can always add more funds from your DEXSTA savings or checking account online.
Low-Interest Loans
A low-interest loan can help bridge the gap between your gift list and your budget. Low-interest loans can help with holiday travel, gifts, or celebrations. DEXSTA has a great low-interest loan to help you reduce your financial stress during the holidays.
Thoughtful Gift Giving
You can give creative gifts while spending a fraction of the cost. Handmade presents are incredibly kind, and if you don’t have that artistic skill, you can give the gift of your time. Spending time with someone can be better than a material item. Other ideas are cooking a meal, providing new parents a free night while you babysit, or a book exchange; there are so many things you could do for someone without overspending your money.
Core Values
Remember, the holiday isn’t about breaking the bank, it’s about spending time with loved ones. With planning and a little creativity, it is possible to get through the holidays and avoid debt.
We are committed to the people-helping-people philosophy. Our goal is to provide the highest level of service with competitive rates. Contact us, visit us online, or stop in one of our DEXSTA Federal Credit Union branches.