Your Guide to Financially Surviving the Holidays

It’s the most wonderful time of the year, but for many, it’s also one of the most hectic and stressful times that can quickly turn into a blur of holiday parties, baking, decorating and, yes, shopping! Holiday shopping can feel overwhelming and anxiety-inducing, but it doesn’t have to be! Adjust how you shop and tweak your spending habits to feel more in control over your holiday spending. Here are our tips for financially surviving the holidays.

Strategies for Financially Surviving the Holidays

We’ve all seen plenty of holiday films where the entire house inside and out is fully decorated, there are delicious-looking foods and hot chocolate, and, of course, a lot of gifts are under the tree. It’s natural to want to recreate this feeling for your family, but your wallet may disagree. 

Here are some tips to help you still create that feeling while not breaking the bank.

Organize yourself and create a budget.

First things first: Going into the holiday season without a budget can result in overspending now and a lot of stress later. Take time to write out all of the essentials you’ll need to prepare for, such as food, decorations, gifts, gift wrap, travel expenses, etc. Then, assign a dollar amount to those items. If the total cost for everything on your list is more than what you have to spend, you may need to look for areas where you can trim costs. Some easy temporary costs to cut could include canceling subscription services or not dining out.

Make a plan.

Go into the holidays with a well-thought-out plan, and create a list of the food and gifts you’ll be purchasing. Start looking online and in stores in advance so you can take advantage of sales and coupons. You may be able to save yourself a lot of money by using last season’s gift wrap and decorations.

Stick to your budget.

We know: This can be easier said than done. You may find the perfect gift for someone and know it will bring a lot of joy. However, remember that immediate joy may be overshadowed by stress and debt later. 

This is when comparison shopping can come in handy. See if you can find any of the gifts on your list elsewhere for cheaper. Being able to cut costs where possible may enable you to get that perfect gift you can’t find anywhere else at full price.

Make sure you save your receipts to track your spending and gifts. This will help you ensure you haven’t purchased a duplicate gift and is also handy in case the recipient needs to return or exchange the gift for any reason.

Use rewards programs.

It’s harder to find a store without some kind of rewards program than it is to find a store with one. The type of rewards program varies depending on the store, but they generally offer points for purchases, in-store discounts, cash back and coupons. 

While you’re putting together your holiday gift list, if you don’t already have a rewards program with a specific store, do your research to find out if there’s one available. Be wary of programs that cost money to join, however. They may have a lot of benefits, but it can take a while to earn back what you spent on membership. Always do your due diligence to research and evaluate if it’s the best choice for you.

Use discount apps.

You can increase your savings and cash-back earnings with free coupon and price comparison apps. Here are some of your options:

• Ibotta: With the Ibotta app, you can search for cash-back rewards at any of the businesses partnered with Ibotta before you shop.
• ShopSavvy: This price comparison app with a barcode scanner enables you to compare prices, track prices and peruse summarized reviews of products.
• Fetch: With the Fetch app, you can get points for receipts you upload, receive personalized offers and redeem your points for gift cards and other incentives.

Your Guide to Financially Surviving the Holidays

With the right financial institution by your side, you can have access to plenty of financial resources that help you meet your goals, budget and plan for the future. Explore all the resources 7 17 Credit Union has to offer by becoming a member today.