While the winter holidays are four months away, now is the time make financial plans for gifts, travel and parties. An early start will make it easier to pay bills, afford vacations and enjoy yourself. Tropical Financial Credit Union can help you set aside money in a Holiday Savings Account and budget spending.
Now, follow these 10 tips to get you to – and through – the holidays:
- Start Early. August may seem many days from December, but for planning and shopping it can be the best time. Start looking now for sales and discounts on gifts, hotel stays, airline tickets and other purchases that fit your holiday plans. Good fortune favors the prepared.
- Build a budget. Draft a detailed spreadsheet that includes all holiday-related expenses, such as gifts, travel, food, and decorations. Be disciplined; overspending today can lead to budget problems in 2025. Try this worksheet from GPIS, a national financial services firm.
- Make a shopping list. Record which gift you plan to buy and the amount you intend to spend for each person. Check the entries twice, adjust them if necessary to stay within budget, and consult the list while shopping.
- Think different. Instead of traditional gifts, suggest experiences or time spent together, such as a potluck dinner or a fun outing. This can often be more meaningful and less expensive. For other tips on holiday spending, visit our Tropical Financial webpage.
- Avoid credit cards. Pay with cash or a prepaid card. Why? When you have to visit the ATM or draw down a card balance, you’re more likely to notice how much you’re spending. This practice will help you avoid overspending and keep you closer to your budget. You can earn cash back on purchases with our Daily Rewards Debit MasterCard.
- Exchange presents. It’s a win-win for everyone. Each exchange reduces the number of gifts you had planned to buy while staying in the holiday spirit.
- DIY gifts. People love Etsy because many of the items for sale are homemade. If you’re handy, you can create personal presents for less than what you would pay for a similar store item.
- Track prices and sales. Use apps and web browser plug-ins to receive sales alerts, find lower prices and locate coupons. Download software to your computer or mobile device only from trustworthy sources such as Google Play, Apple’s App Store, Chrome Web Store and Firefox Add-on. To avoid overpaying, follow these tips from Tropical Financial.
- Travel Smart. Book airline tickets and hotel rooms early and look for deals during off-peak times. This can significantly reduce holiday travel costs. Our webpage has more money-saving travel tips.
- Start Even Earlier. Put aside a set amount of money each month for holiday expenses. Building a healthy balance over 12 months rather than four is easier. You’ll feel a lot jollier come December 2025. Open a Savings Club or Money Market Account and deposit a set amount weekly or monthly.
