7 Smart Holiday Spending Tips

The holiday season is a time of joy, celebration, and giving. However, it can also be a time when many people find themselves facing financial stress due to excessive spending. If you are looking for ways to approach holiday spending strategically, look no further. 1st Ed Credit Union is here to share some smart holiday spending tips to make your holiday spending both enjoyable and financially responsible.

1. Plan Your Holiday Spending Budget Thoroughly

Create a detailed budget before you start shopping for gifts and planning holiday parties. Break down your expenses into categories, such as gifts, decorations, travel, entertainment, etc. Setting a realistic budget will help you avoid overspending and ensure you have a clear understanding of your financial limits. 

Pro Tip: Consider a Personal Loan for Larger Holiday Purchases

For significant holiday expenses, such as travel or a big-ticket item, consider taking out a personal loan. 1st Ed Credit Union offers competitive interest rates and flexible payment terms. 

2. Set Gift Limits

Instead of buying gifts for everyone you know, consider setting gift limits within your extended family or friends circles. Secret Santa and White Elephant gift exchanges are a fun way to spend time together while reducing the financial burden of buying multiple gifts. This especially works for friends and family who prefer quality time over physical gifts. 

3. Shop Smart for Holiday Deals

It is important to be a savvy shopper while holiday spending on a budget. Take advantage of discount days like Black Friday weekend and Cyber Monday. Compare prices across different retailers, and search for online coupons like RetailMeNot. Remember, the goal is to find the best value for your money. 

Pro Tip: Utilize Your Visa Platinum Card for Rewards

The money you spend now can turn into rewards that you can use for later purchases. 1st Ed’s Visa® Platinum rewards can be used toward travel, gifts, experiences, cash back, and more! 

4. Embrace DIY and Crafting Gifts

Consider DIY projects or thoughtful, personalized gifts. Handmade gifts not only carry sentimental value, but can also save you money on holiday spending. If you’re looking for ideas, we recommend checking out Pinterest for inspiration on holiday crafting gifts. 

5. Purchase an Experience Gift

Amidst the hustle and bustle of holiday shopping, consider shifting the focus from material gifts to shared experiences. Instead of exchanging elaborate gifts, plan an activity or outing instead. Whether it’s a concert, sporting event, movie night, or cooking class, creating lasting memories can often be more meaningful than physical gifts. Not only does this approach promote quality time with family and friends – it can also alleviate the financial burden of holiday spending on physical gifts that add up. 

6. Host a Potluck Celebration

Rather than supplying the entire meal while hosting a holiday celebration, consider having a potluck where each person brings a dish. Oftentimes family and friends enjoy helping during large events, and this is a great way for them to contribute. A potluck is a cost-effective way to enjoy a great variety of foods while easing the financial burden on the host.

7. Be Mindful of Small Expenses

It is easy to get caught up in the holiday spirit and overspend on small items that can add up. Track your daily expenses, including small indulgences like coffee shop visits or impulse buys. These costs can add up quickly, impacting your overall budget. Staying mindful of your spending, no matter how small, can help you stay within your financial limits.

Need Help with Your Holiday Spending Budget? 

This holiday season, let 1st Ed Credit Union guide you toward a financially responsible and joyous celebration.  By planning your budget, shopping smart with your Visa® Platinum card, and staying mindful of expenses, you can ensure that your home is filled with holiday cheer without the lingering stress of overspending. 

For larger expenses, consider a personal loan with competitive rates. If you need help budgeting your holiday spending this year, contact us to speak with a financial expert. 

Not a 1st Ed Credit Union member yet? Joining is easy! 

Our credit unions are located in Chambersburg, Greencastle, and Hanover, Pennsylvania. We are a local credit union serving the students and faculty of Pennsylvania school districts and organizations within the area. If you are located in Pennsylvania and looking for a credit union dedicated to our members, we would love to welcome you to our credit union family. Visit our Join Now page to get started. We look forward to serving you!