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6 Easy Tips For Smarter Holiday Spending

October 9, 2018 Keep the ho-ho-ho in your holidays with six savvy spending tips. The holiday season is almost here! Hooray! But is your excitement mixed with anxiety when you think about the ka-ching factor of holiday spending? According to the , the average U.S. consumer plans to spend more than $1000 during the 2019 holidays — so it’s no surprise if you’re feeling a little worried. But never fear! We’ve got six great ideas that can keep your spending in check, without missing out on holiday fun.

Tip #1. Set a budget — and stick to it.

According to the , 65% of Americans started the season with a spending plan, but most of them (77%) promptly blew through their budget. We’re not here to judge, but think how much better you’d feel if you only spent what you could afford. Come up with an amount that works for you, one that you won’t still be paying off as next year's holiday season approaches. Then consider what you’ll need to buy or pay for — from cards and postage to gifts, holiday decorations and entertainment — and divvy up your dollars.

Tip #2. Get your family and friends on board.

It’s hard to spend smart when your kids expect the latest electronics or your best friend insists on buying you an expensive little something. Sit down with your loved ones and discuss what the holidays are really about (you know, love, fellowship and spending time) and that you’d like to tone down the spending and rev up the fun of being together. Your attitude will make a big difference — so sell it!

Tip #3: Start early.

This applies to saving and spending. On the saving front, you still have a few weeks left to stash some cash. And once the holidays wrap, give yourself a New Year’s gift and start to save for next year! On the spending side, discover the benefits of year-round holiday shopping. You’ll save money and hassle and likely come up with better gift ideas. But keep two things in mind: your overall budget (it can be easy to overspend when you’re buying year-round) and where you’ve hidden your gifts (no one wants to come across that oh-so-perfect present for mom in March).

Tip #4. Pay cash.

Put away your credit card and stop spending when the cash is gone. You’ll resist the temptation to buy more than you can afford—especially the temptation to sign up for new credit cards or use more expensive store cards. Of course, this does require commitment and advance planning to get through your shopping list.

Tip #5. Rethink your gift giving.

Who says the best presents only come from the mall or Amazon.com? Homemade gifts can be a great way to stretch your budget and share a little bit of YOU. Or how about the gift of an experience? On the pricier end you could treat your favorite someone to a play, sporting event or fancy dinner. Or plan a special afternoon teaching a friend how to do a craft or bake your Grandma’s famous biscotti.

Tip #6. Take advantage of Free Shipping Day.

On December 14th, many online merchants will offer free shipping with a guarantee of delivery by Christmas Eve. This could take some of the hassle and expense out of last-minute shopping — but make sure you’re not trading “free” shipping for a more expensive price. Happy holidays and good luck owning your better holiday season! You might also be interested in Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Even in these challenging times, there's  whole lot of good happening! At Summit, we've always believed financial success happens together and that's been truer than ever this past month. Here's what "together" has meant for our community. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. If you’re not sure if something is a scam, it’s ALWAYS better to act like it could be! Fraudsters are always coming up with creative new ways to steal from you and quick to take advantage of a crisis. Here are some of the most popular recent scams to watch for. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Some scams go right for your money; others try to get you to part with personal information – like account numbers, Social Security numbers, passwords, and personal identification numbers (PINs). Find out what you should look for and how to protect yourself. The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA