Enjoy an Affordable Holiday
‘Tis the season when we’re bombarded with enticements to spend extra money, presumably to have happy holidays. The truth is that overspending can make for a very unhappy new year.
A few simple actions can help avoid giving your wallet a nasty holiday hangover. We’ve culled the Internet for advice on managing holiday spending, and here we share just a few favorite tips with you:
- Don’t just set a budget; keep a daily record.
The number one tip on holiday spending is to set a budget, but it’s easy to “forget” about it. Remind yourself by recording your budget item-by-item, then record each purchase. You’re more likely to stick to your budget if you track your spending along the way.
- Think twice before signing up for a department store credit card.
You might save a few dollars in the short-run by signing up for a store credit card, but the ultimate cost can be higher. If you don’t pay the credit card in full as soon as it’s due, you will probably pay more in interest and fees than you saved.
- Don’t buy everything all at once.
Your checking account can be drained quickly if you buy gifts and holiday accessories all at once. It may be helpful to give yourself a week or two between shopping trips.
- Don’t buy; use your skills and talents.
Most people love homemade gifts, whether it’s a home-cooked meal, handmade jewelry or a certificate to wash someone’s car. Think about what you can make—or do—that your loved ones would love.
- Compare prices.
Before you head to the mall, spend a few minutes checking prices on your computer so you’ll know a good price when you find it.
- Remember Cyber Monday.
Maybe you don’t care to fight the crowds on Black Friday (the day after Thanksgiving), but you can shop from the comfort of your own home the following Monday. Many online retailers offer great discounts on “Cyber Monday.”
- Experience more joy and less guilt. Are you spending money on gifts you really want to give and holiday events you really want to do? Resolve to stick to essential expenses and to those that really bring you joy.
Affordable Resources for Self-Help Members
In spite of the best holiday budget resolutions, sometimes the available dollars don’t stretch far enough. We can help!
Self-Help offers two kinds of Holiday Loans for our members. One is an affordable small loan. The other is permission to skip a payment on an existing loan.
Holiday Loan: Members may borrow up to $2,000 for 12 months.
Skip-a-Payment: For qualified members who already have a signature or vehicle loan, we offer the option to skip the payment due in November 2018, December 2018 or January 2019.
For either of these loans, apply online or at your local branch.