As the holiday season approaches, you may be wondering how you’re going to afford everything that comes along with it. After all, Americans spend an average of nearly $1,000 on holiday gifts, decorations, and food each year.
Fortunately, holiday shopping doesn’t need to break the bank. You just need to employ savvy shopping skills and the right financing tools. Below, we provide five holiday shopping tips to help you do just that.
Tip #1: Start Saving Early
Since holiday shopping can put a strain on your budget, it’s a good idea to set aside some extra cash ahead of time. By doing so, you’ll be in a much better position to take advantage of holiday deals as they arise.
● Set up automatic transfers
● Increase, decrease, or skip deposits as needed
● Receive your holiday funds in your primary savings account the first week of October
Tip #2: Make a Shopping List and Check It Twice
Next, take a note from the little ones in your life who are writing their lists to Santa and make a gift-buying spreadsheet. You can use this spreadsheet to plan out:
● Who you want to buy presents for
● How much you want to spend
● What gift ideas you have in mind
By designating a dollar amount for each person on your list, you can embark on your holiday shopping with a clear budget.
Tip #3: Be a Savvy Shopper
The holidays can be a busy time of year. You can save yourself last-minute shopping stress (and expensive expedited shipping fees) by purchasing your presents ahead of time.
Thanks to the internet, it’s easier than ever to compare prices across retailers. You can also save money by taking advantage of timely sales, discount codes, promotional coupons, and rebates.
The earlier you get started, the more time you’ll have to find the right gifts at the right price for every loved one on your list.
Tip #4: Monitor Your Spending
From festive music to eye-catching decor, shopping during the holidays can be a little distracting. It’s easy to lose sight of your goals and budget.
To avoid going overboard, make sure to check in with your budget and track your transactions regularly. Doing so is easy when you use our MasterCard® Liberty Card. That’s because it gives you 24/7 access to your credit card expenditures.
Tip #5: Use Affordable Forms of Financing for Big Ticket Items
If you want to purchase an extra-special gift that exceeds your budget, you can do so affordably using a home equity line of credit (HELOC) or personal loan from NJFCU:
● HELOC – Our HELOCs enable you to use your home’s equity to make special holiday purchases. With APRs as low as 6.25%, using a HELOC can be much more cost-effective than charging your credit card. Best of all, our HELOCs come with flexible terms—you can adjust your monthly payments, loan terms, and interest rate as needed.
● Personal loan – Another budget-friendly way to finance holiday presents is with a personal loan. At NJFCU, we have several types of personal loans you can choose from. Our unsecured personal loans NJ don’t require any collateral, while our Share Secured personal loans let you borrow against your NJFCU savings account to lock in at a lower interest rate. After selecting your preferred holiday loan, you can enjoy our competitive rates and personalized terms.
NFJCU: The Best Credit Union in New Jersey
During the holidays, gift-giving is just one part of the process. Making memories with friends and family is ultimately what it’s all about.
Here at NJFCU, the best credit union New Jersey has to offer, we understand the importance of community. We’ve been serving New Jersey residents since 1936. Thanks to our 30,000+ surcharge-free ATMs and 5,000+ shared branches across the country, you can enjoy our convenient financial services no matter where you choose to celebrate the holidays this year.