The holidays are almost here. Between gifts, decorations, travel, parties, meals and those “just one more thing” purchases, holiday spending can add up quickly. A little planning now can help Kettering Health Credit Union (KHCU) members enjoy the season without starting the new year overwhelmed by holiday bills.
Start with a holiday budget
Before you begin shopping, decide how much you can comfortably afford to spend this year.
Break the amount down into categories: gifts, food, travel, decorations and entertainment.
Remember to include the smaller expenses as well. Stocking stuffers, gift wrap, shipping fees and last-minute purchases can quickly push you over budget.
If you’re not sure where to start, think about your overall financial picture, not just what you want to buy. Remember that bills and everyday expenses will still come during the holiday season. A holiday budget should fit within your regular income and expenses.
Make a list and stick to it
Create your gift list before you shop and assign a spending amount to each person. Having a plan makes it easier to avoid impulse purchases and overspending.
You don’t have to spend the same amount on everyone. A thoughtful gift doesn’t have to be expensive.
Be careful with ‘buy now, pay later’
Splitting purchases into smaller payments can make something feel more affordable, but managing several payment plans at once can be difficult. Before deciding on lay-away items, make sure the payments can fit into your regular budget.
Use credit wisely
If you’re using a credit card for holiday purchases, have a plan for paying the balance. Interest charges can turn a holiday bargain into a much more expensive purchase if the balance follows you into the new year.
KHCU wants to help our members make informed decisions about how they use their credit cards, especially during seasons when spending can increase.
Need help making your holiday season brighter?
KH Credit Union is here for you through all seasons of life. If you have questions about your holiday spending, credit cards or want to open a Christmas Club account to start saving for next year, we are here to help. You can call or text us at 937-558-9070 during the hours of 8:30 a.m.-4:30 p.m., Monday-Friday.
Holiday memories are not measured by how much you spend. The best budget is one that allows you to enjoy the season without sacrificing your financial well-being.
Exclusive to team members
Ready to take advantage of one of your Kettering Health benefits?
Whether you’re looking to save more, borrow smarter or simply improve your financial wellness, KHCU is here to help. Visit us online, stop by our office or contact our team to learn more about becoming a member.
We look forward to helping you achieve your financial goals.