Experts project Americans will spend nearly $1,000 this holiday season. For some people, this could be a significant expense. Ensuring you can emerge at the other end of December with momentum and a bright financial future is essential to position yourself for success in the New Year.
To make the most of your budget, getting a personal loan from an established Montebello credit union like Camino is invaluable. Explore our top holiday budgeting tips:
Create a Holiday Budgeting Plan
Our first tip is to create a plan. Having a plan could make a difference during the holidays. First, set a spending limit to ensure you don’t overspend.
Review this year’s bank statements and credit card accounts to understand how much you can afford to spend, and review last year’s statements and accounts to better understand your holiday expenses and how long it took to pay for it all.
Then, determine your expenses. Account for everything and create an itemized list. If it feels like more than you can afford, identify areas to reduce costs. Consider things like:
- Postage for cards and presents
- Wrapping supplies
- Party decorations
- Meal ingredients
- Travel and accommodation
- Charitable donations
- Clothes for events
- Games and activities
Lastly, we recommend compiling a list of everyone you plan on shopping for, what you want to purchase for each person, and how much you want to spend for a better idea of the cost and to stay within your budget.
Still, to make this holiday one to remember, applying for a personal loan with a reputable Montebello credit union can be helpful.
Stick to Your Holiday Budgeting Plan
After establishing a plan to budget for holiday spending, stick to it. A plan is no good if you do not follow it.
Still, sticking to a holiday budget plan requires work. To start, make a holiday shopping list that includes every item you need to buy for the holidays, from gifts to groceries, and create a budget for each.
As you start spending, save receipts and document your spending on paper or your computer. When shopping online, remember to also factor in shipping times and fees.
If your budget does not cover everything you need, consider finding ways to earn extra money. A seasonal job, selling things you don’t need, or starting a side hustle at home could provide extra funds for your budget.
Shop Smart this Holiday Season
While creating a plan and sticking to it could be important for holiday budgeting, it is also important to shop effectively this holiday season. Look for every opportunity you can to save money.
The first rule of effective holiday shopping is to be proactive. Buy gifts and other holiday necessities ahead of time; prices rise during this time of year. Be on the lookout for discounts, too. Shopping early can enable you to capitalize on more discounts.
We advise minimizing impulse purchases that cause you to go over budget and compare prices between stores.
Consider the following tactics to save money and stay within your budget:
- Create DIY gifts
- Reuse and repurpose decorations
- Shop older gift versions
- Propose a Secret Santa exchange
- Use cash
- Organize group volunteering instead of holiday parties
Use a Camino Personal Loan for Effective Holiday Budgeting and Spending
The Holiday season can get expensive. Between gifts, meals, parties, and more, it can be challenging to establish a workable budget, stick to it, and ensure you can responsibly cover everything. At Camino, our passion is taking care of our members As a Montebello credit union, we offer two types of loans, signature and share-secured loans, and we can help you find the ideal solution for your financial needs.
To learn more about the personal loan option at your disposal to optimize or even expand your budget, call us at 800-835-3400, or contact us for more information.