Savings Tips for the Holidays
The leaves have fallen, snow is coming, and the holidays are right around the corner. In this season full of joy, time spent with family, and lots of holiday shopping, it can be easy to forget about the bills still rolling in. Last year, the NRF (National Retail Federation) says holiday sales grew 14.1% to a record number of $866.7 Billion. Despite supply chain issues, rising costs, and employment shortages, holiday sales continue to skyrocket. Many shoppers use credit during this time of year. Interest owed on the increased use of credit can be a large expense of its own and a source of financial stress for months to come.
We suggest taking some time to reassess your current budget, track your spending, consolidate debt, and try some savings hacks! Check out the financial/lifestyle savings tips below:
- Meal prep lunches and dinners
- Make coffee at home
- Ensure all household lights are off when not in use
- Set household temperature lower
- Review subscriptions and cancel any that aren’t in use
- Don’t add any new debt until the current debt is paid down
- Seek out a consolidation loan with your financial institution and take advantage of lower rates
- Make a budget and review it every pay period.
We hope you can utilize some of these savings tips this holiday season. If you need help with budgeting, contact Carrielyn Reynolds, certified financial coach, today!
creynolds@newdimensionsfcu.com
(800) 326-6190
(207) 660-6267