Spend wisely for the holidays with tips from BECU
The holiday season is a time for joy, connection, and generosity, but it doesn’t have to be a time for financial stress. Our partners at BECU have shared some practical tips to help you navigate holiday spending while staying on budget.
From creating a detailed holiday budget to finding creative gift ideas, these insights can help you make the most of your resources while spreading holiday cheer. Below are BECU’s top tips for budget-friendly holiday spending:
1. Assess Your Savings
Take a close look at your essential expenses and determine how much you can allocate for holiday spending.
2. Review Your Debt and Credit
Before using credit cards, evaluate your current debt and consider how much you can reasonably afford to repay. Set spending limits—and stick to them.
3. Make a Gift List
List everyone you’re planning to shop for and estimate your spending for each person. Compare the total with your budget and adjust as needed.
4. Give Experiences Instead of Physical Gifts
Create lasting memories with experience-based gifts, like a snowshoeing trip or a paint-and-sip class. You can also explore DIY gift options, but remember to factor in the cost of materials.
Gift cards can be a budget-friendly option, keeping costs predictable. This year, BECU is offering discounted pre-paid cards in partnership with Black Friday promotions.
5. Consider Gift Cards
Another great way to combat inflation is with gift cards. They can keep the cost of gifts down by staying true to the budget, and you won’t have to worry about taxes or shopping around for the best price; it’s a win-win on both sides.
BECU is partnering with Black Black Friday this year: You can buy a $50 pre-paid card for only $40, or $100 gift card for only $80 and shop locally for a greater value while the promotion lasts.
6. Plan for Travel Costs
If you’re traveling, account for expenses like transportation, accommodations, and activities. Plan ahead to avoid surprises.
7. Budget for Last-Minute Gifts
Set aside funds for unexpected expenses, like an unplanned holiday party or last-minute guest. If unused, roll this amount into next year’s holiday budget.
8. Search for the Best Prices
Use tools like CouponCabin, RetailMeNot, and SlickDeals to find deals and promo codes. Compare prices to ensure you’re getting the best value.
9. Factor in Costs for DIY Gifts
While homemade gifts can save money, they come with material costs and take time. Budget for these expenses.
10. Include Charitable Giving
If you plan to donate this season, include charitable contributions in your holiday budget. Consider incorporating donations into your year-round financial plan.
11. Watch Out for Scams
Stay vigilant against phishing scams and copycat websites that could compromise your personal information.
Plan for Next Year
Once the holidays are over, start preparing for next year. Open a separate savings account or envelope, and contribute to it monthly to build your holiday budget gradually.
These tips are shared by BECU and are intended for general financial education. For personalized advice, consult a qualified financial professional.