Saving for the holidays doesn’t have to be painful
MSUFCU can help residents prepare for the season of giving
EAST LANSING, MI (November 18, 2019) — Generosity is a hallmark of the holiday season. Unfortunately, some may be a bit too zealous in their generosity and find that they have overspent their holiday budget, which can place them in a bad financial position to start the new year.
However, celebrating the holidays doesn’t mean you have to start 2020 behind the 8-ball. With a few simple planning steps, the stress of the holidays can be eased and you can turn your focus toward spending time with family and friends, according to Deidre Davis, chief marketing officer for Michigan State University Federal Credit Union.
“With the upcoming holiday season, many of us find ourselves stretching our budgets to cover the cost of gifts, travel, dining, etc. Because of this, it’s all too easy to end up in a financial slump at the very start of the new year,” said Davis. “Through proper planning and execution, however, you have the power to keep a positive account balance while still enjoying the season.”
When preparing for the holidays, be sure to keep your finances in mind. Some ways Davis advised to keep your spending within reason and avoid starting the new year in a financial rut are to:
“Make a plan before you begin spending to plan purchases around what you can afford, instead of ignoring price tags while shopping,” Davis said. “Determine what you can spend overall, then allocate spending amounts for specific people. Or you can make a list of gift ideas within the allocated amount to stay on budget.”
“You can use the resources offered by your financial institution to help you save money throughout the year or in the months/weeks leading up to the holidays,” Davis said. “By creating a sub-savings account, you can put money aside from each paycheck to increase savings over time. In addition, you can encourage your family to save allowances, pocket change, etc. to learn the importance of saving and budgeting.”
“Start looking for deals as early as possible to save money and unnecessary trips to the store,” Davis said. “Look online for deals on company websites or social media. Clip coupons and/or check for store mailings for additional savings.”
“This can save you time and will allow you to compare prices,” Davis said. “Be sure to factor in shipping cost and time to avoid gifts arriving late.”
- Take advantage of credit card perks
“If spending on credit, use cards that offer incentives such as cash back or frequent flyer miles,” she noted.
MSUFCU offers a number of products and services that can help members prepare and save for the holidays, including:
Save throughout the year by adding money to an account dedicated to holiday spending.
- Holiday/vacation accounts
MSUFCU offers a special account limited to two withdrawals per year, which allows you to save without the temptation of spending the money throughout the year.
MSUFCU offers an option where you can skip a payment on a loan for a month. This will allow you to use the money on other things during the holidays.
About Michigan State University Federal Credit Union (MSUFCU)
Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the fifth year, a Top Workplace by the Detroit Free Press for 11 consecutive years, a National Best and Brightest Companies to Work For® winner for six consecutive years, and was named one of the top five Michigan credit unions in Forbes’ Best-in-State Credit Unions 2021 list. MSUFCU was named a Best Workplace in Financial Services and Insurance by Fortune Magazine two consecutive years and has been certified as a Great Place to Work® for nine consecutive years. MSUFCU has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. MSUFCU is headquartered in East Lansing, Mich., has 22 branches, nearly 325,000 members, more than $6.7 billion in assets, and nearly 1,000 employees. For more information, visit msufcu.org.