Ways members can avoid the holiday spending hangover

The holidays are on their way and so is holiday spending. Most members will spend a significant amount of money in many cases. How can we help our members not deal with holiday debt hangover the following year? The best way is to educate them. Here are some tips to pass along…

Start a Holiday Spending Plan

This should be created a few months in advance. Ask them to take into account existing expenses and bills as well as any additional spending for the holidays.

Develop the Holiday Budget

The budget should have line items for everyone who is receiving a gift and the amount of that gift. It should also include decorations like a Christmas tree, wrapping paper and ornaments. Other costs could be holiday food, travel, cards and postage.

Be Resourceful

If some of the line items are above member’s budget, they could consider being creative. Instead of traditional snail mail cards, members could email cards. Picking names for one or two gifts could help reduce overall expenses. Give time like running errands, babysitting, or gardening. It would be more personal and a bit cheaper.

Other Ways to Save

For holiday meal planning, potluck and bring your own beverages can help save some money. Also use coupons and pre-holiday specials to reduce costs. Look for those free shipping days if shopping online.

Prepare for Next Year

Opening up a Holiday Club where members can contribute weekly, bi-weekly or monthly is a great way to save and budgeting will be a little easier. Even $25 every other week would be a great starting point.

Have your members spend and save smarter as a gift to themselves this holiday season!

Lori Holmes

Lori Holmes

Lori Holmes is the Vice President of Bellwether Community Credit Union, which has been named Best Company to Work For in New Hampshire for nine straight years. She leads all ... Web: https://www.bccu.org Details