Pictured above: TCU’s Whiting branch, including Manager Tim Gard, far right, recently participated in the Whiting Illuminated Christmas Parade, a popular Northwest Indiana tradition.
The holidays offer opportunities to treat loved ones to gifts from the heart, travel to visit family and friends, and attend events that celebrate the season. The flip side of that festive coin is the stress that comes with stretching your wallet thin. It’s easy to overlook just how much you’re spending as holiday shopping and celebrating add up.
TCU’s Whiting Service Center Manager Tim Gard shares some ways to keep your spending under control.
1. Start with a list of holiday expenses
The holidays come with more than gifts. You also must figure in all the other expenses that crop up throughout the season. Go back to the basics — establish a budget.
“Setting a budget is important when it comes to the holidays,” Gard said. “Listing all your holiday expenses including travel, gift exchanges, tips for service providers, and even cards and wrapping paper can keep you from racking up debt.”
Often the easiest way to manage your finances is to visualize it, Gard said. He recommends using a free money management tool like TCU’s budget calculator to stay on budget.
2. Track Your Purchases
Avoid the stomach-dropping moment of realizing just how low your balance has dropped. Keep track of your spending and keep a record.
“An easy way to understand your spending habits is to frequently check your bank account,” Gard said. “It’s important to know how much of your total balance is available for holiday spending.”
Gard recommended saving receipts to help remember purchases and setting aside a few minutes each day to evaluate expenses.
3. Take advantage of promotions and rewards
Every corner cut this holiday season is a bonus for you — and your wallet.
“Using your hard-earned rewards points is a great way to offset holiday costs,” Gard said. “As long as you pay your balance in full every month, members who use a TCU rewards credit card to cover monthly expenses will have points redeemable come December.
With six fewer days between Thanksgiving and Christmas this year, retailers have increased seasonal sales. “It’s great news for consumers who are seeing strong discounts in the shortest shopping period in 11 years,” Gard said.
4. Use your credit card like a debit card
“To help resist the urge to splurge, treat your credit card like a debit card,” Gard said. “It can help you avoid impulse items and last-minute additions that can bust your holiday budget.”
While it’s not uncommon to overspend in December, Gard said it’s best not to carry a high balance well into the new year since it can hurt both your wallet and credit score.
5. Do your homework
Before you hit the stores, do a little research ahead of time to ensure you’re finding the most affordable options possible.
“Comparison shopping is a useful skill to help reduce expenses and live within your means,” Gard said. “Before you begin your holiday shopping, it’s important to do your homework. And now it’s easier than ever to compare prices before shopping.”
Living within your means during the holidays can lead to more enjoyment of the new year, and may increase your bottom line, too.
