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  • 5 Simple Tips for Smart Holiday Spending

    2020-01-06T15:04:10-06:00By |Personal Finance|

    With Black Friday, Cyber Monday, and other holiday sales, the most popular shopping season is now upon us. Whether you’re shopping online or heading to the store, keep these five smart shopping tips in mind. Your savings account will thank you for it.

    1. Create a Holiday Budget

    This can be a simple budget. Based on your current account balance, you may have a number that you don’t want to exceed, or you may have a limit for each person you need to buy for. However you create your budget, just be sure to stick to it — no matter what.

    2. Shop Around for the Best Price

    Just because you find an item 30% off at one store, doesn’t mean you won’t find it 40% off at another. It’s easy to shop around online, but if you’re going to the store, do some online research beforehand.

    3. Sign Up for Emails

    Many retailers will offer a discount just to sign up for emails. And as the holiday season approaches you’re likely to receive exclusive email offers that will help you save even more money on gifts.

    4. Avoid Using a Credit Card (Alternative: Personal Loan)

    Credit cards seem like the obvious choice for holiday shopping, right? They have rewards and discounts. But be cautious because credit cards have extremely high interest rates. If you can’t pay off the full balance right away, it will turn into unmanageable credit card debt.

    What’s a better alternative? A Personal Loan. With a rate far lower than a credit card, you can use the money you borrow to pay for your purchases and pay back your loan at a low rate. It could save you a significant amount of money in the long run. Take a look at how low our current rates are.

    5. Start a Holiday Club Savings Account

    The best way to handle holiday shopping is to prepare early. Our Holiday Club Savings Accounts are designed to help you save for holiday spending. You open an account and set up a direct deposit to add money throughout the year. On Oct. 1, your money is available to you via transfer1.

    Want to Know Why You Overspend During the Holidays?

    We'll explain the reasons why it happens and tell you how to prevent it from happening next time.

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    1 Preauthorized automatic transfers, telephone transfers or withdrawals, electronic banking withdrawals and transfers prohibited. Funds will be automatically transferred annually to the savings account on October 1.