Did your holiday gift buying go beyond your budget this year?
Jeremy Blair from Mountain American Credit Union joined us with tips to better prepare for next year.
He says last year the average American planned to spend between $800 and $950 on Christmas gifts, but more than a third of people took on holiday debt and it took at least five months to pay off.
Jeremy told us how you can simply figure out how much to save for 2024.
He says, "At the end of this holiday season, go back over your spending for this year. Add up what you really spent on everything, including gifts, charitable donations, and parties at work or home. Next, divide that number by 12. That will tell you how much you should save each month to cover the costs you will most likely incur next year."
Jeremy recommends putting it into a Mountain America Christmas Club certificate.
With these accounts, you can add funds anytime throughout the year to help you get to your savings goal. Then, on November 1 these funds become a secondary savings account you can use for your shopping.
The best part is these certificate accounts earn a higher interest rate than a regular savings account.
You can learn more at macu.com.
• Insured by NCUA.
• Membership required—based on eligibility.
• Terms and conditions apply.
