It's that time of year when many people start their holiday shopping.
American consumers spend about $1,000 apiece on gifts and other seasonal fare, according to recent surveys.
But, it is possible to spread cheer while keeping some cash.
Scott Sherman, Financial Education Manager at Mountain America Credit Union, joined us with some tips for holiday shopping.
He says, "The first thing to do is write down all the people or events you're going to spend on in the next six weeks or so. Think about your immediate family, extended family, friends, coworkers, charities, parties – anyone, anything or anywhere you might want to budget for. Then write down first what your max budget is for each one, and next what you think would be a good gift. Sometimes we don't actually need to spend very much—or even spend anything at all—to give someone a gift they will really enjoy."
Scott also says if you do have something in mind to buy, look for ways you can save on that purchase.
Set up price alerts online or look at a price-tracking website like camelcamelcamel.com to see what the lowest price has been on your item historically so you know what a good deal looks like.
Don't forget to use discounts where you can, too. Many financial institutions offer savings as part of their credit card or other products.
Scott says, "At Mountain America, for instance, rewards credit card users are getting triple points on purchases through December 31. And for our MyStyle Checking members they have access to hundreds of discounts for a variety of stores, theme parks and services included in their perks. Be sure to take advantage of all those savings."
A lot of times people might feel obligated to spend money on a gift for everyone and that can add up.
If you look at your budget and it seems like more than you really want to spend, talk with your family about setting limits on gifts, or doing a secret Santa exchange where everyone draws a name and buys just one nicer gift for that person. That way no one feels obligated to spend more than they want to and everyone still gets a gift.
Lastly, if you find you don't have much saved up for this year's gifts be more proactive in 2025.
Mountain America offers a Christmas Club certificate account that helps you save throughout the year so you're better prepared when that certificate matures in November. You can learn more about that in any of our branches or at macu.com.
Insured by NCUA
Loans on approved credit. Membership required—based on eligibility. MyStyle Checking benefit requires no-cost registration/activation. Business accounts not eligible for triple rewards. Limited-time offer. Offer can change or be withdrawn at any time. Offer expires December 31, 2024.
