5 Easy Ways to Save Money This Holiday Season

It’s the most wonderful time of the year, and the most expensive one too. If you want to enjoy the holidays this year without paying for them until next year, here are 5 tips to save money on your holiday shopping.

1. Set a Budget

The first rule of every holiday spending season is to set a budget. Even if you normally live by a budget during the rest of the year, making a separate budget for the holidays can help you keep your spending in check. Decide how much you want to spend and divide your money into separate categories, including gifts, food, travel, events, and decorations. Be disciplined and consult your budget often, especially before and right after shopping trips.

2. Limit Gifts to Yourself

You hear about the importance of treating yourself (nearly 60% of people self-gift during the holidays). But with the amount of money spent this time of year, it’s usually better (and a whole lot less expensive) to give than receive. Instead of buying gifts for yourself, rely on the kindness of others or find joy in the simpler indulgences of the season.

3. Cut Down on Convenience Costs

As its name suggests, convenience costs are the costs that make life more convenient in the course of your busy, on-the-go life. You grab a cup of coffee and a quick donut, bagel, or muffin on your way into work. And you grab takeout on your way home after a long day. It happens from time to time. And during the holidays, it happens just a little more often. Be aware of the convenience spending that goes on during the hustle and bustle of the season and try to avoid buying into too much of it.

4. Get Creative

Who says gifts have to be store-bought? Some of the most meaningful holiday presents require more creativity than cash. Crafts, cookies, and cakes are always a fantastic and festive gift options. And instead of exchanging potentially expensive family or office gifts, suggest doing a white elephant exchange or even contributing to a charitable Secret Santa service project.

5. Use Your Credit Card

With the right credit card, your holiday expenses can turn into big-time rewards. If you have a credit card that gives you points for purchases or some other type of reward, consider using it for your holiday expenses and then cash in on something nice for yourself in the new year. Also, look for a credit card with a low fixed interest rate and no annual fee so you won’t be stuck with an unpleasant interest payment for the holidays.

This year, put saving money on your holiday list. Shop smart, stick to your budget, get creative, and make this holiday a little extra special and a lot more affordable.

News & Events
Apr 01, 2019 / Home Equity

A home equity line of credit is a versatile loan that can be used for just about anything. But because it involves borrowing money against your home’s equity, there are a few preferred ways to use your HELOC. Here are 4 wise ways to use your home equity line of credit. 1. Home...

Mar 21, 2019 / Money Tips

Being smart with your savings is the first rule of finance. But saving money is much easier said than done. With so many demands on your dollars, even before your paycheck comes in, savings can sometimes feel like an afterthought. Unfortunately, this is a backwards way of building wealth....

Mar 15, 2019 / Home Equity

One of the hardest parts of having a variable rate interest loan is the unknown. You don’t have a crystal ball and you can’t predict the future. You don’t know what the market will look like a few years down the road. And that means you don’t know the exact interest rate you’ll...

200 E South Temple
Salt Lake City, Utah 84111
Monday - Friday: 9:00 am - 5:30 pm
View In Google Maps
Routing & Transit Number: 324079500
NMLS # 446035

Utah First Federal Credit Union is federally insured
by the National Credit Union Administration.