Category Archives: Holiday and Seasonal Finances

Brace Yourself: Santa Shock is Coming

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Let’s talk about Santa Shock, shall we? No, not the “I saw Mommy kissing Santa Claus” kind. For this conversation, we will use “Santa Shock” to refer to that icy sense of regret that creeps in when you open those first post-holiday credit card bills. If you’ve ever blown past your self-imposed holiday spending limit, you know exactly what we’re talking about.

The realization that you racked up additional debt can be an isolating frustration—something you’d rather keep to yourself, but it might help to realize that roughly 77% of Americans admitted to crashing through their respective financial barriers just like you. We know, we know. You don’t want to celebrate other people’s bad decisions, but when it comes to financial challenges, misery may not love company, but it kind of likes having it around.

You overspent. Now what?

Let’s face the facts. Once the gifts have been opened, the holidays have passed, and the bills roll in, your budget may be a little tighter than you’d like. When you’re faced with those oversized balances, it can be tempting just to make minimum payments and figure out your finances later. But thanks to those pesky credit card interest rates, that approach not only makes the problem last longer, it also makes it more expensive. This year, why not get creative and recover from Santa Shock as quickly as possible?

3 Practical Tips for Paying Off Holiday Debt

If you want to pay off your holiday debt sooner rather than later, try these simple ideas to free up some funds and get your budget back on track:

Cut cable. Since the average cable bill is roughly $107 per month, this step doesn’t require much of an explanation. Unless you’re in the middle of a long-term contract with early termination charges, canceling your monthly cable subscription can save you more than $1,000 per year—more than enough to pay off all or most of your holiday debt. And with affordable streaming options like Netlflix and Hulu, you can still keep up with many of your favorite shows.

Closet clean out. If you got new clothes this past holiday season, you have to make room in the closet, right? Instead of packing them away, gather up your gently used items and try to sell them online. Apps like ThredUp, Poshmark, OfferUp, and Facebook Marketplace make it incredibly easy to reach thousands of potential buyers without leaving the comfort of your home.

Meal prep for a few months. Everybody has to eat. There’s no way around that. And while dining out is convenient, it can also end up costing you more than you realize. Depending on where you live, a single meal at a restaurant can set you back $10-12. If you go to a restaurant more than once a day, you may be spending far more than you need to. By planning ahead and preparing meals in advance, you can save on dining costs and redirect some of your food budget towards your credit card balance.

We’ve already established the fact that it’s fairly common to go over a holiday budget. However, sometimes we get carried away with the yuletide spending and wind up over our heads financially. If you find yourself deep in debt and unable to find a way out, don’t be afraid to ask for help by stopping into your local branch or making an appointment for an annual financial review. Our team can help you assess your current financial situation and recommend solutions for your specific needs. This may even help you avoid Santa Shock altogether next year!

Throw a Super Bowl Party That Doesn’t Break the Bank

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Now that the holidays are behind us, it’s time to plan for the next big event. That’s right—Super Bowl Sunday is just around the corner! As the NFL’s top two teams prepare to battle, the festivities leading up to the game will clearly show that the NFL has spared no expense in trying to make this Super Bowl the greatest championship game in history. So when it comes to planning your Super Bowl party, we suggest taking a different—and slightly more sensible—financial approach.

8 Ways to Throw a Budget-Friendly Super Bowl Party

If you’re looking for some ways to host a Super Bowl party that’s as frugal as it is fun-filled, here are a few of our favorite suggestions.

Start with a financial game plan.  Sounds better than “make a budget,” doesn’t it? Since Super Bowl parties are all about football, it makes sense to prepare like a coach. Setting a spending limit before you shop will help you stiff-arm the creative displays and impulse items at the grocery store. To quote Super Bowl-winning QB, Russel Wilson, “The separation is in the preparation.”

Team up with a co-host. Since football is a team sport, why not recruit a co-host to help you plan your party? Not only can the two of you share the cost of food and decorations, you’ll be able to split the stress of planning as well. Sounds like a win-win, doesn’t it?

Digital invites over classic invitations. Sure, Pinterest is packed with clever ideas for intricate Super Bowl invitations, but you know which detail those posts forget to mention? Postage costs. Rather than sending out old-school invites, create a Facebook event and share it with your friends or jump over to Evite.com, where you can design and send online invitations for free!

Downplay the decorations. Let’s face it, even though extravagant decorations might make impressive Instagram posts, people aren’t coming to your Super Bowl party to marvel at your elaborate sandwich stadium and coordinated team napkin displays. Don’t overdo it with the decorations. Dollar store party supplies are perfect.

Generic snacks: The Real MVP. Your guests will probably be snacking from the pre-game festivities to the post-game trophy presentation. What they won’t be doing is critiquing the subtle flavor undertones of your chips and pretzels. So rather than springing for brand name snack foods, grab the store-brand counterparts, serve them in a giant bowl, and kick back knowing you have money left in your food budget.

Encourage crowd participation. Food and drinks are usually the most expensive part of a Super Bowl party—especially if the beverages are of the adult variety. A pot luck meal plan and BYOB policy are great ways to ensure refreshment costs are divided evenly and everyone is guaranteed to have at least one dish they’ll enjoy.

Save big with Super Bowl promos. If you decide to provide all the food for your party, you might as well look for the best deals. Keep an eye on your local grocery store flyers, as they routinely run special sales on traditional party food. If you’re trying to stay out of the kitchen, check your local restaurants for money-saving party promos.

Make post-game meal plans. You plan, prepare, and present a spread of tasty food for your guests. Then, when the game’s over, you have to figure out what to do with the leftovers. Fortunately, game day favorites like burgers, chili, and sandwiches can make delicious meals for a few days after the big game. This makes meal planning easy and lunch costs less expensive.

With a little creativity and some careful planning, it’s entirely possible to throw a great party without throwing away money in the process. Whether you use all these ideas or just a few that work for you, following these tips will help you host a winning party without spending more than you should.

4 Ways to Save in January

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The holidays are over and that means most of us are strapped for cash. January can be a tough month for many recovering from holiday spending. Here are four ways you can save a little this month as you work to get your finances back on track.

Winterize your home.
This is the coldest time of the year, so make sure your house is ready for the cool temps. There are a variety of things you can do to save this month by lowering your energy bills. Check out these simple tips for winterizing your home. Your wallet will thank you.

Eat what’s in season.
After all the groceries needed for preparing those holiday meals, it’s no wonder you’ll want to cut down on food costs this month. Check out the various fruits and vegetables that are in season in January, many of which are sold at a lower cost. Surprisingly there are a number of yummy seasonal foods that are at their prime in the dead of winter, such as: broccoli, brussels sprouts, cabbage, cauliflower, grapefruit, kale, leeks, lemons, oranges, parsnips, tangerines, and turnips.

New year, new budget.
Take a look back at last year, what worked for your finances and what didn’t? Learning from the past is an excellent way to make smarter choices this year. This month, take a look at the year ahead, anticipate months that will be more costly, and plan accordingly.

Shop sales.
After holiday sales can be an excellent way to save on items you need for the coming year. Check out reduced prices on everyday household items (like household cleaners, soaps, and baking supplies) that are marked down simply because they come in holiday packaging.

Article Source: Wendy Moody for CUInsight.com

Broke? 5 Basically Free Holiday Gift Ideas

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Is your credit card maxed out and your savings account dried up? Don’t let a light (or empty) wallet have you saying bah-humbug. If anything, a shoestring budget opens up unique gift giving possibilities. Instead of searching online or fighting crowds to find just the right gift over the next few days, create your own.

A jar of gratitude: Think of this as an anytime mood boost. The container really doesn’t matter as much as what’s inside – all the reasons you love and appreciate gift recipient. So, the next time your friend or family member feels down, they can reach in and be reminded of all the ways they are awesome. It’s the gift that keeps giving all year long!

Regifting: How many items do you have in the closet that still have tags on them or may even still be wrapped? How about those gift cards to the movies or restaurants you’ll never visit? To avoid any awkward moments, be sure you know who gave you the gift, and if going the pay-it-forward gift card route, verify the expiration date and that it has never been used.

Be a game master: Laugh and reminisce while learning more about your family and friends by creating games about moments shared together. Create your own version of Pictionary to play based on family stories of grandparents, great-grandparents, aunts and uncles. Or create a family version of Would You Rather, where players guess which family member would be more likely to do something. Try playing favorite songs and guessing which friend or family member is most likely to have it on their playlist. The possibilities are endless!

Create your own coupon book: Studies show that experiences deliver more lasting happiness than material items. So, fill a homemade coupon book with meaningful experiences. For some, that might mean breakfast in bed or sleeping in, for others it could mean a day of watching sports without any complaints. Give your kids coupon books to get out of chores, extra video game time and a day of yes (with the fine print disclaimer that sets a price limit for “asks”).

Recipe book: This one is perfect for the foodies in your life. Print out or make a PDF of your favorite recipes or new recipes that your recipient will enjoy!  Include notes, photos, or specific recipes tailored to the recipient’s taste to add a personalized touch too.

Never underestimate the effectiveness of a thoughtful gesture!

Article Source: Myriam DiGiovanni for Financialfeed.com

What Not to Buy in December

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December may be one of the best shopping months. No matter where you look, it is easy to find either a holiday or year-end deal or discount for almost anything you can imagine.

However, despite all of the December sales extravaganzas, not everything is a great deal. Here are few purchases Consumer Reports and NerdWallet say are worth postponing until the new year.

Jewelry: If you want to really get the best deal wait until late January to buy any diamonds or jewelry. That sweet spot between the end of the holidays and just before Valentine’s Day is generally when jewelers and department stores launch their deepest sales discounts.

Fitness equipment: The very best deals are in the warmer months – however, there are usually sales available in early January if your fitness goals simply can’t wait.

Bedding: Nothing beats 50-75% off deals during January white sales. If you can, hold off until then to buy blankets, sheet sets, and towels. Imagine how much better you’ll sleep knowing you got them at such a discount!

Winter clothing: The end of January through early February is the best time of year to get your winter gear for less.

Televisions: Black Friday deals are hard to beat. If you missed them, try shopping for your next high-end television in late January/early February (for upcoming SuperBowl deals).

Article Source: Myriam DiGiovanni for Financialfeed.com

 

5 Tips to Saving on Your Gym Membership Before the New Year

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With all the excitement, festivities, and of course food around the holiday season, the last thing you’re probably thinking about is the gym. Most of us probably eat to our heart’s content over the holiday season and wait until January to deal with the aftermath. However, it might be worthwhile to start planning ahead now to get the best deals at the gym.

Once the new year arrives, people seem to turn to “get in shape” mode, which means hitting the gym hard. You definitely see the best deals at the end and beginning of the year, so be proactive now. Here are some tips to getting deals at the gym in the new year:

1. Sign Up for a Trial

It’s hard to commit to a gym membership without testing it out first. Almost all gyms offer free trials, some for a day and others for up to a week. Use your trial pass to get a feel for the gym, what equipment they have and whether or not it’s the right place for your workout. Also, be sure to visit during the times you would normally workout, to see what the crowd is like.

2. Pay Upfront

Most gyms will bill you month-to-month with charges based on the level of access you want to the gym. However, if you offer to pay upfront, you might be able to score a better deal. Many gyms will have promotions that may include anywhere from one to three months free if you pay for a year in advance. Yes, it’s a large sum of money initially – but doing so can save you money in the long run.

3. Be on the Lookout for Offers

Of course, the biggest way to save money on your gym membership is to take advantage of offers and promotions. And the best time to do so is during the new year. January is the busiest time of the year for most gyms and they’ll be offering many different deals and incentives to get more people to join. Look out for discounted monthly fees, waived enrollment and processing fees, and other perks.

4. Don’t Be Afraid to Negotiate

As with almost anything in life, don’t be afraid to negotiate. There are so many gyms to choose from and all of them are competing for your business. There is almost always wiggle room to negotiate your membership. You never know until you ask!

5. Create a Gym at Home

Don’t worry if you still can’t fit a gym membership into your budget, because you can create a gym at home. All you really need is a set of dumbbells and an imagination. Look to Youtube for free exercise videos and tips, or on warmer days go out for a run. You can definitely accomplish a lot without having expensive equipment.

The biggest key to getting in shape is willpower, and you don’t need to pay for that.

Article Source: Connie Mei for Moneyning.com