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Beat the Holiday Financial Stress

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Would you like to have some extra cash for the holidays this year? We've got some tips for you on buying presents, managing your accounts, and planning for the holiday season.

For many, the holidays can be a difficult financial season. With proper preparation, it doesn’t have to be challenging a challenging time. You can prepare in multiple ways, like payroll deductions, our Holiday Skip Payment program, plus budgeting and planning. First is a payroll deduction plan, which is when you automatically deduct an amount from each paycheck throughout the year or several months before the holidays. Usually, when you remove money from your paycheck automatically, you forget it's even getting pulled out, and it is waiting in a separate account when the holidays come around. We offer a program to our members who have a qualifying loan to help them navigate the holidays with our Holiday Skip Payment. You may be able skip your auto loan payment to help you afford a few more presents for your friends and family. Are you already using the previous methods? Try this one, and it's the most important, budgeting and planning. It is extremely easy to go into the holidays and over purchase for others and even yourself. We often spend much more than we should. The key is planning out how much you're going to spend and what you will buy for each person before you start shopping.

Another crucial money saving tip is defining what kind of shopper you are. Do you go to the store and purchase it there? Do you go to the store and then shop online? Online and then the store? Solely online? We've got a tip, find the lowest price. Most products you can find in stores can be found online or in other stores. Price checking can save you hundreds of dollars throughout the Holidays. While checking those prices online, read reviews. You may find products that have similar alternatives that have much fewer positive reviews, this is not where to save money. It may cost more to get the positive reviews but if it is poor quality, it was a waste of money. 

Try something fun and different with your gift-giving this holiday season. Instead of buying a gift for everyone, consider doing secret Santa, white elephant, or drawing names. These allow you to purchase gifts for one person or limited people instead of getting something for everyone. Many will use this to give someone a more personal and meaningful gift because you aren't trying to buy something for everyone. Doing this will also allow you to increase your budget for that specific person or persons.

Most importantly, we need to remember why we celebrate the holidays, to spend time with our friends and family. Don't let the stress of finances bring you down during one of the happiest times of the year. Hopefully, we can help you beat that stress with these financial tips for the holiday season.

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