5 Effective Ways to Save During the Holidays

In 2019, the average person spent $942 on holiday gifts. This figure doesn't include other costs of holiday cheer, like additional food expenses, decor and entertaining necessities. Don't let holiday expenses leave you starting the new year in debt or with an empty credit union account; instead, formulate a plan to save money this holiday season with these helpful tips.

Make a Budget for Your Credit Union Savings

It's hard to prepare for your holiday spending if you don't know how much you need. Make a comprehensive list of everything you plan to spend throughout the holidays. See that you include the following:

  • Gifts
  • Wrapping materials
  • Mailing expenses
  • Entertaining supplies
  • Travel expenses (including pet-related costs, such as boarding or hiring a pet sitter)
  • Decorations
  • Groceries and beverages
  • Charitable donations
  • Any additional cleaning or personal care you'll need

Be realistic when making your budget. Once you know how much you need, you can start brainstorming ways to save money and beef up your credit union account.

Put Old Gift Cards to Use

Gift cards are an excellent way to cover some of your holiday expenses without having to dip into your cash savings. You may even have a few cards left over from last year. Sweep your entire household, including your old wallets and purses. Check with your credit card reward program to see if you have any points you can redeem for additional cards. Make a list of all your gift cards and your amounts so you'll know what you have to spend.

Consider Potluck Style Events

Instead of purchasing a haul of groceries or paying for catering, consider making your holiday gathering a potluck style event. With a potluck, everyone brings a dish or beverage.

Most guests want to know how they can help out, and they're often happy to share their favorite recipe with those they care about. To ensure you don't wind up with 5 different types of chip dip, you might have people sign up ahead of time or request they bring a specific type of dish.

Be Flexible If You're Traveling

If your holiday plans involve traveling, you can keep more money in your credit union checking account by being flexible with your travel dates. When booking your flight or hotel, trying out different dates can save you hundreds of dollars in travel expenses.

See If You Can Reduce Your Gift Giving

Consult with family and friends to see if limiting your gift-giving is an option so your credit union savings won't be depleted. You might opt to draw names instead of buying gifts for everyone, or you may decide to only purchase gifts for the children.

Want to be more prepared for the holidays next year? Visit Clark County Credit Union to get your holiday savings started with a Christmas Club account. It is the ideal way to prepare for the holidays by setting aside money each month. For more information on savings tips and tricks, call CCCU at 702-228-2228.