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.
Jonathan Brouse with Mountain America Credit Union, joined us with some strategies for spreading cheer while keeping some cash.
He says the 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.
Then, 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.
Jonathan says don't forget to use discounts where you can, too. He says many financial institutions offer savings as part of their credit card or other products.
At Mountain America, for instance, rewards credit card users are getting triple points on purchases through December 31, 2023.
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.
Jonathan says also remember to use rewards points you're already making. You can redeem them for gift cards, travel, or even just cash back to offset some of that holiday spending.
You don't want to spend more just to get points, but the points are a nice way to make your dollar stretch further.
If you find you don't have much saved up for this year's gifts be more proactive in 2024.
Jonathan says 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.
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