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7 tips for budgeting + saving this holiday season 🎁

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Holiday shopping bags

We could all use help finding some extra cash in our accounts for holiday gifts | Photo via Unsplash

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Morning, Lakeland. Rachel here. I love a good sale and finding ways to keep money in my wallet – especially when it comes to Christmas shopping. After a trying year, I’m even more conscious of my spending as we approach my favorite time of year.

We bet a lot of you are in the same boat. So the local finance pros at MIDFLORIDA Credit Union have put together these 7 budgeting tips for the holidays to help you start planning ahead for the season’s celebrations without the added financial stress.

Create a budget and stick to your list 📝

It’s helpful to set a realistic limit on what you can afford to spend on gifts and stick to it. List all your holiday-related expenses, like decorations, travel, food, wrapping paper + gifts. Then make like Santa and check it twice.

#ProTip: If you need some wiggle room this year, consider applying for a Seasonal Shopping Loan from MIDFLORIDA, where members can borrow up to $1,000 with rates as low as 12.25%.*

Shop local đŸ›ïž

Small, local businesses are hurting from the pandemic. A recent study revealed 43% of small businesses felt a significant to severe impact from COVID-19. Shopping at a local business will not only help support the local economy, but you’ll find unique gifts that can only be found in your hometown (and you’ll save on shipping costs if you can pick something up locally).

Some local places we love shopping for gifts from are Twenty Seven, Pura Vie, Concord Coffee and K. Scott Jewelry.

#ProTip: If you have a local store in mind, start shopping now. You’ll help cut down on the pressure of the upcoming holiday rush for the retailer and cut down on the stress of rushing around last-minute for yourself.

Cut your expenses ✂

Once you’ve established a budget, you can evaluate your expenses + find ways to cut back on unnecessary purchases.

#ProTip: Check to see if you qualify for MIDFLORIDA’s Skip-A-Payment program. Or, refi your auto loan with MIDFLORIDA and get 3 months of no payments.* Bonus: You could qualify for a refinancing bonus up to $200.* Hello, extra gift cash.

*Offer valid as of July 1, 2020, and may be canceled at any time without notice. Eligibility requirements apply. Credit approval required. Existing MIDFLORIDA loans will not qualify for these offers. To qualify for the $200 incentive, borrower must refinance an auto loan of $15,000 or more from another financial institution. Loans of $5,000 to $14,999 will receive a $100 incentive. The incentive will be deposited to a MIDFLORIDA checking or savings account. Membership required.

Start shopping early (and strategically) đŸ’»

Many people will rely more on online shopping this year due to the pandemic, and retailers have noticed – many local and national brands are offering online deals + discounts earlier than usual (read: before Black Friday and Cyber Monday).

When shopping online, use discount apps/browser extensions like Rakuten or Honey to score the best promo codes from major retailers.

Additionally, try using a card that pays you back when you’re buying all of these gifts. We love free money. MIDFLORIDA’s Visa Signature Rewards card gives 2.5% cash back* on all purchases, plus a $100 bonus spend $2,000 in purchases in the first 90 days*.

*Cardholders will earn 2.5% cash back on net purchases (purchases minus returns/credits) made on the credit card account. Qualified Purchases do not include: Balance Transfers, Cash Advances (including Convenience Checks), ATM Cash Disbursements, Money Transfers, Gaming Transactions, Tax Payments, Finance Charges, or Fees. $100 bonus after you spend $2,000 in purchases in the first 90 days. Available on new credit card accounts only. Membership required.

MIDFLORIDA also offers a debit card rewards program, where you can choose credit at checkout and earn 2 points for transactions of $10-99.99 and 3 points for $100+ purchases. For every 200 points you redeem, you receive $5.*

*Free Online Banking is required to enroll into a debit card rewards program. (This feature will be made available to Premier Online Banking users sometime soon.) Only one debit card rewards program can be assigned per checking account; however, you may change your rewards program at any time. After you enroll your card, it may take two to five business days to begin earning rewards. The per-transaction reward amount may change without notice.

Plan a gift exchange 🐘

Whether it’s with your whole extended family or a group of friends, a gift exchange is a fun way to save money and still celebrate. Everyone buys a gift for one person, vs. everyone buying for everyone.

There are several kinds of exchanges, including Secret Santa and White Elephant. However you play, just don’t pull a Michael Scott and change the rules mid-gift exchange.

Give the gift of time ⏰

Physical gifts aren’t necessarily the most valuable gifts. Consider giving the gift of your time + effort – like babysitting for new parents (or for your friends who are the parents to two lovely toddlers and haven’t had a night out in four years).

Did your parents finally decide to remodel their home? Offer wallpaper-removing, painting, or cabinetry-installing services to help them out. You could even make these gifts into a cute coupon booklet like you did when you were a kid
 but actually fulfill it this time.

Start saving for next year 💰

Already calling this season’s holiday gift budget a wash? Or already have all your gifts purchased? (We admire you.) You could start planning for next year. It’s never too early to start saving for the holidays, and building that holiday budget that you created earlier into your year-round plan.

To help you plan ahead, MIDFLORIDA offers a Holiday Club Savings Account, which is a separate account where you can transfer a small amount of your paycheck each month. The account is locked until November 1 (to keep you from spending those set-aside savings on other things), and after Nov. 1, your money can be transferred to another MIDFLORIDA account, or mailed to you in check form. Boom. You’ll be ahead of the game when it’s time for holiday shopping.

Bonus: Shopping at the end of the holiday season can yield deeply discounted prices. (Think: Major savings on decor, wrapping paper, and seasonal gifts – like winter clothing – that you can save and give as gifts next year.) Ⓟ

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