MoneyWisdom Blog

How to keep money from ruining your holiday.

Posted by Hanscom Federal Credit Union on Oct 7, 2015, 8:00:00 AM

The average American completed about half of their holiday shopping by December 10 last year, according to the National Retail Federation’s latest Holiday Consumer Spending Survey. Over one third had completed 25% or less of their shopping two weeks before Christmas.

Why? Some enjoy shopping for the holidays during the holiday season. Others were still deciding what to buy. A few brave souls “like the thrill of last-minute shopping.”The Real Story behind Last Minute Shopping

Here’s what caught my attention. Over half of those surveyed cited at least one financial reason for delaying their shopping. Some had other spending priorities before December, others were waiting for a holiday/year-end bonus, and 17% of those surveyed put off shopping so they could spread out their holiday budget.

So here are all these people, power shopping at the mall, staying up late to search the web for popular items, or dragging cranky children on a marathon weekend spree. Not because they want to, but because their financial circumstances are forcing them. What a waste of the most wonderful time of the year.

Don’t be a Victim of Holiday Stress

The good news is that you don’t have to let financial concerns snuff out your Currier & Ives fantasies. You can take advantage of early-bird bargains and spend your holiday doing things you enjoy by taking advantage of a holiday loan.

A Holiday Loan Can Help

Holiday loans give you the funds you need, when you need them. In October, you get a set amount of cash to spend for any purpose. Buy plane tickets, reserve seats at the Nutcracker, get the new hot toy for your favorite kid.

You pay off the loan throughout the year. Interest rates tend to be modest, and monthly or biweekly payments are easy to budget. A holiday loan is typically listed in your credit report as an installment loan. That can help your score, especially if it means you aren’t adding to the balance on a credit card.

Having a set amount to spend has other advantages. It forces you to focus on the things that matter. Whether it’s the dizzy thrill of opening gifts on Christmas morning, hosting a family get-together, or recognizing folks who made your life better this year, you have the advantage of time and money to put together a memorable holiday.

Click here to learn more about the Hanscom Federal Credit Union holiday loan. For tips and ideas on budgeting through the holiday shopping season, download our free Holiday Spending Guide.

Holiday Spending Budget Template

Topics: Holidays

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