NAFCU Offers Tips to Avoid Holiday Budget Hangover

With the holidays around the corner, the National Association of Federal Credit Unions (www.nafcu.org) is offering these tips to help folks avoid the holiday budget hangover.

Create a budget – Create your gift list and determine how much you can spend on each person. Set a budget among family and friends or maybe establish a gift exchange program.

Give Gifts that Keep On Giving – This year, consider opening a Christmas club or savings account for a family member. It would be a great way to help build a rainy day fund or savings for next year’s holidays. At some credit unions, you can open an account for as little as $5. Check out which credit unions you are eligible to join at www.CULookup.com.

Use All Your Resources – Credit cards from credit unions have been hailed by many, including Consumer Reports, as great deals for their low interest rates. Some offer credit cards that have reward programs where you can trade miles for merchandise. Still other credit union credit cards give you discounts for purchases at certain retailers. Leverage these opportunities and realize some great savings. You can compare rates between credit unions and banks at www.nafcu.org/dailyrates.

Shop Smart –These are the times that identity thieves aim to snatch your valuable information. Protect your access numbers and your credit card information at the stores. Don’t respond to unsolicited emails and make sure the sites where you are entering your information are secure and the padlock symbol is visible.

Use Coupons and Comparison Shop –Today, just about every retailer is running specials or offering coupons. It pays to do some research and find the best prices for your holiday items.

Be Creative – Maybe this is the year you give everyone on your list a DVD of a favorite movie. If you buy in bulk, some retailers offer discounts, so don’t be afraid to ask for them. You might also make a charitable donation on someone’s behalf.

Avoid Impulse Buys – Do not be beguiled by sale items. Stick to your list and budget. After the holidays, you will be happy you did not overspend. If you should need help with your finances, your credit union may offer free financial literacy classes that will get you back on track.

NAFCU is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public. For more information, visit www.nafcu.org.