You might look forward to the holiday season all year, but your bank account doesn't! That's because along with all the holiday cheer and unlimited baked goods, you can expect lots of expenses for everything from decorations to gifts. Fortunately, there are a few ways to curb those costs as the holidays approach. Here's how:
Use the Right Cards
As you pay for your purchases, get the most from your spending by using a rewards credit or debit card. This way, the more you spend during the holidays, the more rewards you get in the form of cash back, discounts on travel and more. The Logix Platinum Rewards Mastercard® credit card is one example of such a card, since you can earn up to 3 points for every dollar you spend*--and you can exchange those rewards for airline tickets, high-end electronics, gift cards or cash. Plus, all Logix credit and debit cardholders get a complimentary ShopRunner Membership (a $79 annual value) with Free Two-Day Shipping and Free Return Shipping at 140+ merchants. Simply enroll your Logix debit or credit card before 11:59 p.m. on December 31, 2018. If you add up how much you spend during the holidays, you'll see that you can expect a lot of rewards in return!
Take Advantage of Free Shipping Deals
Maybe you're spoiled by Amazon Prime at this point so free shipping doesn't seem like a big perk. But when you have to shop elsewhere, you'll see that not every website ships items for free….until the holidays! This is when some of the big retailers offer free shipping without requiring you to spend a minimum amount. For example, Target and Best Buy are two retailers that either get rid of or reduce the minimum amount for free shipping in December. That could save you a little money on each online order you place, and that amount adds up fast.
Eat at Home
Restaurants are always super busy during the holiday season because people are out shopping a lot or have relatives in town. That may be good for those in the restaurant industry, but not for consumers who are overspending on food and drinks. So be mindful of this holiday habit and try to eat at home before you go shopping. Pack some snacks and bring your own coffee in case you get a craving when you're at a store. And plan ahead with some recipes that feed a crowd if you're expecting family in town this year.
Don't Go Overboard on Presents
Maybe you normally make a budget, but you don't necessarily stick to it. Well, this holiday season, make your New Year's resolution a little early, and make budgeting a big part of it. This may mean getting creative and making presents, or shopping at thrift stores. Surely you can make a great scarf for someone, or find a used one at a thrift store--as well as a beloved movie, book or toy for someone you love. Don't forget to look for used holiday décor as you shop secondhand. This is one item you really don't need to buy brand new, so you can definitely save money here.
Cancel or Suspend Subscriptions
These days, most people use a few subscription services for items like makeup, clothes, meal kits and more. But will you really need all this stuff during the holidays? This is the one time of year you'll probably be given these items as gifts anyway. Plus, if you attend any holiday gatherings, you'll likely go home with leftovers, so you won't need those meal kits or snack subscriptions for a month or two. Make some room in your budget by cancelling or at least temporarily stopping these monthly costs during the holidays.
Use Apps to Your Advantage
Want to save money? There's an app for that! Actually, there are several. Since you'll be spending money anyway, now is a good time to connect your cards with apps that will round up your purchases and put the change into a savings or investment account for you. Saving money has never been simpler. Some apps that round up for you include Acorns, Digit and Qapital. And if you buy most of your gifts online, don't forget to install Honey on your web browser, since this cool tool automatically searches for savings before you buy online.
Ready to save money this holiday season? Check out our rewards credit card, and then put these tips into practice to start saving!
Our Platinum Rewards Mastercard credit card offers a generous 1.5 points per dollar spent. Beginning October 1, you can earn even more! Relationship Rewards “Gold” members earn 2 points per dollar spent, and “Platinum” members earn 3 points per dollar spent! Your Rewards Account and Summary will reflect Rewards Points Balance and Year-To-Date totals in whole points only. There is no limit on the Rewards Points you can earn each month. Any determination of qualifying transactions and exceptions for Rewards Points is at the sole discretion of Logix Federal Credit Union. Logix reserves the right to verify and adjust Rewards Points at any time prior to or following point posting and redemption.
ShopRunner: Complimentary membership for one year from the date you sign up. Registration must take place by 11:59 p.m. on December 31, 2018.
Logix does not officially endorse Acorns, Digit, Qapital, or Honey. Occasionally, Logix will invite guest bloggers to post on assorted financial topics. These posts may or may not represent our views.