Grow Financial Federal Credit Union
October 12, 2018

How to Make a Spending Plan for the Holidays (And Stick to It)

When we talk about plans for the holidays, we usually mean the time we plan on spending with family and friends. Spending money? That goes without saying, and most of us go crazy, dropping an average of $900. No surprise, we break out the credit cards and ring in the New Year, in debt.

Sound familiar? Let’s break the cycle. Here’s a simple, six-step plan for saving your sanity and your money this holiday season:

  1. Open a Grow Club Account, Like Today. Here, you just make small, regular deposits as you save for the holidays or any special occasion, and with Payroll Distribution, the saving is automatic!
  2. Make a List of Expenses. This is the first list you draw up, before your gift list. Remember, holiday trimmings cost money, too… wrap and bows, cards, office parties. It’s easy to overlook all the little things that add up to big money.
  3. Set a Spending Limit. This is your reality check. Look at your regular, monthly spending to figure out how much you can really afford for holiday shopping.
  4. Make a Gift List. Okay, now you know what you can spend on each person. Next, compare prices and shop the sales. And be strong! Over spending is oh so tempting. The list rules.
  5. Layaway. Yes, layaway lives! In fact, it’s been making a big comeback. Most major retailers offer both in-store and online layaway payment plans. Be sure to check the policies first, for applicable fees.
  6. Pay by Debit Card. In other words, cash only. Put the credit cards away. Use the free Grow CardManager app to track spending on your Grow Visa® debit card, and if you’ve got Grow CashBack Checking, you’ll earn 5 cents back with every purchase.* So, you can ring in the New Year with change in your pocket!

Plan it Forward.
Once you get started, planning becomes like any good habit – it just comes naturally. And planning for holiday spending can be the start to planning financially, for the rest of your life.

What about you? Any tips on making a holiday spending plan? We invite you to share it with your Grow family!

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*Some restrictions apply.

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