Tips to Keep you Financially Fit This Holiday Season
As the weather changes and the winter season approaches, we want to provide you with a few tips to help keep you financially fit this holiday season and beyond!
- Create a holiday budget. When it comes to the holiday season, most of us have a tendency to over indulge when it comes to spending. Set a limit for each person/gift you buy, and use the budget feature in LOC's Life Track to assist you with tracking your spending.
- Save. Create a holiday savings plan for 2017 based on your 2016 spending habits. This allows you to set aside a certain amount per month to make your holiday purchases with ease and avoid getting into any holiday debt.
- Pay with cards. Limit your need to carry cash this holiday season and make holiday purchases with your credit or debit cards. Cash can easily be misplaced, while cards provide a safer transaction process. Paying with your card also allows you to easily track all of your purchases thanks to monthly statements. If cash is required, use the cash back feature at participating merchants when using your debit card with your pin.
- Shop Smart. Although stores may offer a great discount on your purchases, avoid opening additional lines of credit at these stores. Those cards can carry an interest rate as high as 20% APR, and often make the deal not worth it. Opening additional lines of credit can also impact your credit scores. If you do need to use credit during the holiday season, use the card that carries the lowest rate.
Learn more about how LOC can help your finances stay healthy during this holiday season with a personal loan from LOC.