How to Pay for the Holidays Without Breaking Your Budget
The holidays have a way of adding up quickly.
A few gifts can turn into travel, food, parties, decorations, stocking stuffers, and plenty of little expenses you didn’t plan for. Before you know it, a season that should feel joyful can start to feel stressful.
A little planning can help you enjoy the holidays while still feeling good about your finances when January arrives.
Here are a few ways to make holiday spending more manageable.
1. Start with a holiday budget
Before you shop, decide how much you can comfortably spend.
Think about gifts, food, travel, activities, charitable giving, and those last-minute expenses that always seem to pop up. Then set a total spending limit and divide it between the things that matter most to you.
A holiday budget isn’t about taking the fun out of the season. It gives you permission to spend within a plan instead of wondering later where the money went.
2. Save ahead with a Christmas Club Account
One of the easiest ways to make holiday spending less stressful is to prepare before the season arrives.
An Elevate Christmas Club Account gives you a separate place to save specifically for holiday expenses. Even small deposits throughout the year can add up by the time shopping begins.
And if the holidays are already here, you can start saving for next year now.
3. Consider an Elevate Holiday Loan
Sometimes savings aren’t enough — or life simply doesn’t go according to plan.
An Elevate Holiday Loan can help qualifying members spread seasonal expenses over time instead of trying to cover everything with one paycheck.
Holiday Loans are available during the holiday season and offer repayment terms of up to 12 months.
Before borrowing, think about how much you actually need and what the payment will look like after the holidays. The goal is to make December more manageable without making January harder.
4. Look at other options before borrowing more
Depending on your situation, a Personal Loan may be another option for larger planned or unexpected expenses.
Already have an eligible Elevate Auto, Adventure, or Personal Loan? Skip-a-Pay may also give your monthly budget a little extra room. Eligible members can use Skip-a-Pay up to twice per year, and a service charge applies.
Whatever option you choose, make sure you understand how it affects your monthly budget, interest, and repayment timeline.
5. Use credit thoughtfully
Credit cards can be convenient during the holidays, but it’s easy for small purchases to add up to a balance that sticks around long after the decorations come down.
If you use a credit card, keep track of your total spending, know your interest rate, and have a plan to pay down the balance.
Elevate’s Visa Credit Card offers a low introductory APR, no annual service charge, and no balance transfer service charge.
Credit can be a useful tool — the key is making sure today’s purchases don’t become next summer’s financial stress.
What is the best way to pay for holiday expenses?
There isn’t one holiday spending strategy that works for everyone.
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If you have time to prepare: Saving ahead with a Christmas Club Account may help you avoid borrowing altogether.
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If you need a little seasonal help: An Elevate Holiday Loan may give you a predictable way to spread eligible holiday expenses over time.
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If you need more flexibility: A Personal Loan may be worth considering.
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If you already have a qualifying Elevate loan: Skip-a-Pay may give your monthly budget some additional room.
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If you use a credit card: Have a plan for paying off what you spend.
The best option is the one that fits your financial situation during the holidays and after they’re over.
Give yourself a better January
Holiday financial planning isn’t really just about December.
Imagine taking down the decorations, knowing your regular bills are covered, that you understand what payments are coming, and that there aren’t any surprise balances waiting for you.
That peace of mind is worth planning for.
At Elevate Credit Union, we’re here to help you understand your options and make financial choices that work for you.
The holidays should be about the people and moments that matter most. A little planning can help keep the focus there. And if you like this, make sure to check out our other MoneySmart Tips.
Membership required for applicable products. Loans are subject to approved credit. Rates and terms may vary, and some restrictions may apply. Skip-a-Pay eligibility and terms apply. Credit card offers are subject to approval and current card terms. See current rates and disclosures or speak with an Elevate team member for complete details.