Desert Schools Federal Credit Union with tips on holiday savings

((SL Advertiser)) For Financial assistance please contact Desert Schools Federal Credit Union at 602-433-7000 or visit www.desertschools.org

Most of us are focused on just getting past halloween before we even start to think about anything in december but time flies and before you know what the holiday is they will be here and for a lot of us that means one of the biggest times for spending all year will you be ready sue lee richardson of deserts cole’s federal credit union is joining us this morning

She’s here to tell us and give us some really solid tips on preparing early to avoid any undue financial stress we’re already stressed out enough right we don’t want finances into it if we have to and you have very clear simple tips number one you say make a list and check it twice absolutely make a list and check it twice but first of all before making that list

Figure out how much money you want to spend because your list might be bigger than your bank account or your wallet so figure out put a cap on how much money you’re willing to spend for the holidays and then make your list from that oh that’s a good idea all right number two you say you set a budget and stick to it we often fall off of that because the holidays are

Emotional i mean it’s good but sometimes our emotions make us spend money that we don’t have and to be true to ourselves is good to you know make that list stick to it plan how much money you want to spend for individuals even organizations are giving so that you have a plan and you don’t overspend yeah that’s a really good point because you may you know say okay

I’m gonna stick to this budget but then you don’t have it figured out how much you want to spend for each person before you know what you get the receipts and you’re like oh yeah i went way way over and that of course adds to the stress number three you say open a holiday savings account which should have been done already but it’s not too late so get that account

Open set it up on automatic deposit to where from your paycheck or from your bank account where they’re setting up automatic transfers all right so how much should we be putting into that account you have to figure that out based on your budget okay right okay so figure out how much money you want to spend for the holidays do the math set it up with your payroll and

Have it come out of every single paycheck all right so you said it’s a little late now but we can do it for 28 right it’ll do it i mean do it now just start now but then let it roll over but this isn’t savings so we’ve set it and forget it we shouldn’t be picking from it right don’t donate it okay i put a name to it okay so when you have that name that means your

Money have a purpose because if you don’t give your dollar or a purpose somebody else will good right good so city name choice maybe into a name and then it may earn a tad bit of interest had bit but don’t be you know sighs what don’t be don’t be discouraged from that the purpose is to save your money so that you have money for the holidays you’re not using credit

All right so tip number four you say consider alternatives what do you mean by that well sometimes it’s not just about the money getting maybe it’s giving of time mmm right especially if they have children i’m not sometimes they sometimes they want something else besides just gifts maybe it’s spending time maybe it’s i’m doing a gift exchange maybe it’s doing food

Maybe it’s doing a potluck maybe it’s just doing an event maybe helping a charitable organization i said up giving the gift right get together as a family and go help somebody else and that’s not feel good yeah yeah it feels really good you guys have so many tools and resources for families to not only get ready for saving for the holidays but year-round yeah yeah

We do so there’s a list of resources that i provide when i teach classes and it just gives people opportunity to see what’s available to them if they’re having financial struggles or just need to be in connection with a resource that they didn’t even know was available to help them during their times but the goal is to save and i don’t think enough of us are doing

That yeah well because there was a study that was done most recently that said 60% of arizona residents don’t have a rainy day fund and that’s your emergency money and that’s good to have that but it’s also good to have funds for other things as well as the emergencies perfect right all right they don’t want we want we don’t want the holidays to be an emergency

Great advice as always if you want assistance with opening a holiday savings account or just any financial information please contact desert schools federal credit union 602 433 7,000 or visit their website desert schools org and in this financial fitness tip during the holiday is theft of all kinds is a serious concern especially identity theft so make sure to

Review your credit card and your bank statements regularly even the small charges for more financial help call or visit a desert schools branch near you 602 433 7000 or go online to desert schools org

Transcribed from video
Desert Schools Federal Credit Union with tips on holiday savings By ABC15 Arizona