These great tips will help you stay on track with your holiday budget and not go into unnecessary debt

San Diego CA— San Diego County Credit Union^® (SDCCU^®), one of California’s top credit unions, wants to remind holiday shoppers not to break the bank this holiday season by providing some tips and tricks that shoppers can use to help save money and eliminate the future stress of overspending.
It’s evident that the excitement of the holidays often leads to increased shopping and overspending. According to a survey conducted by WalletHub, 98 million Americans admitted they overspent last holiday season. And especially this year being coupled with a pandemic, it may be even easier to overspend since stay at home orders have conditioned many to do most, if not all, of their shopping online—making it nearly effortless to order and purchase anything with the click of a button. Below are a few tips to stay on track and not go overboard this holiday season.

1. Start with a plan. The most important step before shopping this season is to start with a plan, or a spending budget. The budget should include a list of everyone you want to buy a gift for, along with the amount of money you plan to spend for each gift. Also, the plan should include any other out-of-the-ordinary items you plan to spend money on this holiday season, such as groceries for holiday meals. It’s important for your plan to include the full scope of your holiday shopping to ensure you will not overspend. And most important, once you have a budget, you need to stick to it!
2. Be honest. The last thing your loved ones want to see is for you to get deeper into debt from buying gifts. Be honest with yourself on what you can afford and don’t be ashamed to tell people that it is going to be a lean holiday with the gift exchange. Also, consider giving your loved ones a homemade gift this year, either homemade sweets or a DIY gift, such as a painting or poem. Often times these gifts are far more meaningful than the latest gadget.
3. Do your research. Once your shopping list is created, do your research to find the best price, whether it be online or in-store. Keep in mind that many retailers will match competitor prices, which is something many shoppers do not know until they ask. Also, search around for any coupons that can help drop the price of the gift even lower. Sometimes if you sign up for rewards online, discount codes will be a benefit, or if you are shopping in person, ask the sales associates if there are any coupons or discounts that can be applied.
4. Aim to save when shopping. Do not wait until the last minute to shop for your holiday meals. Shop early and remember most grocery stores have scheduled days when their food is on sale. For example, produce may be on sale on Wednesdays, whereas meat is on sale on Thursdays. Also keep in mind that the name brand products aren’t always better, and that generic brands or store brands almost always taste and look the same but are slightly less expensive. Get familiar with store weekly ads near you and execute an action plan based on the schedules and items you need. Don’t forget your coupons and check online for any apps that offer online coupons you can use in store.

These great tips will help you curb your spending this holiday season and refrain from overspending. Most importantly, understand that retailers want you to spend more and use tactics to ensure you do so. Creating a holiday budget, and sticking to it, is the number one tool to avoid overspending during the holiday season. Visit our Financial Knowledge Blog to learn more tips on setting up a solid financial future or join us for Financial Wellness Wednesdays, which will kick off again in the New Year.
SDCCU is one of California’s largest credit unions, proudly serving the financial needs of customers in San Diego, Riverside and Orange counties. SDCCU has assets of $9.5 billion, over 424,000 customers, over 40 convenient branch locations and 30,000 surcharge-FREE ATMs. SDCCU provides breakthrough banking products that meet the demands of today’s lifestyle and delivers banking services that save customers money. SDCCU is leading the way, offering FREE Checking with eStatements, SDCCU mobile banking, mortgage loans, auto loans, Visa^® credit cards and business banking services. Federally insured by NCUA. Equal Housing Opportunity. For more information, visit www.sdccu.com.