Routing Number (ABA): 307083665

Intentional Strategies for Holiday Spending

With inflation still being at record highs, many families are planning to reduce their holiday spending this year. More than 50% of Americans report increased price sensitivity, and those numbers aren’t expected to decrease anytime soon.

Holiday shopping can easily get out of control, and impulse purchases tend to increase this time of year. If you are determined to be intentional about your holiday spending, here are some strategies you can implement.

  1. Make a list- and stick to it

    To help ensure that you don’t spend beyond your means, making a detailed list of all the gifts you intend to purchase is essential. This can help curb impulse buying, and give you more peace of mind. It’s always a great idea to plan for a financial buffer in the event you have to make adjustments (i.e. certain items are out of stock, shipping costs go up, etc.)

  2. Gift handmade items, experiences, or services

    Not only are handmade gifts extremely cost effective, but the effort that goes into making them rarely goes unnoticed. This can range from making a beautiful quilt, to putting a special picture in a frame with a handwritten letter about how much the recipient means to you.

    Experiences are also growing in gifting popularity- and they don’t need to be limited to extravagant trips across the world. They could be as simple as tickets to a local art exhibit, a painting lesson, a cooking class, etc.

    When it comes to services, you can also keep them simple and reasonable. You could offer to babysit for one of your relatives, mow your friend’s lawn, dog-sit, etc.

  3. Get creative with gift exchanges- and spending boundaries

    To lessen the burden of buying gifts, strategize with your loved ones about creative gifting strategies. You could opt to do a white elephant gift exchange or a secret Santa exchange where you only have to buy for one person. If these aren’t options, you and your relatives can set specific spending boundaries detailing gift quantities and dollar amounts (i.e. each person gets one gift with a $30 spending maximum).

  4. Take advantage of credit card benefits (responsibly)

    While it’s important to spend responsibly with credit cards, many can provide financial flexibility with low rates and rewards. Nusenda Credit Union offers Visa Platinum Rewards and Visa Platinum Cash Rewards credit cards that come with reasonable rates and great benefits. This holiday season, members who use their Visa Platinum Rewards and Visa Platinum Cash Rewards credit cards will earn three bonus points or 5% cash back, respectively, for every dollar spent on shopping (in-store or online) and at restaurants. If you are already planning on shopping, you may as well get rewards!

With these strategies in mind, you can set yourself up for a joyful and financially-feasible holiday season.

At Nusenda Credit Union, we’re dedicated to improving our members’ financial well-being and supporting them through affordable products, friendly service, community involvement, and financial education. We'd love to find other ways to help you save money. You can reach us at 505-889-7755 (800-347-2838 outside the Albuquerque area) or make an appointment to meet with us at any of our branch locations.