NuVision FCU November 2015
Budgeting: Holiday Budgeting Center

The holiday season can be expensive, but with NuVision's low rate Visa Rewards card you'll be able to make your season bright. Whether you are traveling to visit with family, or you find yourself the host welcoming family and friends into your home this season, NuVision gives you the resources to make all happen just like you imagine it to be. Rest easy and enjoy all of your celebrations when you use some simple budgeting ideas along with your NuVision Visa card.

1. Set Your Budget

The best way to start making a holiday budget is to look at your spending during last year's holiday season. In what areas did you spend more than planned? Next, make a list of the holiday purchases and events you plan to spend money on this year. Consider all of your major spending categories like gifts, entertaining, meals, and travel and then estimate how much you can afford to spend in each category. Have a "micro budget" - a specific spending limit - for each person on your gift list. Many financial planners recommend spending no more than 1.5 percent of annual income on holiday expenses.

Knowing your spending goals long beforehand will help you stay on track financially as the season heats up.

2. Get Creative

One great way to save money and impress friends and family is to get creative. Store-bought gifts are great, but homemade gifts are often more meaningful and most recipients truly appreciate your time and effort. Ideas for creative gift projects are plentiful online.

If you like the idea of a personal touch and affordability but don't have the time or skill to make gifts yourself, there are websites that feature homemade gifts where you can find crafty items from over various sellers.

3. Join Together

Instead of excessively spending money on each other this year, join together with family members to help those who may be less fortunate.

4. Travel Wisely

If you plan on traveling, take some time to determine how much it will cost you. Is it better to fly or drive? Are there certain days where it will be less expensive to travel? And do the math to see if you should ship gifts to your travel destination instead of paying for extra luggage costs.

5. Entertain for Less

Holidays are a wonderful time to entertain, but a little planning and budgeting can help you avoid financial headaches. Plan your table settings, centerpieces, and menu before you go shopping so you don't overspend at the store.

With these simple tips and your NuVision Visa card, you can expect your holidays memories to be some of your best.

Source: Practicalmoneyskills.com




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