People tend to spend quite a bit more than they anticipated or can truly afford during the holidays. This often means starting the new year off in debt. Fortunately, there are plenty of ways you can still enjoy the season while cutting down expenses and spending wisely. As the top credit union to serve residents throughout Oahu and Maui, Hawaiian Tel Federal Credit Union has helped many customers reach their financial goals. To ensure you don’t let the holidays set you back financially, they provide a few tips below on saving money.

Budget-Savvy Tips From a Local Credit Union 

1. Create a Budget

The first step you should take is to create a holiday budget. You can set a maximum amount you’re able to spend or put a specific cap on each person’s present. Don’t forget to add in expenses for all the extras, such as decorations, mailing packages, traveling, parties, and activities.

2. Make a List

Next, make a list of all the people you plan to buy gifts for. Figure out who is a priority and determine the dollar amount you’re willing to spend on everyone. If you find this will take you over your budget, start narrowing down your list or adjusting the amounts until it matches your financial plan.

3. Use the Secret Santa Method

If you have a particularly big family, this can cause you to spend a great deal even if you aren’t buying extravagant presents. One solution is to use the Secret Santa method to exchange gifts rather than buy for everyone in your family. This gives you the opportunity to focus on picking out one special present for the name you’ve chosen.

4. Look for Free Activities

There are numerous activities to participate in during the holidays. Luckily, many of them are free or inexpensive if you take the time to do some research. See Santa at the mall, plan a night in with all your favorite holiday movies, take a Christmas lights tour, or join a caroling group.

5. Make It a Potluck

Hosting holiday parties and dinners can be one of the biggest expenses of the season. If you will be having the festivities at your house, make it a potluck so everyone can bring a dish to share. This will reduce your grocery bill and your time in the kitchen.

With hundreds of millions of dollars in assets and over 50,000 members across Hawaii, Hawaiian Tel Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about their broad array of services online, follow their Facebook, Twitter, and Instagram for news and updates, or call 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.