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Although your savings account was full at the start of the holidays, gift shopping may have depleted your funds. Fortunately, there are many ways to participate in the festivities without sliding into debt. Here are a few budget-friendly tips to enjoying the season.

How to Save Money During the Holidays

1. Host a Potluck

Although hosting the big holiday meal is an honor, this responsibility can be expensive. You’ll need to pay for all the ingredients to make the appetizers, entrees, sides, desserts, and alcoholic beverages.

To avoid a costly grocery bill, ask each family member to bring a dish. Send a group message a few weeks in advance and have everyone announce what they’re bringing. This will help ensure the meal is well-rounded and that there won’t be duplicate dishes.

2. Find Free Entertainment

savings accountFind out if there are any free holiday festivities happening in your community. Have your family attend the town’s tree lighting ceremony or take the kids on a neighborhood tour to see house lights.

You can also check the TV guide to see which channels are playing holiday specials. Make the showing a family affair by popping popcorn, serving gingerbread cookies, and wearing festive pajamas.

3. Pay With Cash

Although swiping a card is a simple way to pay, it’s easier to unknowingly overdraw or pass the credit limit. Pull out cash from the ATM and get a receipt. Feeling bills leave your hand and tracking the savings account balance may make you more mindful of your spending.

 

If you want to create a holiday recovery fund, turn to Hawaii County Employees Federal Credit Union in Hilo. These professionals will set up a separate savings account for you, so you can easily transfer the funds once the season ends. Send a message online or call (808) 935-2969 to get started.

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