5 Tips For Preparing a Post-College Budget

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Leaving college often means the start of a new job, student loan debt to pay off, new living arrangements to pay for and other new expenses to cover. All of this means your finances will likely need an overhaul. It’s time to create your post-college budget.

If you’ve been working with a budget throughout college, you’ll already have the concept down pat. You’ll want to rework the numbers, though, to incorporate your new expenses, as well as your new salary. If you’ve floated by on a wing and a prayer while in school, you’ll have to start at the very beginning as you build a workable budget to manage your finances.

In either case, these tips can help you create your first post-college budget.

1. Use a personal finance app

Let your smartphone do half the work for you by downloading a personal finance app, like Mint or YNAB. These apps make tracking expenses and sticking to your monthly budget almost effortless.

2. Make your student loan a priority

If you’re like most college graduates, you’ll be leaving school with a lot more than a diploma in hand. The average U.S. college student graduates with a student loan debt of $32,731. The thought of a loan that big can be overwhelming, but don’t make the mistake of putting your student loan on the back burner. Instead, as you work out your post-college budget, prioritize student loan debt and maximize your monthly payments as much as possible.

3. Research your post-college living expenses

When leaving college, you’ll be facing a whole slew of new expenses and it can be difficult to calculate how much these new expenses will be. However, a bit of research can give you the answers you need to make your budget work. Find out about the going rate for apartment rentals in the area you’ll be living in next year and incorporate that expense into your budget. If you’ll be using public transportation to get around, take the time to work out how much that will cost before you leave school, too. You can also ask some friends who’ve already made the leap to the after-college world to help you work out what utility bills, food costs and other new expenses might look like.

4. Leave room for mistakes

Most budgets are created by reviewing your spending of the past few months and working out an average amount for each monthly expense. Now, since you’re trying to create a budget to cover new, anticipated expenses, it’s natural to make some mistakes in the calculations. Leave room for error so you have extra cash to fall back on in case you underestimate those new expenses. You can re-evaluate your budget after a month or two and adjust as necessary.

5. Budget in some fun

You’re likely feeling super-responsible as you work out your first budget to use in the “real world,” but it doesn’t have to be all work and no play just because you graduated college. Be sure to leave some room in your budget for things like entertainment costs, dining out and vacations. You don’t want to face burnout when you’re less than a year out of school. Budget in some fun!

Destinations Credit Union has lots of ways to help you manage your finances. Use direct deposit of your pay check and split your deposits into savings, checking and other accounts set up for specific purposes. Take a look at our Mobile App with card controls and mobile deposit; Online Banking and Bill Payment; and for help with budgeting and debt management, contact our HOPE Inside office.

 Your Turn: Have you worked out a post-college budget? Share your tips with us in the comments.

Sources:
https://money.usnews.com/money/blogs/my-money/2015/05/15/10-essential-money-saving-tips-for-college-graduates
https://www.frugalrules.com/budget-new-grads/
https://www.valuepenguin.com/average-student-loan-debt

How Do I Give Myself an End-of-Year Financial Review?

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Q: With 2020 drawing to a close, I’d love to give myself an end-of-year financial review before it goes.  Where do I begin?

A: Giving yourself an end-of-year financial review is a wonderful way to check on the progress you’ve made toward your goals, highlight areas needing improvement and update your accounts, funds and investments. Here’s all you need to know about this important end-of-year ritual.

Step 1: Review all your debts and create a payoff plan

Take a few minutes to list all your debts and their interest rates. Have you made any real progress toward paying them off this year? Or have you stuck with minimal payments each month, leaving the actual balance to pile up since you’re mostly just paying for interest?

If your debt needs some help, you have two primary options for how to proceed:

  • The avalanche method. Focus on paying off the debt with the highest interest rate first, and then continue to the debt with the second-highest interest rate. Move through the list until you’ve paid off all debts.
  • The snowball method. Work your way through your debts, starting with the lowest-balance debt. Then, once it’s paid off, apply the payment that was previously committed to that debt to your new lowest debt. Repeat through the rest until all debts are paid off.

For both methods, be sure to pay the minimum balance on all your other debts each month. Try to boost your income and/or trim your monthly spending for extra cash and use it toward the first debt you are paying off completely.

Step 2: Automate your savings

Review your savings from 2020. Have you reached your goals? Have you forgotten to put money into savings each month?

Going forward, make it easy by automating your savings. Give us a call at 410-663-2500 ext 124 to set up an automatic monthly transfer from your checking account to your savings account. [You can also set this up through your online and/or mobile banking with us.] This way, you’ll never forget to put money into savings again.

Step 3: Review the progress you have (or haven’t) made on financial goals

Have you made measurable progress toward your financial goals in 2020?

Take a few minutes to review your past goals, taking note of your progress and determining how you can move toward achieving them.

Step 4: Review your retirement account(s) and investments

As you work through this crucial step, be sure to review the following variables:

  • Your employer’s matching contributions. Are you taking advantage of this free money, or leaving some of it on the table?
  • The maximum IRA contribution limits for 2021. You will likely need to make adjustments for the coming year. If you don’t have an IRA, open one now.
  • Management fees and expense ratios for your investments. Fees should ideally be less than 0.1%.
  • Your stock/bond ratio and investing style. You may want to take more risks in 2021 or decide to play it safer this year.
  • Your portfolio’s balance. Does it need adjusting?

Step 5: Create an ICE Binder

The events of 2020 underscored the importance of making plans in case one becomes incapacitated for any reason. Create an In-Case-of-Emergency (ICE) Binder to hold all your important documents in one place in case the unthinkable happens. Because of the sensitive nature of the information it holds, be sure to keep this in a safe place where it will not fall into the hands of identity thieves.

Include the following in your binder:

  • Medical information
  • Account information
  • Child care and pet care details
  • Online accounts and passwords
  • Insurance policy documentation and details
  • Investment accounts and details
  • A copy of your life insurance policy
  • A copy of your living will
  • A copy of your last will and testament

Step 6: Set new financial goals for 2021
As you finish reviewing your financial progress of the past year, look forward to accomplishing greater financial goals in the coming year.

A great way to turn dreams into reality is to set goals that are SMART:

Specific

Measurable

Attainable

Realistic

Timely

Here are some goals you may want to set for the coming year:

  • Create a monthly budget before January. Be sure to include all expense categories. Review on the first of each month and tweak as necessary.
  • Review the week’s spending with your partner each Friday night.
  • Pay off your largest credit card bill by 2022.
  • Start a vacation fund in February.
  • Cut out two subscriptions you don’t really use by mid-year.
  • Slash your weekly grocery bill by 10% before May.

If you need help with anything from developing a budget to reducing debt/improving credit, contact our HOPE Inside financial wellbeing coach. There is no cost to you.

Destinations Credit Union wishes you a financially healthy New Year!

Your Turn: Do you have any additional steps for your own end-of-year financial review? Share them with us in the comments.

Sources:
https://www.14news.com/2020/11/14/make-ends-meet-financial-year-review/
https://steppingstonestofi.com/end-of-year-financial-review/
https://moneyning.com/better-yourself/how-to-conduct-a-financial-year-in-review/

Keeping the Cheer in the Holidays this Year

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‘Tis the season to be jolly, but many of us may be feeling grinchy this year. With the pandemic still a looming threat to our health and happiness, the economy still a hot mess and so many of our favorite seasonal activities canceled, getting into the holiday spirit can be challenging.

Lucky for you, we’re feeling nice, even during these naughty times. We’ve compiled a list of tips and strategies to help you keep the cheer in the holidays this year, even during COVID-19.

Go virtual

Have your holiday plans been canceled because of a last-minute quarantine?

Karestan Koenen, a professor of psychiatric epidemiology at the Harvard T.H. Chan School of Public Health, suggests hosting a virtual get-together with your family and friends instead of the in-person gathering you’d planned. Share a menu, create a program that can include binge-watching the best holiday movies  together or playing virtual holiday games, and be sure to mail out your gifts with enough time to reach your loved ones by Christmas.

Give of your time 

The holidays will have an extra measure of loneliness for the elderly this year. Take the time to reach out to an elderly relative, neighbor or friend who is stuck inside, and share some holiday cheer. If the elderly acquaintance is tech-savvy, jump on a video call together. Otherwise, use the time to inquire about their well-being and update them about your life. If you dare, sing some holiday songs together over the phone.

Giving to others will make your own holiday a little bit brighter.

Be flexible

Dr. Andrea K. Tesher PsyD, of Ridgewood, N.J., urges people to keep an open mind when it comes to their holiday plans this year. It’s best to expect the unexpected, she says, adding, to go with the flow, even as holiday plans change from Plan A to Plan B, and then to Plan C. Being mentally prepared for changes will make them easier to handle.

Stay positive

It’s hard not to feel down when thinking about the cold, dark winter ahead — one that will harsher this year with our “new normal.” Keeping a positive outlook goes a long way toward making this year’s holiday season easier to handle, Koenen says. Remember that we know a lot more about the virus now than we knew in the spring and that a vaccine may soon be a reality.

Recharge

Koenen suggests squeezing in a few minutes for self-care each day during the hectic holidays. Take a quick walk around the block, indulge in a hot bath with only your favorite scented candles for company or schedule in a timeout from your phone each evening. These slices of alone time can be crucial to your mental health.

Make self-care a priority, Tesher says stressing the importance of tending to your physical needs during times of high stress. Exercising regularly, eating well and getting sufficient sleep will help boost your psychological wellness.

Simplify

2020 was the year we all learned to revise and reframe our realities. We discovered that we could get by without our weekly manicures, survive months without the gym and attend all kinds of social events, from weddings to graduations to birthday parties, while wearing fuzzy socks and sweatpants.

As we draw the curtains on a year that will forever be marked by face masks and fear, let’s carry our new minimalist attitude toward all things material. We can stand to trim our gift lists this year, to forego the annual gathering with the entire extended family and to dine in throughout the holidays. Lowering the bar will help us keep the cheer in the holidays this year and save us money at the same time.

The 2020 holiday season will likely follow the pattern of the entire year. We will celebrate differently. There may be fewer gifts and excursions and no crowded parties; however, by using the tips outlined above, you can keep the holidays cheerful this year no matter which way the infection rate spikes.

Happy holidays from Destinations Credit Union!

Your Turn: How will you keep the holidays festive this year? Tell us about it in the comments.

Sources:
https://www.msn.com/en-us/travel/tripideas/keeping-the-cheer-during-the-2020-holidays/ar-BB1bu1s1
https://dailyyonder.com/commentary-how-to-spread-holiday-cheer-during-a-covid-winter/2020/11/25/
https://www.psychologytoday.com/intl/blog/the-man-cave/202012/5-tips-successful-holidays-during-covid-19
https://news.harvard.edu/gazette/story/2020/11/ways-to-stay-positive-during-this-years-holiday-season/

Don’t Fall Prey to a Holiday Toy Scam

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He’s making his list and checking it twice. Unfortunately, though, the scammers making the list aren’t being so nice.

Scammers famously exploit high-stress times, and the pre-holiday shopping frenzy is no exception. That’s why the BBB is warning of an uptick in holiday toy scams which can be difficult to spot.

Here’s what you need to know about these scams.

How the scam plays out

Every year, there are a few must-have toys that make it onto most kids’ wish lists (this year’s most popular toys include a realistic toy dog and an animatronic baby Yoda). These choice picks become the hottest-selling items online and in stores, getting plucked off shelves in a wink. Unfortunately, for anyone who didn’t shop early enough, these toys soon become more difficult to find than toilet paper at the height of the COVID shutdown. The parents search desperately, ready to pay almost any price to make their child’s wish come true, to no avail.

Here’s where the scammer steps in. Armed with a bogus website and some crafty online tracking, the scammer targets the vulnerable shopper with ads and online messages to draw them to the scammer’s site. On the authentic-looking site, the shopper finally finds what they were looking for — the sought-after toy! Often, the toy is even deeply discounted. The purchase is completed within minutes, but sadly, the shopper’s child will not be unwrapping the much-desired toy on Christmas.

Instead, the scammer will send a cheap knockoff that doesn’t work or quickly breaks. When contacted for a refund, the scammer will either be AWOL, refuse to provide a refund or only offer to refund a small percentage of the purchase price. Sometimes, they’ll also charge an exorbitant amount of money for shipping the toy back to the company, almost making the small refund not worthwhile.

As one shopper told the BBB, she believed she’d ordered a high-quality animatronic puppy that would move and act like a real little dog.

“I wanted to get it for one of my great granddaughters,” she said. “When I received the dog in the mail, it was a small stuffed animal that you could get out of a machine at an arcade.”

Another customer paid $59.99 for a Baby Yoda toy that turned out to be nothing like it was advertised.

“It was supposed to be animated and make sounds,” the customer reports. “When I finally got it, it [was] an ugly plastic hand puppet.”

After contacting the seller for a refund, the customer was instructed to send the toy back and pay for shipping to the tune of $20 — all for a $10 refund.

Red flags

Don’t be the next victim of a holiday toy scam!

Here’s how to spot these scams:

  • The seller has a large supply of toys that are in extremely high demand.
  • The website is not secure.
  • The seller is offering a steep discount due to a “flash sale” or “last-minute” deal.
  • The seller’s website is full of spelling and/or grammatical errors.

Stay safe

Keep yourself safe when shopping online by following these tips:

  • Research before you buy. Don’t purchase an expensive item from a company you’ve never heard of before without doing some digging. Feed the company name to Google and see what the search engine has to say about it. Look up the business on the BBB website. You can also try calling the customer-service number on the website to verify the legitimacy of the company.
  • Only visit secure sites. Always look for the lock icon and the “s” after the “http” on the URL of a site to check if it’s secure.
  • Pay with credit. Paying for a purchase with a credit card will offer the buyer purchase protection and an easier time backing out of the transaction if it doesn’t turn out as expected.
  • Update your security software. For the best protection against scams, your computer should be using the most updated version of its security software
    If you believe you’ve been targeted by a holiday toy scam, end all contact with the seller immediately. Alert the BBB and let your friends know about the circulating scam as well.

Shop safely this holiday season and happy holidays from all of us at Destinations Credit Union!

Your Turn: Have you been targeted by a holiday toy scam? Tell us about it in the comments.

Sources:
https://www.wkrg.com/holiday-scams/bbb-looking-out-for-toy-scammers-while-holiday-shopping/
https://scamicide.com/2020/11/30/scam-of-the-day-december-1-2020-dont-get-burned-when-buying-the-seasons-hottest-toys/
https://www.bbb.org/article/news-releases/16580-scam-alert-looking-for-this-seasons-hot-toy-beware-of-scams
https://www.lpheralddispatch.com/columnists/guest_columnists/article_820b310b-eebb-5f22-81c0-320dbff18d1d.html

What Are the Advantages of a HELOC?

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Q: I’m looking to tap into my home’s equity, possibly using a Home Equity Line of Credit. What are some of the advantages of choosing the HELOC option?

A: A Home Equity Line of Credit (HELOC) is an open credit line that is secured by the paid value of the borrower’s home. Homeowners can generally open a HELOC with up to 85% of their home’s equity, or the difference between what’s left on their home loan and the current value of it. A HELOC provides homeowners with a convenient way to use the equity in their home.

HELOCs have a “draw” period, during which time the borrower can access the available funds. That time frame generally ranges from 5-10 years. When the draw period ends, the loan will have to be repaid, either immediately or within the next 15-20 years.

Once approved for a HELOC, borrowers can spend the funds however they choose. Some plans may require the homeowner to borrow a minimum amount at each draw, keep a predetermined amount outstanding or withdraw an initial advance when the line of credit is first established.

HELOCs are often used to fund a home renovation or expansion, but they can also be used to cover any large expense, such as a medical emergency, a new business venture, a wedding, a dream vacation, an adoption or the purchase of a recreational vehicle.

Here are some of the primary advantages of a HELOC:

Only borrow what’s needed. A HELOC does not provide borrowers with a lump sum of cash. Instead, like a credit card that is only used when necessary, the homeowner can withdraw funds from the HELOC as appropriate. This makes a HELOC a great option to pay for expenses when there is not a known price tag. Also, because the borrower is only paying interest on the money they actually withdraw, they’ll have the freedom to take out a larger line of credit and decide how much of it to use later on.

Qualify for a low Annual Percentage Rate (APR). Interest rates continue to hover at all-time lows. Opening a HELOC now means qualifying for low interest rates on the line of credit. Most HELOCs have fluctuating interest rates, but some lenders allow for the possibility of converting large withdrawals into fixed-rate loans.

Flexible terms. Terms and repayment plans for HELOCs are generally flexible. During the draw period, homeowners can withdraw funds from the HELOC as needed and use the money however they please. When the draw period ends, the homeowner may be allowed to renew the line of credit and continue withdrawing funds as needed.

Monthly payments also vary. Many lenders only require borrowers to make payments toward the interest of their loan during the draw period. Once that time is over, though, the borrower will need to pay back the entire principal of the loan immediately in one “balloon payment,” or over the course of 15-20 years. This is especially beneficial if the borrower does not have the funds to pay back the loan now, but anticipates an improvement in their financial situation within the next few years.

The timeline for a HELOC can vary depending on the lender and on how much the homeowner wants to borrow, but HELOC terms can last up to 30 years.

Potential tax benefits. As per the Tax Cuts and Jobs Act of 2017, the interest paid on home equity loans and lines of credit is tax-deductible if the funds are used to buy, build or substantially improve the home of the taxpayer who is securing the loan.

Build a credit score. There’s no need for an excellent credit score to qualify for a HELOC, and on-time monthly payments can significantly boost a homeowner’s score.

Low fees. A HELOC costs little or nothing to establish. Annual fees (if any) are also low.

When life throws an unexpected curve ball or even a unique opportunity, a Destinations Credit Union home equity line of credit can be a great option. With interest rates at record laws, taking out a HELOC makes more sense than ever.

Your Turn: Why did you choose a HELOC? Tell us about it in the comments.

Sources:
https://www.bankrate.com/home-equity/pros-cons-of-home-equity-lines/
https://www.nerdwallet.com/article/mortgages/home-equity-loan-line-credit-pros-cons
https://www.cnbc.com/2017/07/31/benefits-of-a-home-equity-line-of-credit.html
https://www.mortgageloan.com/heloc-advantages
https://www.fool.com/millionacres/real-estate-financing/helocs/your-home-equity-line-credit-heloc-trap/

Secret Sister: An Illegal Pyramid Scheme

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It’s baaaack! The “Secret Sister” holiday gift scam has reared its crooked head again, just in time for the holidays.

While the festive season brings lots of joy and cheer, it also brings out the grinches who are looking to steal not only your holiday bliss, but also your identity and peace of mind.

How it plays out:

What seems like a fun way to bring cheer to many within the social media-verse is actually an illegal pyramid scheme, according to the U.S. Postal Inspection Service (USPIS).

Akin to the old-timey chain letters of days gone by, the Secret Sister gift exchange calls for participants to buy one gift of at least $10 value and send it to your “secret sis.” In exchange, they are promised to receive 6-36 gifts in return.

The catch is, participants need to provide not only their personal information, but provide information of members from their social network. Then, those people have to provide their friends’ information, and so on, and so on…

Once the chain is broken — which is usually the case, especially during the holidays when nobody has time to shop for and ship a present to a stranger — the original participant is out $10 and will probably never get one gift, let alone 36!

Just like any other pyramid scheme, according to the Better Business Bureau (BBB), Secret Sister counts on “the recruitment of individuals to keep the scam afloat. Once people stop participating in the gift exchange, the gift supply stops as well, and leaves hundreds of disappointed people without their promised gifts.”

The USPIS considers gift exchanges (newer scams feature exchanging bottles of wine) a form of gambling. Participants could be charged with mail fraud as well as face fines and jail time.

When the scam first appeared on Facebook in 2015, the USPIS posted, “Fraudulent pyramid schemes typically violate the Lottery Statute (Title 18, United States Code, Section 1302). They contain all three elements of a lottery: prize (expectation of monetary or other gain from participation in the pyramid); chance (the monetary return you may receive from your participation is entirely up to chance, that is, dependent on the efforts of those below you in the pyramid) and consideration (the price of your gift to join the pyramid).”

Protect yourself:

Delete it:  Even though it seems lovely to receive many gifts from all over the globe, it could cost you your identity and your freedom. Disregard any social media post, email or letter asking to be a Secret Sister.

Report it: Let the social media platform you’re using know about the circulating scheme by clicking on “report post.”

Protect it: Restoring your identity is no joke! Keep your private information to yourself.

Question it: Some of these fraudsters actually have the gall to claim these schemes are not only legal, but are endorsed by the U.S. government. Nothing could be further from the truth! Pyramid schemes are illegal and would never be promoted by any government agency.

Don’t get on the naughty list this holiday season. Steer clear of the Secret Sister or any other social media gift exchange, keep your money and your identity safe, and jingle all the way to a happy holiday! For more scam alerts and financial tips, see other posts on Destinations Credit Union’s blog: Reaching Your Financial Destinations.

Your turn: What’s your experience with social media holiday gift exchanges?

Sources:
https://www.cbsnews.com/news/secret-sister-gift-exchange-scam-facebook-returns-today-2018-11-13/
https://www.bbb.org/article/scams/18854-bbb-warning-secret-sister-gift-exchange-is-illegal
https://www.uspis.gov/holiday-readiness/

Save Money This Holiday Season with These DIY Gift Hacks

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Love the holidays but hate the Santa sticker shock that follows? No need to spend your way into debt this Christmas. Keep costs down and make the holidays more meaningful by gifting your loved ones with personalized homemade presents. From pamper-me packages crafted with care, to home décor that costs just a few dollars, to home-baked goodies that say “I love you,” the sky’s the limit when you DIY! Here are 13 homemade gift ideas from across the cyber-verse collected for Destinations Credit Union to help get you started.

Sugar cookie sack

Everyone loves pulling freshly baked cookies out of the oven, but who wants to bother with measuring and mixing all those ingredients? Make it easy for your loved one with this adorable sack of sugar-cookie mix. Decorate the sack to make it personal, and you’ll have a heartwarming gift costing less than $10.

Fleece blanket

Help your friends and family gear up for winter with a cozy fleece blanket. If you’re handy with a needle, you can design a deluxe version of this fuzzy piece of heaven; otherwise, keep it simple, sweet and oh, so cheap.

Pedicure kit

Has your friend been pining for a pedicure? Gift them with all they need to make their nails sparkle with a “for your mistletoes” nail kit! Fill a $7 Mason jar with polishes, filers, a buffer and everything else they need for a spa-at-home experience.

Wall clock

Dress up a flat circle of wood with some beautiful material, attach a clock kit and voila — homemade designer décor for just a few dollars! This clock makes the perfect gift for the friend who’s just moved into a new home or dorm room. Learn how to make your wall clock here.

Bubble bath gift set

Who doesn’t love a relaxing bubble bath? This gift makes it possible with a complete bubble bath kit, including chocolate, bath salts, a candle, soaps, a pouf and more. Learn how to create your own at Sugar and Charm.

Instagram picture frame

Round up your friend’s best Instagram snaps of the year with this creative desktop frame. This gift will make them smile all year long.

Infused vodkas

Flavor your own vodkas and give your friends a unique gift they’ll enjoy for days to come. Choose between classic flavors or experiment with brave new ideas, like spicy citrus and cucumber tarragon. Get the tutorial for infused booze here.

Money tree

Who says money doesn’t grow on trees? Give the gift of cash with an adorable holiday-themed presentation by rolling up stacks of bills into tree boughs. Learn how here.

Recipe box

This one is for the friend who dreams of starring on “Chopped.” Fill this personalized, decorated recipe box with their own best recipes and add a few new gems for their collection. They’ll think of you every time they cook up another storm. Check out Club Crafted to get the full tutorial.

Snowball bath bombs

Bath time is fun again with these peppermint-infused bath bombs! Package inside plastic ornaments for a real holiday treat.

Rainbow candles
We’re all spending more time at home these days, and what better way to light up a cold winter evening than with these gorgeous rainbow candles? All you need for these eye-catching creations is a bit of time and some old crayons.

Painted picture frames

Dress up dollar-store picture frames with colored chalk paint for the perfectly memorable gift. Learn how at Make Your Mark.

Reindeer gift card holder

This holiday-themed card holder is the perfect present for that friend who owns a collection of gift cards and needs a place to keep them safe. You can also use it to dress up a gift card and make it more personal. It’s made out of leftover toilet paper rolls and basic craft materials you likely already have at home.

Keep the stress out of the holidays this year with our DIY gift hacks. It’s all the shared love with none of the debt. Plus, creating these gifts will keep you busy as you ride out a quarantine or avoid crowded malls during these pandemic times. Who knew holiday gifts could be so much fun?

Your Turn: What’s your favorite DIY gift hack? Share it with us in the comments.

Sources:
https://homehacks.co/75-cute-inexpensive-diy-gifts/
https://www.goodhousekeeping.com/holidays/gift-ideas/g1266/handmade-gifts/
http://www.fabricpaperglue.com/2012/05/1-supply-3-projects-decorative-gift_10.html

Is Black Friday Still On This Year?

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Black Friday has gotten a bad rep in recent years.

From shoplifting to stampedes, nothing rings in the holidays more fondly than a couple of soccer moms doing battle in the aisles over the last bargain Barbie on the shelf.

Violence aside, though, Black Friday is the high holiday for serial shoppers. Social distancing and mask wearing are not going to keep them away from the thrill of the deal at a brick and mortar store. But it does beg a few questions. Here’s some answers.

Is Black Friday canceled this year?

The answer is a resounding NO!

Camping out at Best Buy to snag a giant TV at rock-bottom prices might not be a thing this year, but, despite the pandemic, a total of 9% of those surveyed by Shopkick are planning to shop in store only; 71% said they will shop both online and in-store and 13% said they will only shop online.

How is shopping different this year?

Black Friday deals have been happening since the Halloween candy was cleared off the shelves. Many retailers are already offering online and in-store deals with lengthier sale periods to keep shoppers safe and happy.

Some stores, like Work the Metal in Louisville, KY, have made special accommodations to keep shoppers safe like widening the aisles, adding cash registers to avoid congestion and limiting the number of shoppers allowed in the store at any one time. They are even offering shopping appointments.

How can I get the best deals?

  • Be prepared with a game plan, and most importantly, a budget.
  • Study the circulars and online ads.
  • Collect online coupon codes.
  • Know the pre-discount prices, so you know if you are truly getting a bargain.
  • Shop online early to avoid shipping delays.
  • Use ship-to-store with curbside pickup to avoid shipping costs.
  • Downloads apps, like Dealnews, to view the most updated sales.

I own a business; how can I keep my customers and employees safe?

  • Keep high-touch areas clean and sanitize often.
  • Provide hand-sanitizing stations at store entrances.
  • Limit the number of shoppers in the store at any one time.
  • Require shoppers and employees to wear a mask (already a mandate in most states).
  • Install barriers between checkout aisles and between the customer and cashier.
  • Offer curbside pick-up.

Destinations Credit Union hopes you will enjoy a safe and thrifty holiday season!

Your turn: What’s your plan for Black Friday?

Sources:
https://www.shopkick.com/partners/blog/how-top-performing-black-friday-marketing-campaigns-will-look-this-year-fc/
https://fokoretail.com/customer-safety-black-friday-2020/
https://www.usnews.com/news/best-states/kentucky/articles/2020-10-25/how-retailers-are-reinventing-black-friday-during-covid-19
https://www.dealnews.com/features/black-friday/black-friday-strategies/

Tracking Holiday Spending Keeps Seasonal Stress Down

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Nothing is more heartwarming than seeing your loved ones’ faces light up when they open that perfect gift you (err, Santa) gave them.

Tyler’s new bike, Olivia’s new tablet and that gift card to mom and dad’s favorite steak place all add up to wonderful holiday memories… until the credit card statements show up.

The holidays will look different this year due to the COVID-19 pandemic, which is why most people will try even harder to make the season brighter for others. But, you don’t have to dip into Tyler and Olivia’s college savings to create a special time for everyone!

The most important thing to remember is to plan ahead: Have a set spending amount for gifts, wrap, entertaining, donations and travel.

Make a list and check it twice

Many are struggling financially this year, so it will be no surprise to those outside your family if your gift-recipient list is shorter this year. Once you trim your list, make a holiday treat or handmade token for those who got the cut. It really IS the thought that counts.

Once you have your list complete, figure out a realistic amount to spend on each person. Jot down a couple of gift ideas in your price range for that person. Try a budgeting app like PocketGuard, Clarity Money, Goodbudget, or Mint to allocate/track your money and see how much you can really afford.

The iSpending app uses charts to show your expenses and how much you have left to spend, while CashTrails allows you to separate your normal expenditures from special purchases like holidays and travel.

Shopping

Due to the pandemic, holiday shopping is already in full swing. Most people want to avoid crowds, so they are already hitting the malls. Retailers are well aware of this trend, and are offering pre-Black Friday sales and discounts.

Spreading out your holiday shopping over several weeks also makes it easier on your budget. Always shop with a list and keep track of your spending. As you buy your gifts, subtract from your total budget.

In addition to shopping the sales and collecting coupon codes for online purchases, know when to buy. December is the best time to buy cars, appliances, winter clothing and electronics. Also, know how much items cost before a markdown to know if you’re really getting a deal.

It is expected that online shopping will increase by 35% this year because shoppers don’t feel comfortable being in stores. Some states still have restrictions limiting retail establishments’ capacity and store hours.

If you’re shopping online, order early and expect delays in shipping. Increased shopping during the holidays will affect already-strained delivery companies. To avoid shipping delays and higher shipping costs, shop at stores that offer “buy online, ship to store” service. This service is free at most retailers, some of which offer curbside pickup.

Get the best deals on cards, decorations and gift wrap during the days right before and after Christmas. Discounts of up to 75% off can shave a lot off your holiday budget for next year.

Entertaining

Still reeling from the pandemic, most folks will host smaller holiday gatherings this year, which will save tons on food, treats and adult beverages. Many people are still working from home, so work parties and gift exchanges also will be virtual or postponed, keeping cash in your wallet.

If you’re hosting guests, keep costs down by asking everyone to bring their favorite side or dessert and include festive recipe cards with the chef’s name.

For the adults, serve a warm mulled wine or holiday punch or make one festive signature cocktail.

Use DIY decor featuring natural items, like holly and pine cones. Gather the kids and go on a hike to find outdoor holiday decorations. Not only will it save you money, but it will also give you some stress-free outdoor time with your family.

Save more by partying without plastic. Disposable plates and dinnerware are not great for the environment or your budget.

Travel

If you must travel home for the holidays, don’t forget to figure in other incidentals beyond gasoline and the cost of a plane ticket.

If you’re traveling by car, gas prices have luckily seen a steady dip. Still, the GasBuddy app can help you find the best prices for gasoline wherever you are, and you can even pay from the app. Don’t forget to figure in tolls and any emergency costs that may come up.

If you’re flying, consider baggage fees, parking and shuttle costs and the expense of ground transportation once you arrive.

And don’t forget Fluffy! You’ll need to pay someone to take care of your furry friends. The Rover app can help you find pet care options near your home.

Charitable giving

The holidays are a time for goodwill toward all. But if your budget cannot accommodate a monetary donation, volunteer your time. If you are able to make a financial donation, be sure to check that the charity you are supporting is legitimate by consulting Charity Navigator.

Keep your holidays dollars in check, and you may have some holiday spirit left over even after the last elf is packed away and the January bills start rolling in.

We at Destinations Credit Union wish you all a happy, healthy and stress-free holiday.

Your turn: What are your best tips for sticking to your holiday spending plan?

Sources:
https://www.forbes.com/sites/blakemorgan/2020/10/26/5-ways-holiday-shopping-will-be-different-in-2020/?sh=637316b51558
https://www.thebalance.com/how-to-stick-to-your-holiday-budget-2385688
https://www.mentalfloss.com/article/60171/11-innovative-ways-track-your-holiday-spending
https://www.hgtv.ca/entertaining/photos/holiday-entertaining-on-a-budget-1922279/#currentSlide=1
https://www.gasbuddy.com/app
https://www.moneycrashers.com/create-holiday-budget/

5 Quick Tips To Save Money

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Review your miscellaneous spending this month and find ways to cut back. Try to give up a subscription you don’t really need, brown-bag it to work another few times a week and skip the gym membership by getting your workout at home. Small purchases add up quickly!

Fast food is super convenient — and expensive. It’s not that great for your health, either. Try to slow down on your fast-food purchases this month by thinking ahead. Keep some snacks in the car to help tide you over when you’re pulling a late night and have some drinks on hand as well. Save time, calories and money by putting the brakes on your fast-food purchases.

It’s time to get your house ready for winter! As you weather-strip your home and check for air leaks, look for exposed pipes as well. If you find any, wrap and insulate them carefully so they don’t freeze up when the temperatures fall. A few minutes of your time now can save you the hassle and cost of fixing burst pipes in the dead of winter.

Give your car the care it deserves by getting it a routine service check this month. You’ll possibly catch any developing issues before they become major, and add years of life to your vehicle. You may even get better fuel mileage by making sure everything is in proper working order.

Putting aside money each month to use for some vague purpose sometime in the future can be super challenging. Make it easier by creating a spectacular goal for your savings. Is there a dream vacation you’d love to take? Maybe you’re hankering after an RV or a new entertainment system. Write down your secret dream and figure out exactly how much money you need to make it happen. Then, set up an automatic monthly transfer from your Destinations Credit Union checking account to your savings account to make it even easier. Start your savings momentum today!