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Financial Education

This Holiday Season, Smart Spending Puts You in Control of the Cart

If you aren’t smart about holiday spending, you could find yourself in trouble before the icing dries on the cookies. 

You can avoid financial mishaps by using simple spending strategies for this year’s shopping season:

  • Create a spending plan—To track expenses you need a budget: Who are you buying for? How much will you spend on each individual? Have specific gifts in mind.
  • Shop before leaving home—Comparison shop online to find which stores carry the items you’re looking for and the best price. Flag items in flyers and catalogs and bring with you to the store.
  • Limit time at the mall—Shop during lunch hours or during your child’s basketball practice so you don’t have “too” much time.
  • If you use a credit card, be committed—Ideally don’t charge more than you can pay off when the bill arrives. If that’s not possible, don’t charge more than you can pay off in the first quarter of next year.
  • Beware store cards—These cards generally have higher interest rates than general use credit cards.
  • Disregard “buy now, pay later”—It’s easy to bring a big purchase home without much thought when you don’t have to pay for it for six months. Be cautious: If you don’t pay off the item by the due date, you’ll be socked with outrageous interest expenses.

If you need help with a holiday spending plan, talk to the professionals at SIU Credit Union. Call us today at 1-800-449-7301

Need some extra cash this season? Apply online for a Santa’s Helper Personal Loan. Rates as as low as 5.99% APR* for up to $5,000 for a 24 month term. Plus, no payments for 90 days. Click here to learn more.

Copyright 2015 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved. *Annual Percentage Rate.  Individual rate is determined by an evaluation of the applicant’s credit history. Your actual rate may vary.  Offer subject to credit approval.  All rates subject to change at any time without notice.  Maximum advertised loan term is 24 months. 36 month term available at a higher rate.  No additional deductions allowed off promotional rate.  Payment is deferred for 90 days.  Interest begins accruing upon disbursal of loan.  Offer valid November 1 – December 31, 2015. Payment example: 5.99% APR for 24 months is $44.32 per $1,000 borrowed.  Membership required.  Federally insured by NCUA.  Call 800-449-7301 or visit www.siucu.org for additional information.

 



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