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No Spend November? No Problem!

Alex Noga Alex Noga No Spend November? No Problem!
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Tips on avoiding holiday debt and gaining back your financial stability

The holidays can be a financially stressful time for everyone. Did you know that nearly 134 million Americans will go into debt during the holiday season? One great strategy for keeping your holiday spending under control and your finances in check is a No Spend November—one month of only making purchases for must-haves and cutting our any unnecessary spending.

You may be wondering, how am I supposed do No Spend November around the holidays? I have things to buy for Christmas and people to host for Thanksgiving–it’s nearly impossible! The truth is many people have a habit of spending money mindlessly, especially around the holidays, and it can add up quickly. Here are some tips that can help you be conscious of your spending in the month of November. You will be shocked at how much you can save by implementing this month-long challenge!

Tip #1: Freeze that credit card. Any barriers between you and your credit card will be immensely helpful to stop mindless spending. Take your credit cards out of your wallet and put them as far away as possible (you could literally freeze them like they did in this video). Also, be sure to un-save all of your payment information on your computer. This will make it harder for you to give in to the temptation and give you time to think about if the purchase is truly worth it.

Tip #2: Preparation is key. Think about your purchases and what they all tend to have in common. Do you typically swipe your card when you’re making a last-minute decision? For example, when you’re out and about and suddenly get hungry, do you swing into the nearest fast food place and buy a snack? This is just one example of a time when a little preparation could’ve saved you some cash. In these instances, try packing snacks you already have at home before leaving the house.

Tip #3: Make a budget and stick to it. Making a list of what you actually need to purchase, setting a budget, and sticking to that budget is the best way to not overspend. Think to yourself, how many people will I be serving at Thanksgiving? What are the exact dishes that I want to cook and what can I delegate to my guests? How many people do I need to buy a gift for Christmas and what is the maximum amount of money I want to spend on each person? These are all great questions that can help you create a clear, concise budget for the holidays that won’t cause you to go into debt.

Every person’s situation is different, but we encourage you to incorporate these tips at the beginning of November and watch as your financial situation begins to become less of a burden.

Telhio Credit Union understands that people are looking for a sensible solution to help pay off their credit card debt and gain back their financial stability. If you need assistance with your budgeted holiday shopping or want to relieve some of that hefty credit card debt, Telhio is offering a Holiday Personal Loan with low rates that can help. Learn more at telhio.org/holidayloanoffer.

This is a mutli-part sponsored series presented with paid support by Telhio Credit Union.

Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers 9 branching offices throughout Central and Southwestern Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Equal Housing Lender. NMLS #251831

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