SafeAmerica Credit Union

Antioch Unified School District

• By Kevin Alvarez

Coping with Inflation

Inflation continues to put pressure on household budgets. From groceries to gas, record-breaking inflation means the purchasing power of your money is decreasing each month. Below you will find guidance on how to best navigate a time with high inflation.

1. Take Inventory of your full financial picture. Has your household income changed? have you adjusted your budget for rising groceries, transportation, or other expenses? Check your existing budget to see where you stand and where your money is going. If you don't have a budget, it can help to create a simple spending plan or roadmap of monthly expenses. A good place to start is to use resources like a budgeting worksheet track your monthly income against current expenses.

2. Continue to build an emergency fund to tap into when unexpected circumstances arise like a medical expense or costly home repair. An emergency fund helps reduce the chance of taking on debt to cover an unplanned expense. It might be tempting to pause monthly savings as rising prices take a bigger bite out of your monthly budget, but resist the urge. Put savings on auto pilot with each paycheck. Even a small amount will add up over time.

3. Prioritize monthly spending in a time of rising prices. Rethink certain monthly expenses such as subscription or streaming services. According to researchers, the average household has 4.5 streaming services and spends an average of $55 on them per month. This may not seem like much, yet $55 a month adds up to more than $600 per year. If you’re trying to cut expenses in the face of higher prices, ditching underused subscriptions can be a good place to start. As essentials get more expensive, figure out your new baseline. Limit credit card use and curb discretionary spending (dining out, entertainment). GreenPath’s Aligning Priorities workbook can help you make these decisions.

4. Monitor debt, especially as interest rates rise. Paying off high-interest credit card debt saves you money in interest, improves your credit score, and frees up room in your budget. Choose a debt payoff strategy that works for your situation. Consider GreenPath’s Debt Management Plan which helps you pay off unsecured debt in 3 to 5years. GreenPath can work with many creditors to bring your ac-counts current, lower interest rates, and eliminate fees.

5. Shop smart. Research the best sales, coupons, and specials, especially on products that are low in inventory. Check dollar stores for deals on household items and stock up on those items where possible. Bulk retailers or wholesale clubs might be a good way to stock up on items in large quantities for a lower per-use cost. Strategically plan your higher-cost purchases. Swap out brand-name items for generic as much as possible.

6. Keep tabs on your credit history. In times of rising prices, it pays to keep tabs on credit history, which is used to calculate your credit scores. The three digit number of your credit score helps determine whether lenders approve you for new credit and what interest rates they offer. Annualcreditreport.com is a trusted “one-stop-shop” to check your reports from Experian, Equifax, and TransUnion – the three industry-standard credit bureaus. You can also work with GreenPath to review your credit history.

7. Get independent guidance from a nonprofit financial counseling agency like GreenPath. Counselors look at your entire financial picture to help you ease financial stress and uncertainty, through access to clear information and a personalized action plan.

Information brought to you by our partner, GreenPath Financial Wellness

GreenPath Financial Wellness

• By Kevin Alvarez

Choosing The Right Credit Card

There is no right or wrong answer to the question, "Is this the right credit card for me?" You need to understand the various features and benefits of the credit card, and then make a decision after comparing a few options. Here are some guidelines to help you with choosing the right credit card:

Understand What The Fees Really Mean

Don’t pick a card just because it offers a zero annual fee. Many unsecured credit cards still offer a zero annual fee these days. Banks understand that a “no annual fee” card is attractive to many consumers. This doesn’t mean you should never consider a card because it comes with a fee – if the card comes with a substantially lower interest rate, that might justify paying the annual fee. Or, the perks and benefits that come with the card (such as airline frequent flier miles) might outweigh the downside of paying an annual fee.

Understand all the fees that could be applied. Credit Card agreements will disclose the possible fees that could be charged to card holders:

  • Annual fee – The card’s annual fee is simply the amount that is charged to you, as the cardholder, for using the card each year.
  • Cash advance fee – This fee is charged to the account when the card is used to process a cash advance (if the card has this feature included). The cash advance fee may be accessed either as a flat fee amount or as a percentage of the cash advance amount.
  • Balance-transfer fee – This is a fee that is charged if you are transferring a balance from one card to another — often 3% of the transferred amount.
  • Late payment fee – This fee is fairly self-explanatory. You are charged a fee if your payment arrives after the invoice due date. Fees could be as high as $39-$49 per month.
  • Over-the-credit-limit fee – This is a penalty fee that is accessed when you make a purchase that goes above your current credit limit. Fees could be as high as $39-$49 per month.

Look For The Lowest Interest Rate

If you’re not going to pay off the balance in full each month, choose the card with the lowest annual interest rate. Don’t get distracted by offers for cash back or rewards. The amount you will pay in interest charges will exceed the value of the perks.

Creditors will determine your interest rate AFTER you apply for the card. The rate will be based on your credit history. A solicitation in the mail to apply for a card is not a guarantee that you will receive a particular rate. Once you apply and the lender reviews your credit report, you may get approved for the card but at a higher interest rate than you thought. Finally, understand that your rate can change – credit cards are unsecured lines of credit, and creditors often use variable interest rates which adjust based on economic and market conditions.

Get Value From Perks, but Don’t Get Distracted by Them

If you’re going to pay your balance in full each month, consider a card that offers something you really value. The interest rate here doesn’t matter, since you’ll be paying your balance off immediately. Cash-back options are an example.  Once you accrue a certain level of spending on the account, you become eligible to receive a cash-back “reward.” There are other perks such as travel rewards, frequent flier miles, roadside assistance, insurance, and “member-only” privileges that could be attractive to the card holder.

Don’t pick a credit card just because it offers great rewards or cash back. Credit cards that offer cash back or perks may sound great, but if rewards come with many strings attached, then it might not be worth it. If you aren’t sure whether you’ll pay the balance in full each month, a high APR may cost you more money than you save with the rewards. Also don’t pick a credit card just because it has a low introductory or “teaser” rate. The introductory rates are only a fraction of the total time the average person retains a credit card.

Go For Low APR

In general, opting for a credit card with a low APR is a good approach. If you are one of the 30 percent of Americans who pay their credit card balances in full each month, the interest rate is irrelevant to you, since almost all cards come with a grace period allowing a period of time to pay the balance in full without incurring interest fees. However, if you regularly carry a balance on your credit cards, the interest rate should always be a top consideration.

Talk to your credit union, and understand their different card products.  Compare the terms and rates from national lenders, and most importantly, always use the card wisely and within your spending means.

Your Credit Union Can Help

Because we're a credit union, we are not-for-profit, so our earnings are returned to our members in the form of higher dividends, lower loan rates and reduced fees. As a SafeAmerica Credit Union member, you have exclusive access to our Visa Platinum Rewards credit card. Our card offers no fees - not even for balance transfers!

You get:

  • Rates as low as 9.90%APR
  • Rewards points, one for every dollar you spend
  • No annual fee
  • No balance transfer fee
  • No cash advance fee
  • More!

Plus, for a limited time, we offering our cardholders a chance to win one of three Amazon gift cards, up to $1,000*, just for using our card. For full details, click below.

Learn More

APR (Annual Percentage Rate) as of 7/1/22, is based on credit worthiness and is subject to change without notice. Cash advances and balance transfers do not qualify to earn rewards points.  Program is subject to terms and conditions.

*Minimum 5 credit card purchases but no more than 30 in the promo period (July 11 – August 19, 2022) required for sweepstakes entry. Each time you use your card acts as one entry.  Balance transfers and cash advances do not qualify as a card transaction/raffle entry. Promotion valid July 11, 2022 through August 19, 2022.  See official contest rules.

• By Kevin Alvarez

Is My Employer’s Life Insurance Enough?

If you’re like a lot of people in the workforce, you might have signed up for your company’s life insurance program as soon as it became available. Registration was simple, and the insurance most likely costs you little or no money. Choosing to join might have been an easy decision.

But is basic life insurance through an employer enough to meet your needs? According to a survey, 29%1 of workers believe that it is. But you might be shocked to discover that it may not be.

How Does “Work Life Insurance” Work?

Employer-provided life insurance is a type of group life insurance because the plan covers everyone who chooses to participate at your company. Employers enter into a contract with a central insurance agency to provide life insurance coverage conveniently to all their employees.

Employer-paid life insurance often means that your company will pay the entire monthly bill for your insurance. But this isn’t always the case. In some instances, your employer will pay most of the cost, but you’ll still have to pay a small amount that’s typically deducted from your paycheck.

Why Do Employers Offer Life Insurance?

Group life insurance makes an excellent addition to an employee benefits package. Companies that offer free life insurance often have a hiring advantage over a business without a group plan.

One reason for the benefit’s popularity is that even workers with serious health issues usually find it easy to get insurance through group coverage. Everyone at the company automatically qualifies because the insurance company doesn’t mind accepting the risk of insuring a person with health challenges as long as most of the other insured coworkers are healthy.

How Much Does An Employer Provide?

The median coverage for a company employee is $20,000 or one year’s salary.1 Some companies may offer you a plan that pays two or three times your salary.

If you need more insurance, employers may give you the chance to purchase an additional amount of insurance through the company’s group plan. Even then, however, there are still a few points to consider before deciding whether employer-provided insurance meets all your coverage needs.

Does My Employer’s Life Insurance Meet My Needs?

Is the amount of coverage your employer offers enough for your family? Will they be able to get by on $20,000 or on the equivalent of one or two years of your salary?

One consideration may be whether you want enough insurance to help pay off your debts and provide for your children’s education. In addition, there may be other reasons why you need a larger insurance payout than what your employer’s insurance offers. For example, you may have an aging parent who relies on your income. In that case, you may want to factor in the cost of providing quality nursing care for that person after you’re gone. If you have questions about your needs, speak to a licensed agent.

Even if you are able to apply for more coverage through your employer-provide coverage, you may have to answer medical questions or get a physical. In that case, some medical conditions could prevent you from adding to your policy. Or you might be asked to pay more than you can afford.

Does My Employer-paid Life Insurance Carry Over From Job to Job?

Maybe the biggest drawback of relying entirely on life insurance from your employer is that, in most cases, the insurance provided by your company covers you only as long as you remain at the company. Typically, the insurance coverage stops when you leave, whether it’s because you resigned or because you were laid off or fired. If you see yourself leaving your job at some point in the future, you will need to think about how to replace the coverage you had. If you’re lucky, your new employer might also offer life coverage. But there’s no guarantee it will.

One Option: Convert Employer Insurance To Personal

One way around the problem of losing your life coverage when you leave your job is to convert your employer-provided life insurance to personal life insurance, if your company gives you that option. Usually, no medical exam is required when a person makes the change. But once your coverage goes from group to personal, you, rather than your employer, will be responsible for making your full monthly payments. And at that point you might be able to get a better deal on both the cost and the amount of coverage if you just leave the employer policy behind and shop around for a new insurance policy.

Should You Get Life Insurance Outside of Work?

The insurance provided by your employer is a great benefit. But it may not be enough. So, carefully calculate how much insurance your family needs and, if you need more coverage, consider purchasing a separate personal policy in addition to the group policy you have through your workplace.

SafeAmerica Can Help

Trustage Life Insurance

Life insurance can be a simple, affordable way to help protect your family if you pass away. It can provide your loved ones with money to help pay for things like mortgage or rent payments, day to day bills or medical and funeral bills. SafeAmerica has partnered with Trustage to provide you with affordable, member-only pricing on life insurance and more.

For more information and to get an instant online quote, click below. 

SafeAmerica: Home, Auto and Life Insurance

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1 2021 LIMRA’s Life Insurance Barometer, “Top Misconceptions About Life Insurance”. 

• By Kevin Alvarez

The 12 Scams of Christmas

Shopping online during the holiday season is extremely convenient, so long as you don't fall victim to any of the 12 Scams of Christmas.

Thanksgiving has successfully served as a great distraction from the “New Normal” we have been dealt with. The good thing about the holiday season is having major holidays back to back with a short intermission in between. During this intermission, many take the time to try and finalize their holiday shopping before reuniting with their family and loved ones. Finding the best deals used to be about leaving to your favorite department store to “beat the lines”. Remember a time when people would camp outside of stores for Black Friday deals? Unfortunately with the sudden change in times due to uncontrollable forces, society has pivoted to increasing its use of smart devices/computers to complete transactions which would usually be done in a physical location.

Need a meal? You can get one delivered to you that isn’t pizza. Need groceries? You can get that delivered too, and so on. Retailers have had to adjust in the same manner as the food industry, to accommodate the demands of consumers. While it’s always great to see companies changing their processes to better serve their customers, many scammers are taking advantage of the multiple trends currently present, to attempt to fool shoppers into sending them money or valuable items.

Based on the Better Business Bureau (BBB) Risk Index and reports submitted to BBB Scam Tracker in 2020, the 10 riskiest scams listed in Table 1 pose the most significant risks to consumers.

 

The current affairs of what has happened throughout the Bay Area and Los Angeles has further encouraged shoppers to shop online and with this, an increase probability of coming across a scam online. Scammers are using the social pressure of getting the best “deal” to have distracted consumers easily fall into their online traps. As mentioned before in blogs from earlier days of the pandemic, scamming activity has increased dramatically since March of 2020 and the holiday season is a feeding frenzy for scammers everywhere.

People ages 18-24 had the same median dollar loss ($150) as that of ages 65+ ($150) (Figure 5).

Below is a list of 12 trends the BBB has compiled to help inform consumers of the malpractices used to steal from people who are online.

1. Misleading Social Media Advertisements

After tailoring in their target demographics, scammers have been posing as small businesses and/or charities to win over consumers through an emotional tie-in. When consumers “buy” their goods, they are often reported to the BBB to receive counterfeit goods or even unwanted reoccurring charges for “free trial offers”. You can read more about misleading ads here: Misleading Ads

2. Social Media Gift Exchanges

Gift exchanges have always seem to work best in person, but with everything switching over to online, an online gift exchange seems doable right? Well, there are a few going through the internet that state if you send one gift, you could receive up to 36! As most can share, if it sounds too good to be true, it most likely is NOT true. This scam works like this: A friend or family member from your social media network sends you a message to sign up to participate in a “fun program”. You just need to provide your personal information such as contact information and address, (FYI since 2017 raw personal data is worth more than raw oil) along with personal information of a few of your friends and information of other gift exchange participants. After doing so, you would have to send a gift to one of the “other gift exchange participants”. At the end of it all, you “gifted a stranger” something and added to a list of personal information, which most likely will be sold to other scammers to try to take from you. You can read more about them here: Social Media Gift Exchanges

3. Holiday Smart Device Applications (Apps)

The Apple App Store and the Google Play store have lots of interesting apps and one can easily fall into the rabbit hole of apps that you may deem of use, but how many of the apps you already have downloaded do you already use on a consistent basis? What data is being collected from you? Some apps require you to purchase them before you download.  Typically when paying for an app, you won’t be seeing much or even any advertisements from within the app. However, free apps tend to have an overwhelming amount of advertisements, collect data and habits of the user and more often than not, force users to watch a “short video” to either claim in-app currency or continue to play/participate with the app. There are some situations in which the advertisements are inappropriate to younger users. So how does all this information tie in to our list? Well there are numerous holiday-themed apps which are aimed at children, these apps “provide” youth the opportunity to video chat live with Santa Claus, watch Mr. Claus feed his reindeer live, monitor his sleigh’s location on Christmas eve and even share their holiday wish lists to the north pole. Make sure to update your smart devices to require a password to allow app downloads, thus forcing your little ones to ask for your permission which in-turn allows you to read reviews and make the final call of approval. To read more about holiday apps, click here: Holiday Apps

4. Alerts About Compromised Accounts

These days everyone has a digital subscription or consumer relationship with a tech giant or two or three or more. Since the shift to digital, scammers have been posing as big businesses and either calling, texting or emailing in regards to the recipients accounts being compromised. No matter how you receive this notification, the scammer will use the company’s logo, colors and language to try and create an official alert. What follows, is a link to a website posing as the legitimate company that may ask you to log in using your account number, username/password and even your social security number. Entering this information could cause you to be a victim of fraud, especially when your private information has been given to the scammer. If you receive a call and something seems off about the situation, its best to hang up and call the company through a number that is from a legitimate source. There are even tactics that allow scammers to call under a number that the company may use. If you receive such text or email communication, rather than following any links, go to the organizations legitimate website and find their contact information to verify your accounts status. To read more about compromised accounts, click here: Compromised Accounts Scams

5. Gift Cards

There are a handful of websites and online vendors which sell gift cards legitimately, but as with everything, there are always a few bad apples waiting to be picked. When buying online, verify the website you are using is legitimate, it is always best to buy directly from the merchant’s website. There are also websites that claim to check your gift card’s balance. While convenient in hindsight, there is a possibility of the site taking your gift cards information, especially if they ask for your PIN/security code for your card. A solution would be to check the balance inside a major grocery store chain. Even when purchasing a gift card in-store, there are some important things to keep an eye out for; are any sensitive numbers (like the PIN/security number) exposed? Are there any tears or physical signs of tampering anywhere on the packaging of the card? To read more about gift cards, click here: Gift Card Scams

6. Temporary Holiday Jobs

The holiday season always brings the opportunity to find work. This year, with the combination of supply chain issues and everyone trying to order their gifts in time for the holidays, delivery and shipping services are the top holiday employers. These jobs which may be seasonal often provide the opportunity to employ for the long term. So with this in mind, scammers use the avenue of employment opportunity to steal important personal information from people looking for work. There are numerous tactics used by scammers, some are asking prospective employees to provide payment for job supplies, application, background check and/or training fees. This payment is what they take from you. You should never have to pay and the company should be able to provide resources not the other way around. Another popular scammer tactic is “employers” claiming to pay big amounts of money for “simple” office tasks. These situations are often scammers trying to collect masses of personal information, which may result in some fraud further down the line. To read more about temporary holiday jobs, click here: Temporary Holiday Jobs

7. Look-Alike Websites

Scammers impersonating websites have continued to be a convincing method in which people fall for. Similar to number one on this list (Misleading Social Media Ads), these fake websites are made to look like the legitimate company’s version, such as having the same layout as the legitimate counterpart but with the intention of having unsuspecting people make a payment or even trick people into downloading malware onto their personal computers. To learn more about look-alike websites, click here: Look-Alike Websites

8. Fake Charities

According to the Better Business Bureau, did you know 40% of all charitable donations are done within the last few weeks of the year? With the abrupt transition to using digital services stemmed from the pandemic, many charitable organizations have shifted from in-person fundraising to directing donors to help make a difference via online drives. It is recommended to avoid making donations to unfamiliar organizations online unless you can verify it is from a reliable and legitimate organization. To learn more about fake charities, click here: Fake Charity Scams

9. Fake Shipping Notifications

Due to the never ending status of current events, most shoppers have been keeping all in-person activities down to a minimum and have completed their holiday purchases via their favorite online retailers. Doing so, has brought in an influx of scammers sending out “notifications” regarding shipping details and updates. These are phishing attempts which have unsuspecting victims click on malicious links that permit unwanted access to your device and access to your personal information. To learn more about fake shipping notifications, click here: Fake Shipping Notification Scams

10. Fake Pop-Up Holiday Virtual Events

Many local holiday themed events and activities have shifted to online video based events. This means more and more social media event posts and emails. Scammers have been replicating online content to promote an online event that charges to attend. Scammers “charge” for holiday virtual events with the goal of acquiring credit card information to steal. These type of events are legitimate if organized by a city’s community development department, which provides an avenue to verify the event via their direct online website(s). Local community events hosted officially by cities more often than not, do not charge to attend/participate. To learn more about pop-up holiday virtual events, click here: Pop-Up Virtual Holiday Scams

11. Top Holiday Wish-List Items

One doesn’t need to search online for long to find what has been a sought-after item this holiday season. The latest gaming consoles, designer apparel and toys have been sought after from the start of the pandemic and have provided a crooked opportunity for scammers to “sell” these hot items online. Many reports from the BBB Scam Tracker show consumer complaints regarding phony deals and the inability to contact the seller after making their purchase online. To learn more about how the top holiday wish list items scams work, click here: Top Holiday Wish List Items Scams

12. Puppy Scams

During the pandemic, many have looked into adding a four legged furry friend to their family, unfortunately this new demand has put an extremely competitive search online. As with any other trends, scammers are taking advantage by claiming to sell puppy’s and trying to have people send over money before even seeing how the supposed pups look. Be extra vigilant when you come across any type of pet advertisements, the Better Business Bureau shares 80% of online pet ads may be fake. It is recommended to visit the legitimate website of your local animal shelter to search for any available animals up for adoption. Vaccines are typically given to animals in shelters so it would be one less thing for you to worry about. To learn more about puppy scams, click here: Puppy Scams

 

To provide a real world example of just how close to home these above mentioned scams can get, below we have a local press release from the Alameda County District Attorney, Nancy E. O'Malley:

This unfortunate real world event falls under number 4 from our list above, Alerts on Compromised Accounts. To read directly from the District Attorney's website, click here: Alameda Zelle Scam Alert

To learn more preventative tips for staying safe while browsing the internet, visit the Better Business Bureau's website and stay informed of what scams are affecting your community and the communities around you by using the BBB Scam Tracker.

• By Kevin Alvarez

These Holiday “Two-Do’s” Can Keep You Financially Healthy All Season

While the holidays are a festive time with family and friend, a potentially not-so-fun part of the season is the temptation to go overboard on holiday shopping. Whether it's gifts for everyone on your shopping list, refreshments to create memorable parties and other events, buying trendy decorations or other holiday related purchases, it can be a time of financial stress.

With a little planning, this can be your year for a financially healthier approach.

The following holiday "two-do's" can help you keep financially healthy through the season.

#1 Check Up On Your Credit History

Before the start of the season, take inventory of your overall credit history. A healthy credit score makes it easier to get credit if needed before the holidays, making you eligible for lower interest rates and saving you money in the long run. A low score typically means you’ll have to pay higher interest or could lead to denial of credit. Give yourself plenty of time before the holidays to make sure your information is correct. A good place to review your history is AnnualCreditReport.com.

  • Check your name, social security number and contact information.
  • Make sure all the accounts and credit inquiries on your report are truly yours.
  • Look to see if the payment histories, balances and account status are all correct. If you find mistakes, file a correction directly with the credit reporting agency on their website.

After checking the accuracy of your credit reports, remember that the most important things you can do to maintain a strong credit score is pay your bills on time and keep your debt balances low.

#2 Make A Plan

Take the time to develop a spending plan for the holiday season, complete with your full
gift list, incidentals like cards and gift-wrapping, entertainment and travel plans, event schedules and other items needing financial resources. A holiday budget can help you stay on track.

  • Prioritize holiday-related spending to decide what is non-negotiable, and cut where you can. For instance, can you cut back on entertaining this year by hosting pot-lucks, or plan low-cost family outings to free seasonal concerts? Can you get creative when it comes to gift giving, setting a purchase limit to family gifts?
  • Make a written spending plan to determine how much money you will devote to your regular bills, living expenses and savings as well as the seasonal purchases. By setting your budget in advance, it’s easier to manage your money to meet your goals.
  • Add up all your income sources to find out how much money you have to apply to seasonal purchases including travel and entertaining.
  • Keep your spending plan on your phone or device so it is always with you as you begin holiday related purchases. Track your purchases on every shopping trip or visit to an online store. By keeping a running total of holiday expenditures, you won’t be surprised when the credit card bills start coming in January.
  • Shopping with cash rather than credit cards is a good way to set a limit on spending and avoid temptation. When the cash you have allotted for gift giving is gone, it is gone. Credit cards enable you to spend beyond your limitations.

Fun For The Festivities

While everyone's goals are different, keeping the focus on these “Two-DO’s” of financial health can help you celebrate without over-spending or maxing out credit cards.

For futher guidance, GreenPath offers credit report reviews, credit counseling and debt management services to set you up for success this season. Our Financial Experts can also help you create your own personalized spending plan.

This information has been brought to you by our partner, GreenPath Financial Wellness

GreenPath Financial Wellness

• By Kevin Alvarez

This Holiday Season, Could Less Be More?

Another holiday season is upon us, and for the second year in a row, the impacts of COVID will likely color the celebrations.

While the season is an opportunity to focus on the things that matter most in life, exchanging gifts is a long-standing tradition and a way to share joy with loved ones . Gift-giving is likely to be even more amped up this year, which might bring upon financial strain.

Research shows that many shoppers intend to spend more money on the 2021 holidays due to COVID-19's impact on 2020 celebrations.

In fact, 48% of surveyed consumers said they plan to spend more money on the 2021 holiday season due to the pandemic dampening last year's plans. In addition, due to the shortages on goods caused by the pandemic, we may be tempted to spend more money in order to get gifts that are in short supply. Regardless of the pandemic, seven in ten respondents said they typically go over budget during the holidays,

Our Partners at GreenPath Financial Wellness, have some advice for maximizing the joy, while staying within a holiday budget.

Simplify the Season

For less financial stress, consider simplifying celebrations and entertaining. Rethink the complicated decorating, holiday cards and other traditions. Instead of costly parties, consider arranging a family hike, a visit to a museum, or even volunteering with friends and family as a way to honor the season. After the event, gather for hot chocolate or a budget-friendly potluck or a budget-friendly potluck. Spending time with people you love is a true gift. Think creatively of how to give memories to each other, which costs nothing.

Set Expectations

Year after year, studies show that families with children are more likely to take on debt and go all in on gift spending across the board, With some planning, families can successfully navigate holiday spending expectations by paring down on the "stuff." Get everyone in the spirit by setting a gift limit so expectations are clear. The kids might be better off in the long run! A recent survey shows that small children thrive in environments with fewer toys, and that a play area with only a few favorite toys leads to higher quality of play.

Volunteer in Someone's Name

Is there a friend or loved one in your gift list who has trouble getting out and about, yet has a favorite charity that is meaningful to them? Volunteer in their name to honor them and provide a gift to both the organization and the individual. Whether raking leaves at a community center, walking the puppies at the Humane Society, delivering Meals on Wheels, or another service, volunteering in someone's name is a win-win!

Create a Holiday Spending Plan

Finally, putting together a holiday spending plan helps relieve uncertainty and financial stress. A simple budget can help you figure out how to meet both your short and long-term financial goals — especially during the holidays. The plan can help you get an idea of what you have to work with in terms of income, what your commitments are, and what you have remaining to devote to your goals. Remember, nothing is set in stone, especially during a busy holiday season. You're in charge of your plan and your goals. Review your holiday spending plan and adjust to trim expenses or direct money toward something different.

This information has been brought to you by our partner, GreenPath Financial Wellness

GreenPath Financial Wellness