Fall Into Financial Fitness: 5 Money Moves to Make Before the Holidays

Think of this as your fall into fitness checkup. A few smart moves now can help you feel more prepared, spend more confidently and avoid unnecessary financial stress when the holidays arrive.

1. Take a Look at Where Your Money is Going

Before you can improve your financial fitness, you need to know where your money is going. Take a few minutes to review your recent transactions and look for spending habits that may have gotten away from you over the summer.

Online and mobile banking make it easy to keep an eye on your accounts, review transactions, and stay connected to your money wherever you are.

A little awareness can go a long way. Even finding a few expenses you can reduce or eliminate can put extra money back into your budget.

2. Start Saving for the Holidays Now

December has a way of arriving faster than expected – and holiday expenses can add up quickly. Gifts, travel, food, decorations, and celebrations can put a serious dent in your budget if you aren’t prepared.

Instead of waiting until December, start setting aside a little money now.

Consider setting up automatic transfers into your PFCU savings account so you can build your holiday fund gradually. Even $25 per paycheck can add up over several months.

For example, saving $25 every two weeks from September through December would give you approximately $200 to put toward holiday expenses – without having to come up with all of that money at once.

3. Give Your Credit Card a Financial Fitness Checkup

Here is one area that deserves a closer look. When was the last time you looked at the interest rate on your credit card?

If you are carrying a balance from month to month, your interest rate matters. Even a few percentage points can make a difference in how much you pay over time.

Many consumers have credit cards through large national banks, and it’s worth taking a moment to see what rate you are paying. You may be surprised at how much a lower rate credit card can save you.

At Peninsula Federal Credit Union, we offer options for different ways of spending.

Want to Pay Less Interest?

Our PFCU Low Rate VISA® credit card has an APR* as low as 9.95%

If you typically carry a balance, a lower interest rate can help reduce the amount of interest you pay and potentially help you pay down your balance faster.

Want to Earn Cash Back?

If you pay your balance regularly and want to earn rewards from your everyday purchases, our PFCU Rewards VISA® credit card earns you 1.5% cash back.

Which One Is Right For You?

It comes down to how do YOU use your credit card.

Take a look at your current credit card statement and ask yourself:

• What is my current interest rate?
• How much interest did I pay last month?
• How long will it take me to pay off my balance at my current payment?
• Is there a lower-rate option that could be saving me money?

Do NOT assume your current credit card is giving you the best deal. It does pay to compare.

Your credit card should work for you – not against your financial goals.

4. Make Sure Your Emergency Savings Is Ready

Financial fitness isn’t just about paying down debt. It is also about being prepared when life throws an unexpected expense your way.

A car repair, home repair, medical bill, or other surprise can quickly disrupt your budget. Building an emergency savings cushion can help you handle those expenses without automatically reaching for a credit card.

If your emergency fund needs some work, start small. Set a savings goal and make regular deposits – even it they are modest.

You can also take advantage of PFCU’s digital banking tools to make saving easier and keep track of your progress.

5. Look at Your Bigger Financial Picture

Fall is also a great time to think beyond the next few months.

Are you planning to buy a vehicle? Thinking about a home improvement project? Looking at ways to consolidate higher interest debt? Or simply trying to get your finances organized?

PFCU has products and services designed to help with different stages of your financial journey, including:

Auto Loans – Whether you are purchasing a new or used vehicle, explore your financing options before heading to the dealership.

Home Equity Lines of Credit – If you have built equity in your home, it may provide an option for larger expenses or projects.

Personal Loans – A personal loan may be an option when you need to finance an unexpected expense or reach a specific financial goal.

Checking & Savings Accounts – Keep your everyday spending and savings organized while building better financial habits.

Online & Mobile Banking – Mange your accounts, monitor transactions, transfer money and stay connected to your finances wherever you are.

Visa Credit Cards – A lower-rate credit card can be an important tool for managing credit and potentially reducing interest costs.

Your Financial Fitness Plan Starts Now

You don’t have to completely overhaul your finances in one day. Financial fitness is about making small, consistent choices to put you in a better position over time.

This fall, take a fresh look at your spending, build your savings, review your credit card rate and make a plan for the months ahead.

And if you are not sure where to start, come in and talk with our team at Peninsula Federal Credit Union. We are here to help you find the products, services and financial solutions that fit your goals.

Fall is a great time for a fresh start. Let’s get financially fit together.

Insured by the NCUA. Rates, terms and qualifications may apply. Peninsula Federal Credit Union serves the entire Upper Peninsula and Northeast Wisconsin.Visit any of our Peninsula Federal Credit Union branches or peninsulafcu.com. *APR = Annual Percentage Rate

This blog is not on behalf of Peninsula Federal Credit Union.