skip to Main Content
Rein In Holiday Spending

Rein in Holiday Spending

This holiday season, why pay more? MAKE EVERYONE’S WISH LIST COME TRUE.

Reduce holiday stress and get the credit you deserve. As a MTC Federal Member you have more ways to SAVE, EARN and MANAGE your budget this holiday season.

Holiday Loans
Rates as low as 9.70% APR*.
A custom holiday loan from MTC Federal helps you cover expenses easily. Whether you need to borrow a little or a lot, we can help.
Credit Cards
Rates as low as 8.90% APR*.
An MTC Federal Platinum Mastercard gives you convenient purchasing power at low rates, plus you’ll be rewarded for every dollar you spend!

Apply Now


Here’s one way to guarantee a happy new year: Rein in holiday spending.

To do that, create a holiday budget and stick to it. It doesn’t have to be fancy, but writing out a holiday budget will help you avoid taking on debt you can’t pay back on time, which could put you in a tougher position down the road.

According to an October 2019 survey by the National Retail Federation, respondents said they expected to spend $1,048 for holiday items (including gifts, decor, greeting cards, etc.) this year. That is 4 percent more than the $1,007 they spent last year’s holiday season.

Here’s a five-step plan to make, and keep, a holiday budget.

  1. Decide how much you can spend.

Holiday money must come from your current disposable income (after taxes).

If you plan to spend money you don’t have, prepare for a credit card bill that could take months – or even years – to repay. If you spend that $1,048 on a credit card with a 17 percent annual percentage rate (APR), and you pay the typical minimum payment, it will take you 65 months, and you’ll pay an extra $553 in interest.

Use the MTC Federal Credit Card Pay Off Calculator to see what you can afford.

Short on cash, cut back on extras such as movies, dinners out or coffee drinks until the holidays are over. There are always things in a budget you can trim back.

It’s not too late to get a head-start on your 2020 budget. Learn more about MTC Federal’s Christmas Club Savings Account.

  1. Budget for everything.

There are a lot of things people don’t think about. Gifts, the cost of shopping (gas, parking), decorations, food and drink for parties, greeting cards, postage for cards and out-of-town gifts, travel expenses, holiday-related apparel and charitable contributions should all be in the budget.

Use our 2019 Holiday Budget Planner to get you started.

  1.  Make a complete gift list with the entire family present.

The list should include everyone – relatives and friends, teachers and mail carriers – who must be acknowledged during the holiday season. And don’t forget the office gift exchange.

Find the perfect gift.

  1. Start shopping early.

Late November and December bring sales, but they also bring crowds and pressure to get shopping (and wrapping and mailing) done. Having a shopping plan will eliminate, time, money and stress.

  • Sign up for e-mail alerts from retailers to get a heads-up on big sales.
  • Cash in on your MTC Federal debit and credit card loyalty rewards.
  • Save money and time by not wrapping gifts.
  • Don’t feel obligated to get everyone a gift.
  1. Keep track of spending.

Cash is king but when the money is gone, it is gone. MTC Federal has many ways to manage your money:

However you pay for holiday expenses, it will be in your best interest to pay off credit card or personal loan debt as soon as possible. Start 2020 on the right side of your money, schedule a 30 minute Credit Analysis to reset your holiday debt.

Source: CreditCards.com, ©2019 MTC Federal Credit Union. All rights reserved. Federally insured by the NCUA. Equal Housing Lender. *Annual Percentage Rate (APR) may vary depending on each individual’s credit history and underwriting factors. All loans subject to credit union approval. All credit union loan programs, rates, terms and conditions are subject to change at any time and without notice. Offer may end at any time. Other restrictions may apply.
Back To Top