Budgeting for the Holidays

The holiday season is a time for joy, celebrations, and gift-giving, but it can also bring financial stress if you’re not prepared. With the right approach, you can enjoy the festivities without breaking the bank. Practicing savvy planning and self-discipline, you can turn this festive time into your most budget-friendly celebration yet. Here are some fun tips to help you succeed as you move forward into the New Year!

6 Holiday Budget Hacks: 

1. Set a Budget: After determining your holiday expenses, consider how much you can realistically allocate to each category. Beyond gifts, it’s important to establish financial limits for travel, hosting gatherings, and purchasing decorations. Aim to assign an approximate dollar amount to each area of your holiday spending. 
2. Avoid Impulse Purchases: Retailers strategically design their stores to encourage you to purchase more than you initially intended, particularly during the holiday season when they aim to persuade you that sale items are not only a great deal but also essential. To stay on track and adhere to your gift list! If you come across an irresistible item that you hadn’t planned for, consider purchasing it as a substitute for something else on your list.
3. Shop Early: Why wait for Black Friday to start finding great gifts? With extra time to bargain hunt, you can hopefully land a better deal than if you wait until the last minute. Consider keeping a running list of ideas for presents throughout the year and jotting down items your friends and family mention. 
4. Look for Deals: While it’s not advisable to base your holiday budget on the expectation of significant discounts for the items you want, taking advantage of deals and sales can help you maximize your spending power!
5. Low APRs: Planning large purchases this holiday season? Now’s the perfect time to take advantage of Omni Military Loans’ NEW low interest rates! Qualified members who are Active Duty, Career-Retired¹ or Department of Defense employees can access rates starting as low as 19.99% APR²on loans ranging from $500 – $10,000³.
6. Give the Gift of Experiences: There are numerous ways to enjoy the holidays without overspending. Consider participating in free local events, winter festivals, light displays, volunteer opportunities, and parades. Additionally, you can engage in budget-friendly activities that create lasting memories for kids, such as baking, crafting, playing board games, and enjoying the outdoors

Much like your time in the service, discipline and planning are key to ensuring your holiday budget reaches success, not excess. Apply for a loan, see if you qualify, and get started today with same-day funding⁴!

Sources:

https://www.fscb.com/blog/7-budgeting-hacks-to-help-manage-holiday-spending https://www.experian.com/blogs/ask-experian/how-to-make-holiday-budget/

The information provided in this blog post is for informational purposes only. It should not be considered legal or financial advice. You should consult with a financial professional to determine what may be best for your individual needs. Omni Financial does not endorse, recommend or imply affiliation with the listed companies or organizations.

Disclosures:

¹“Career Retired” are former military personnel who have completed 20 or more years of service in good standing, having met all necessary requirements for honorable separation or retirement from the armed forces

²APR = annual percentage rate. APR as low as 19.99% is available to well-qualified borrowers with a FICO score of 675 or higher. APRs range from 19.99% to 35.99% depending on creditworthiness and other factors, including loan term and loan amount. Example: A $5,000 loan with a 36-month term and an APR of 19.99% will have a monthly payment of $185.79. Total payment amount over the life of the loan will be $6,688.53. This example is an estimate only and assumes all payments are made on time. Loans are subject to credit approval. Terms and conditions apply. Late fees or other fees may apply. There are no prepayment penalties. The APR is effective as of October 03, 2024. Other restrictions may apply. Not all applicants with a 675 FICO score or higher will qualify for the lowest rate. Lowest rates are reserved for the most creditworthy borrowers. Your actual rate will be determined based on several factors and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Other restrictions may apply.

³Must be 18 years or older to apply and meet standard underwriting criteria. Loan amount, rates, and terms may vary based on your state of residence. Not all consumers will qualify for a $10,000 loan.

⁴Over half of the approved loans were funded same day via Omni Debit Card or Zelle from January through July 2024..