Financial Planning for the Holidays

The holiday season is a time for loved ones, giving, and celebration, but it’s also one of the most profitable times of year for fraudsters. Between online shopping, digital payments, and last-minute travel plans, scammers have many opportunities to take advantage of distracted shoppers. 

Our team at Credit Union of Georgia is committed to keeping our members informed and protected. This guide will take you through practical strategies to help you stay safe from scams and safeguard your financial information.  

Create a Realistic Spending Budget  

One of the most effective holiday budgeting tips is to start with a clear spending plan. Review your income, savings, and regular expenses to determine how much you can comfortably allocate toward seasonal costs: gifts, decorations, entertainment, and travel. 

Setting specific spending limits in each category helps to keep you accountable and prevents overspending. Budgeting ensures your income and expenses stay balanced even during high-spending months. 

Here’s a simple approach to building your holiday budget: 

1. List your categories: gifts, travel, decorations, food, events, and charitable donations. 
2. Set spending limits for each category. 
3. Track your purchases. Use our pre-made budget worksheet to plan, track, and record what you actually spend. 
4. Review and adjust as the season goes on. 

Quick Tip: Track every purchase, even small ones. Minor holiday expenses can quietly accumulate and disrupt your budget if left unchecked. 

When you set realistic limits, you can focus on what matters most: celebrating the season without undue financial stress. 

Want to start budgeting, but don’t know where to start?  

Download or print out this Credit Union of Georgia Budget worksheet here:

https://acrobat.adobe.com/id/urn:aaid:sc:us:218ec2ef-21d8-4c4e-806d-db8243b5ae60

Manage Credit Card Spending Wisely

Credit cards can be powerful tools for smart holiday spending, but they can also lead to long-term debt if not used strategically. According to financial experts, more than half of Americans carry credit card debt for over a year, and much of it comes from seasonal spending. 

To stay in control this season, here are a few tips you can follow: 

• Only charge what you can pay off within one or two billing cycles (a billing cycle is the period between credit card statements, usually about 30 days, during which your purchases and payments are tracked). 

• Take advantage of member benefits, such as low-rate Credit Union of Georgia credit cards or our Skip-a-Pay program*, which allows qualified members to skip a monthly loan payment during the holidays to free up extra cash when it’s needed most. 
  • It’s a simple, flexible way to free extra cash when you need it most, without having to take out new credit or dip into your savings. 

How it works:

1. Check your eligibility. Most vehicle, personal, and signature loans qualify for Skip-a- Pay*. Mortgages, credit cards, lines of credit, and student loans are not eligible. 
2. Submit your request online. Members can complete the Skip-a-Pay* request form quickly and securely. 
3. Pay a small processing fee. Each skipped payment requires a $35 fee per loan, which can be made directly through your CUGA account. 
4. Enjoy a little extra flexibility. Once approved, your skipped payment will be applied to your current loan term, giving you extra cash in your monthly budget for holiday spending or unexpected expenses. 

Member Tip: Plan by using Skip-a-Pay* strategically. For example, if you know December is typically an expensive month, apply early to give yourself more flexibility for travel or gifts while still keeping your overall budget on track. 

• Maximize your Credit Union of Georgia Visa® Credit Card benefits. Earn 1.5 points per $1 spent on everyday purchases and see your holiday spending turn into future rewards.  

• Set up automatic payments and/or alerts to avoid missed due dates and late fees. 

If you need help managing holiday credit card debt, our team at Credit Union of Georgia offers personalized guidance and resources to help you build a plan that fits your goals. 

Build a Dedicated Holiday Savings Fund  

One of the best ways to prepare for next year’s festivities is by starting a holiday savings account now. By saving gradually throughout the year, you’ll have funds set aside specifically for seasonal expenses, reducing your reliance on credit. 

How Credit Union of Georgia Protects You  

As your trusted financial partner, we work around the clock to protect your accounts and personal information. Our secure online banking tools, card controls, and fraud monitoring services are designed to give you peace of mind.  

Here’s how we help keep your finances safe: 

• Real-time fraud alerts notify you instantly of unusual activity. 

• Card controls let you lock or unlock your debit and credit cards anytime through our app. 

• Encrypted digital banking ensures your sensitive information stays private. 

• Dedicated member support helps you resolve any concerns quickly and confidently. 

How to Start Saving Smart

• Open a separate Credit Union of Georgia Savings Account and label it “Holiday Fund.” 
• Automate regular transfers so you’re consistently saving without extra effort. 
• Use cash-back rewards, bonuses, or gift cards to supplement your holiday fund.
• Refinance Your Auto Loan to save all year

Learn more about refinancing your auto loan with Credit Union of Georgia

If your monthly car payment feels high, refinancing your auto loan with Credit Union of Georgia could help reduce it. Lowering your rate or adjusting your term can mean more money in your pocket each month and more funds you can redirect toward holiday savings or future goals.

• Shop smart on Black Friday & Cyber Monday

The biggest shopping days of the year can be a great opportunity to save when you plan. 

• Make a list of what you need and stick to it.  
• Set a total spending limit before browsing.
• Compare prices and read reviews before clicking ”add to cart.”  
•  Use your CUGA Visa® Credit Card for added security and rewards points.   

And remember, if you don’t need it, it’s not a deal! 

For more information on shopping smart, especially during big shopping days, check out our blog on Navigating Black Friday and Cyber Monday:

https://cuofga.org/navigating-black-friday-and-cyber-monday/

• Prep for long-term financial success 

Focus on Meaningful & Intentional Giving   

Holiday generosity doesn’t have to mean overspending. Prioritize thoughtful, personalized gifts or shared experiences that reflect care rather than cost. 

Start your shopping early to take advantage of sales and avoid last-minute purchases. Remember, meaningful gifts often carry more impact than expensive ones, and intentional spending supports both your emotional and financial well-being. 

Credit Union of Georgia is Your Trusted Partner in Holiday Finances   

Your financial journey is personal, but you don’t have to navigate it alone. At Credit Union of Georgia, we’re more than a place to secure your funds. We are your financial partner. We are invested in helping you achieve financial stability year-round. When you succeed financially, we do, too.  

Whether you are opening a holiday savings account, developing a personalized holiday budgeting plan, or looking for expert advice on smart holiday spending, our experienced team is here and ready to help. 

Visit your local branch or explore our digital tools to start planning for a confident, stress-free holiday season. 

Find your nearest branch here: https://bit.ly/43uIZ7K 

Contact our team today: https://bit.ly/47Jf4eF 

Celebrate the Season with Financial Confidence

This holiday season, you don’t have to sacrifice joy for financial peace of mind. With tools like CUGA’s Budget Worksheet, Skip-a-Pay*, Auto Refinance, and Credit Union of Georgia’s Visa® Credit Card, you can celebrate confidently knowing you’re making smart, strategic choices for your wallet. With thoughtful planning and support from your local credit union, you can enjoy the holidays without compromising your financial health.  

From all of us at Credit Union of Georgia, we wish you a joyful, meaningful, and financially sound holiday season. 

*A $35 convenience fee will be deducted from the members account once the Skip-a-Pay is approved. Loans must be current at the time the Skip-a-Pay form is received or the request will not be processed. Single Payment, Home Equity, HELOC, Student Loans, Business/Commercial Loans, Real Estate, Visa Credit Cards and Auto Advantage Loans are not eligible for the Skip-A-Pay promotion. By submitting the Skip-A-Pay request, you understand that this option extends the current balance of your loan(s) requested by the amount of the payment skipped and that interest will accrue on the balance of the loan. You also understand that if your loan is covered by a Guaranteed Asset Protection (GAP) policy that skipping more than two (2) payments over the term of the loan may result in a deficiency balance. Certain restrictions may apply. By submitting a Skip-A-Pay request through Online Banking, you are requesting Credit Union of Georgia to advance the due date on your loan equal to one month’s payment on each of the eligible loans you have listed.