The holiday shopping season is upon us — and that means most of us will be spending a little – or a lot – of extra money.
Sam Scro, CEO/President of Auburn Community Federal Credit Union, says it’s important to shop early and to know in advance what you’re shopping for.
“It’s really important that when you are buying for people you should ask them what they’re interested, what they would like for Christmas, you know, what’s your wish list and what’s your crazy wish list and work off of that. You shouldn’t try and guess what they want, because then you don’t fall into the trap of spending more money that you may not have, and you’ll have a problem later on when it comes time to pay back those bills.”
Among Sam’s other tips for the holiday shopping season:
- Make a budget and stick to it
- Try to avoid using “Buy Now – Pay Later” plans
- Avoid using high interest credit cards
- Start a Christmas Club for next year
Sam also suggests using a holiday loan, to give you a little extra cash right now. Generally, he says, you have a year to pay the money back.
“A lot of credit unions, ours included, offer special low rates for the holidays, so it goes along with making a budget figuring out how much money you need and then borrowing” he says. “You’ll have a regular monthly payment and in a year it’s gone.”
Auburn Community Federal Credit Union has three locations: 101 Prospect Street in Auburn, 2651 Erie Drive in Weedsport, and 65 Wright Circle in Auburn.