Small Details, Big Holiday Savings

This year, if you pay attention to a few small details, you’ll find big holiday savings. Get smart with your spending and make sure your bank account has a happy Christmas too.

Here are a couple of tips to get you started:

Cut Down Your Coffee Costs

A quick stop for a boost of liquid energy may seem like a minor detail, but the costs add up. Save yourself some money all season long by making coffee at home.

Don’t worry! This doesn’t mean you have to settle for plain coffee instead of the coveted Pumpkin Spice Latte that ushers in the holiday season. You can still get your favorite flavor without the extra expense.

Let’s say your go-to coffee is a Pumpkin Spice Latte from your favorite coffee shop, which costs around $5 (more or less depending on your location). Even if you only get one specialty coffee a day and go for a cheaper brew the rest of the time, you could easily be spending over $40 a week.

If you buy a pound of coffee beans for $15, and that one-pound bag produces about 22 twelve-ounce cups of coffee, you’re paying around $0.68 per cup instead of $2-5. Add pumpkin spice syrup at $7 for a bottle with 25 servings, and your homemade latte could cost less than $1 per cup, saving you over $30 a week.

Get in the Know with Early Bird Deals

Retailers now release Black Friday and holiday deals well before Thanksgiving. The National Retail Federation found that 55% of holiday shoppers in 2023 began making purchases in early November.¹

Use those early deal announcements to build a shopping list. Having a plan can offer major benefits:

• You can budget in advance and avoid last-minute splurging.
• You’re more likely to stick to your list and avoid overspending on “good deals” you don’t really need.

Carry Cash for Extra Protection

Cash versus credit or debit may seem like a minor decision, but it can help prevent overspending and protect you from fraud.

During the 2023 holiday season, the Federal Trade Commission reported over 97,000 fraud complaints, many involving identity theft.² The average loss per incident was $650.³

Carrying cash ensures you don’t exceed your limit and keeps your financial data off card readers that could be tampered with. It also removes the risk of card skimming, phishing attacks, and fake charities using your card data for fraudulent purposes.

Your Money Coach Can Help

The simple act of talking with your Money Coach during the holidays can help you stay on track with your budget. Your coach can give you savings ideas, tips on managing your credit cards, and educational guidance on protecting your identity while shopping.

You could also get access to MSA Wallet®, an online money management tool to help track spending, set alerts, and build customized budgets.

Schedule a session with a Money Coach today.

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¹ National Retail Federation. “Holiday 2023 Data and Trends.” https://nrf.com

² Federal Trade Commission. “Consumer Sentinel Network Data Book 2023.” https://www.ftc.gov/data

³ Federal Trade Commission. “Consumer Fraud and Identity Theft Statistics.” 2023. https://www.ftc.gov

Information provided in this article is for informational purposes only and is not intended to offer specific personalized investment, financial planning, tax, legal, or accounting advice.  We recommend that you consult an attorney, tax advisor, or accountant regarding your unique circumstances. This content is for informational purposes only and does not guarantee eligibility for the program or its services.