Getting Back on Track After Holiday Spending

With the hustle and bustle of the holidays, many things can get away from you - especially your spending. Everyone wants to be generous with their gift-giving, but this can really put a dent in your savings. If you have found yourself in this situation, we have a few simple tips to dig yourself out of the holiday hole and get your finances back on track.  

Reevaluate Your Finances

The best place to start is by reevaluating your finances.Take a look and categorize the things you bought during the holidays. This includes gifts, food, travel, decor items, and any other added expenses. Be sure to look at where the money came from, either savings, checking or credit cards. Take a look at your monthly income and compare that to your spending. Doing this will allow you to see how much money you can put towards paying off your debt. By reacquainting yourself with your accounts, you will have a better idea of how much debt you have and you will be able to give yourself an accurate timeframe on paying it all back.

Cut Costs Where You Can

This may sound obvious, but it really is the best way to save money. Since you have already evaluated your finances, you should have a pretty good understanding of where you are spending your money. Even cutting back on small things can really help. For example, make your own coffee rather than buying it, pack a lunch rather than going out, or rent a movie rather than going to the theater. All of these little things can add up to big savings which you can use to pay off your debt or to rebuild your savings account.

Create a Payment Plan

If you want to get out of debt quickly, you’ll need a plan. According to Ann Walter of the Consumer Credit Counseling Service (CCCS), it should ideally take you no more than three months, however, each person is different. There are a variety of ways to help figure out how much to pay off each month. First, try our financial calculator to help you come up with a plan. You can also contact a consultant for help. Financial One CU has a skilled staff that can help you come up with the perfect payment plan to help get you out of the holiday hole.

If you are finding it hard to stay within your budget, try to use cash instead of a card. This will give you a tangible way to stay on budget; once the cash is gone, you can't spend any more.

If you are serious about getting out of the holiday hole, we recommend asking a professional. Our representatives can answer all of your questions and help you find a payment plan that works best with your budget. Although it may seem hard to save after spending so much on the holidays, we can help guide you through the process and start your 2016 off on the right foot.

Tis’ the Season of Giving

With the season of giving heading into full swing, many people are looking for ways to give back to their community. Giving back to our community is a huge part of who we are at Financial One Credit Union. However, we understand the ability to give varies from person to person, as it is often dependent on an individual’s financial situation and amount of free time. If you are in search of ways to give back to your community this holiday season, check out some of the ideas below. You’re sure to find one that fits your budget and your schedule.

The Salvation Army

During the holiday season, the Salvation Army is always looking for volunteers to be bell ringers. By volunteering for just one shift as a bell ringer (which is two hours long), you will be able to raise enough money to provide a week’s worth of groceries to a family in need. If bell ringing isn’t your thing, there are several other opportunities to give back through the Salvation Army.

Greater Twin Cities United Way

Another great organization to give back with is the Greater Twin Cities United Way. It is their mission to create better lives for both individuals and the community by uniting people in the fight against poverty. They offer a variety of ways to give back, which include volunteering, donating, and participating in events.

Big Brothers Big Sisters

If you’d like to give back to children this holiday season, Big Brothers Big Sisters of the Greater Twin Cities is a great option. This organization focuses on helping children realize their potential and start building their futures. They also have several ways to give back, which include donating, volunteering, and participating in events.

Toys for Joy

Similar to Toys for Tots, Toys for Joy is a charitable organization that collects Christmas toys for underprivileged children. The difference is that all of the money raised stays in Anoka County. They have volunteer opportunities available and also welcome donations of food, toys, and funding.

Meals On Wheels

This association works to ensure that seniors and people with disabilities in your community receive the nutritious meals and social interaction they need to live independently at home. You can give back through Meals On Wheels by volunteering to deliver meals to these individuals or helping provide meals.

At Financial One, we encourage you to find a way to give back to your community this holiday season. The list we provided contains some great opportunities to give back, but they are just a few of the many ways you can do so. Check out other great opportunities at Anoka County Online.

Out with the Old- Options to Clean Out Your Closet This Fall

Many people have faced the problem of having new clothes that don’t fit in their closet or dresser because of the accumulation of older clothing items that either don’t fit anymore or just aren’t worn. Often times, making room in the closet for your new clothes can seem time consuming, but there are ways to get rid of the old clothes without simply throwing them out.

One great way to dispose of the unwanted clothes is to donate them. There are many charities throughout the state of Minnesota that are more than happy to take clothing donations. In fact, many charities will even pick up the unwanted clothes from your house. Finding a charity that offers this option is easy. Simply visit donationtown.org and enter your zip code to view the charities in your area that will pick up your unwanted clothes. (They will often pick up other items as well.) Then simply pick the charity you would like to donate to and schedule your free donation pick up.

Another option is to try and sell your unwanted clothes to put a little extra spending cash in your pocket. This is a good option if the clothing is a well-recognized brand name and in good shape. There are several stores across Minnesota that specialize in buying used clothing items from people and reselling them in their stores.

One chain of stores that specializes in young adult clothing is Plato’s Closet. Simply bring in your (or your child’s) brand name clothing and accessories to the nearest Plato’s Closet and they will review your items while you look around the store or run another errand. Clothes Mentor operates in much the same way with designer women’s fashion. After looking over the items you brought in, they will give you an offer based on your clothing’s condition, style, brand, and whether they need items of that type due to their current stock levels, and you will receive cash for your items that day.

Another store that does this is Nu Look Consignment. Currently the Twin Cities Area’s leading family consignment retailer, Nu Look will buy virtually any clothing items as long as they are of quality and are in good shape. From July through December, they buy fall and winter clothing items. Spring and summer items can be sold to Nu Look from January through June.

Whether you choose to donate your old clothes or sell them is entirely up to you, but it shouldn't be stressful. Cleaning out your closet should make you feel accomplished. With these options making room for the new clothes in your closet will be easy, and will leave you with either the good feeling that you donated or a little extra cash in your pocket.