Tips and Tricks for Maintaining Financial Mindedness Through the Holidays

The holiday season is often filled with joy, celebrations, and time with loved ones—but it can also bring financial stress. Expenses can quickly add up between gifts, travel, and festive gatherings. Staying financially prepared is essential, especially with the unique challenges of military life. Fortunately, resources are available through military family programs and financial institutions geared explicitly toward service members.

Innovative Spending Strategies for the Holidays

1. Make a Gift List and Prioritize
   Instead of buying gifts for everyone, consider focusing on immediate family or close friends. You can also suggest gift exchanges, such as “Secret Santa,” to reduce the number of gifts you need to buy.
2. Use Discounts and Military Coupons
   Many retailers offer military discounts during the holidays. Look for special promotions and coupons through base exchange stores or participating retailers to maximize savings. Don’t forget about websites like GovX and VetTix for discounts on not just items but holiday experiences like the local Nutcracker or holiday concert.
3. Save with DIY Gifts and Decorations
   Get creative by making your own gifts or decorations. Handmade gifts often carry more meaning than store-bought items; they’re a great way to save money. The whole family can get involved in crafting, turning it into a fun holiday tradition.
4. Plan Holiday Travel Early
   Travel can be one of the largest holiday expenses, especially for military families who need to visit relatives far away. Book flights early to take advantage of discounts if your plans involve flying. For road trips, use fuel rewards programs and plan meals in advance to reduce costs.
5. Set Up a Holiday Savings Account
   Some military credit unions, like Navy Federal, offer holiday savings accounts that allow families to set aside money throughout the year. By the time the holidays arrive, you’ll have savings in place to cover expenses without dipping into your regular budget.
6. Utilize Layaway Programs
   Many military exchanges and retail stores offer layaway options, allowing you to spread payments over time. This can help manage cash flow and avoid credit card debt.

Financial Resources for Military Families

Several military organizations offer free financial services to help service members and their families manage their money, especially during the holiday season. These services can be valuable tools for creating and sticking to a budget.

1. Military Family Resource Center (MFRC)

• Where: Available at Army and Air Force bases
• Services: The MFRC offers financial counseling, budgeting classes, and tools to help families plan for seasonal expenses like the holidays. They also host workshops on holiday savings and smart gift-buying strategies.
• How It Helps: Meet with a financial counselor to review your holiday budget, explore cost-cutting strategies, or plan for larger expenses like travel.

2. Navy-Marine Corps Relief Society (NMCRS)

• Where: Available at Navy and Marine Corps bases
• Services: NMCRS provides financial education, one-on-one budget review meetings, financial counseling, and emergency assistance. They offer interest-free loans or grants that can help with unforeseen expenses during the holidays.
• How It Helps: Families struggling with unexpected travel or holiday costs can reach out for emergency financial assistance or attend budgeting workshops to reduce future financial stress.

3. Banks and Credit Unions Serving Military Families

Several banks and credit unions also offer educational resources and tools specifically for military families:

• Navy Federal Credit Union: Provides free financial workshops on holiday spending, budgeting tools, and savings accounts tailored for service members.
• USAA: Offers online financial education, including holiday spending tips, savings plans, and personal finance webinars.
• Armed Forces Bank: Hosts financial literacy classes on topics like debt management, budgeting for gifts, and financial planning for travel.

These institutions may also provide special holiday savings programs, low-interest credit options, and personalized financial planning sessions to help families prepare for holiday expenses.

The holidays don’t have to come with financial stress if you approach them with the right mindset and resources. Military families have access to excellent tools and programs, including budgeting workshops and financial counseling through organizations like the Military Family Resource Center and Navy-Marine Corps Relief Society. Financial institutions like USAA, Navy Federal, and Armed Forces Bank offer additional education and support to help families plan and save.

By creating a budget, prioritizing spending, and taking advantage of military resources, you can enjoy a festive holiday season without the financial burden. A little planning goes a long way toward building a joyful and stress-free celebration that reflects the true spirit of the holidays.