Employee Well-Being

Mayo Clinic is here to support employee well-being with engaging activities through the COVID-19 season. Explore this website for opportunities to support your social well-being, engage your families and friends in safe activities, and thrive (not just survive) during this time.

Nov 5, 2020

Credit Card Management and Holiday Spending

By nicoleblock, @nicolerawlings
Wouldn’t it be refreshing to simply enjoy the holiday season?
 Unfortunately, stress can accompany the holiday cheer this time of year. Finding the perfect gift, ensuring you have memorable meals prepared, and coordinating schedules across family units can be overwhelming at best! The celebrations and preparations can also take a toll on family finances. For scores of families, this means credit card balances increase significantly, and many experience a period of financial hardship following the holiday season.
Here are some key strategies you can arm yourself with going into this post-holiday season:
Make it a priority to pay off new debt.What can you cut back on and what habits can be changed in the upcoming weeks and months to help you achieve this goal? Analyze your spending habits and formulate a budget plan going forward. Information is a key component to changing habits, and this is a strategy to quickly set a plan.
Start a savings plan now for next year’s holiday season. It is amazing what a small pay period deposit can do to help alleviate stressor next year! Those who establish a $20 direct deposit on bi-weekly pay periods to a special savings account can have over $500 in it by this time next year!
Transfer your current credit card balance to a lower rate card.This is easy and effective, yet many neglect to do so. However, this is only recommended when you have a strategy to pay the debt down and you fully understand the terms on the card. Many offers include attention-grabbing rates that change dramatically or include a penalty if not paid off in a certain number of months.
Article provided by Mayo Clinic Credit Union
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