Author: Chelsea Culp

The holidays are underway, but that doesn’t mean that shopping is yet complete. Unfortunately, it does mean that there are still opportunities for your identity and your financial information to be compromised.

Technology has improved over the years to help shoppers protect themselves, but the onus is still on you to take precautions against scams and hacks that are even smarter than the protections we have going for us.

Here are five ways you can continue to protect yourself this holiday season:

1. Stay informed

   Whether you choose to get your news online or on a TV, large-scale data breaches and hacks often make headlines. Even your favorite personalities will put the spotlight on scams to keep your eyes out for. Don’t forget to bookmark resources like IdentityTheftCenter.org that can also keep you up to speed on the latest privacy alerts.

2. Be situationally aware

   If you know your hands are going to be full of shopping bags when you’re done, try to keep the items you carry with you to a minimum. Not only will this help you to keep tabs on your belongings and avoid pickpocketing, but will make it easier for you to keep an eye out for shoulder-surfers who try to take a picture or write down your credit card information from behind hoping to walk away with your debit card information and pin number.

3. Be smart on your smartphone

   Smartphones put shopping, banking, and stored information at our fingertips, but that also makes that data much easier to steal. Make sure that safeguards are in place on your phone in case it is lost or stolen, such as auto-lock or passcode protection. Try not to stay logged in to your banking or favorite shopping sites and remember that the password-saving functions make your account as easily accessible to someone else as they become to you.

4. Safety first online

   An incredible amount of personal information is shared – and often stored – during online transactions. Be aware first of the URL you’re visiting; look for “https:” rather than “http:” when you get to your shopping cart, as the “s” indicates a level of online security. Consider using your credit card rather than debit card for online purchases because the consumer protections in place often make fraudulent charges easier to dispute and results in fewer of your hard-earned dollars lost if something does go wrong.

5. Be mindful of your accounts

   It starts with saving receipts. Knowing where your money went during your shopping adventures is key, but making sure that the activity on your statements lines up is equally as important. Identity thieves will often make small dollar purchases to test out a card before purchasing a computer or big screen TV on your dime. By checking in on your accounts, you can be aware of any fraudulent charges while also keep your budget in check.

Data breaches and account hacks over the last few years have taught consumers – often the hard way – about the importance of protecting themselves. If you think that your information has been compromised in any way, contact your card issuer and/or bank at the first indication of any unauthorized or suspicious charges. In the event of suspected identity theft, you can also place a 90-day fraud alert on your credit report with the three major credit bureaus: Experian, TransUnion, and Equifax.

For more information on how to report and recover from identity theft, check out this helpful step-by-step guide from the Federal Trade Commission.

Need motivation to stick to your holiday savings goals? Let America Saves help! It all starts when you make a commitment to yourself to save. Take the first step today and take the America Saves pledge to save money, reduce debt, and build wealth over time. And it doesn’t stop there. America Saves will keep you motivated with information, advice, tips, and reminders to help you reach your savings goal. Think of us as your own personal support system.

Written by Tammy G Bruzon, America Saves at americasaves.org

Holidays are often an exciting time of the year. Spending time with family, enjoying time off work, and celebrating with family traditions are enjoyable activities. However, the holidays can also represent added stress due to the crunch on your wallet.

It is hard to look forward to a holiday if you are worrying about how to pay for it. Have you stressed about how to provide a fun experience for children without breaking the bank? Decorations, gifts, and food expenses add up quickly.

When thinking about expensive holidays, people often think of Christmas. However, many other holidays can be expensive as well. For example, Halloween is the third most expensive holiday, after Christmas and Valentine’s Day. Although Halloween does not involve large gifts or family events, the costs of costumes, candy, and decorations can require big spending. To avoid this financial strain, it is important to plan for holiday expenses throughout the year and to adopt new, lower-cost traditions.

Develop a Budget for Upcoming Holidays

One way to reduce impulsive spending is to develop a budget that includes clear expectations for travel, food, entertainment, and gift-giving expenses.

• Make a list of everyone who will receive a gift as well as all items that will cost money during the holiday season. Some items often forgotten include gasoline, babysitter fees, eating at restaurants more often, and so on.
• Some people enjoy giving gifts to non-family members, but they are often forgotten when making a budget. These people include teachers, babysitters, hair stylists, etc. Consider writing handwritten notes expressing thanks or appreciation rather than buying gifts when possible to reduce your spending costs.
• Divide the list into necessary items (needs) and extra opportunities (wants). For example, gasoline is a needed expense for traveling while eating out at restaurants while on the road is an extra expense that can be avoided if needed. Dividing your list will help you save for all necessary expenses and provide a list of ideas in case extra money is left over.
• As part of your budget, determine how you will pay for each item. Paying with cash will help avoid unexpected spending. Paying with a credit card without keeping track of spending may cause you to forget purchases for which you’ll have to pay later. If paying with layaway, look out for hidden fees and be sure to budget for any interest added.
• Carry a copy of your budget with you, and be sure to follow it while in stores. Once a budget is made, it can still be hard to follow. In-store sales are tempting, but making impulsive purchases, no matter how small, can add up quickly.
• Plan your shopping trips ahead of time by reviewing store ads for upcoming sales. This step will lower costs while also helping to reduce impulsive decisions while in the store.

It can be helpful to budget for holidays that occur together. Several holidays occur during October, November, and December, leaving little time for budgeting. Combining holiday expenses for all three holidays together can make sure that you are not caught off guard.

Consider the following tips for upcoming holidays:

Thanksgiving

• Cooking an entire Thanksgiving meal on your own can be expensive. Consider having a potluck with friends and family to avoid cooking or paying for the entire meal yourself.
• Plan for meals ahead of time to take advantage of coupons and grocery deals. Coupons and advertisements about upcoming sales can be found online and in local newspapers.
• Using in-season produce for recipes can often reduce food costs. For example, sweet potatoes and fall squash are often on sale during the Thanksgiving season.
• Reduce travel expenses by visiting out-of-town families for one holiday during the winter season (such as just Thanksgiving or only Christmas, rather than both holidays).

Christmas and Hanukkah

• When making a budget, decide what you will spend on each person before going shopping.  If possible, talk with family members and friends to set a spending limit that everyone can spend on each gift.
• Consider setting up new holiday traditions that cost less. For example, some families or friend groups use “Secret Santa,” where each person draws a name randomly so that each person receives a gift and each person only buys a gift for one person
• Consider spending time together rather than gift-giving. Other ideas include a nice dinner out or playing games as a group.

By Laura M. Frey, LMFT, Ph.D. Candidate, Department of Family Sciences, University of Kentucky and Jennifer Hunter, Ph.D., University of Kentucky Family Finance Extension Specialist. From America Saves; americasaves.org

The holidays are just around the corner, which means it’s time to enjoy vacations, catch up with family and friends, and eat great food. While the holidays are about quality time and making memories, it’s easy to get caught up with spending money. Here are five holiday mistakes to avoid this year so you can enjoy the season with your finances intact:

1.You’re shopping without a budget or list.

It’s incredibly kind to get each of your relatives, colleagues, and in-laws thoughtful presents and cards to show them your appreciation, but your wallet might be crying for help after your first few purchases. One of the biggest financial mistakes you can make during the holidays is shopping without a spending plan.

When you’re shopping for loved ones, you’re imagining how happy they’ll be when they receive your gift. But remember, financial responsibilities don’t go on vacation during the holidays. Create a budget for your holiday spending. Once you know how much you can afford to spend, create a list that fits your budget.

This way, you’ll be able to purchase the items you plan for and know for sure that you didn’t bust your budget.

2. You’re volunteering your home, food, and car to everyone.

If you’re the person that always offers food, transportation, and lodging to everyone, you might want to try a new approach this year. It’s thoughtful to go the extra mile during the holidays, but don’t stretch yourself or your pockets too thin.

Consider splitting the responsibilities with your friends and family. You might not think you’re overspending by being so accommodating, but the more people there are in your home, the more likely you are to receive a high utility bill at the end of the month. You’ll also be surprised at how many trips you might have to make to the grocery store to restock on food, drinks, and toiletries.

You can suggest hosting a potluck style gathering this year. With a potluck, each guest is responsible for bringing at least one dish, beverage, or party supply. At a minimum, you’ll save money on food and drinks. If you need napkins or disposable utensils and plates, you can make one guest responsible for those items as well.

If you have a ton of relatives who need to be picked up from the airport or train station, see if you can rope in other family members to help with pick-ups and drop-offs. This will help you save on gas, time, and energy.

Splitting responsibilities will help you enjoy the holidays without being completely stressed out.

3. You’re shopping too late.

So you’ve created your list and a tight budget, that’s great! Don’t wait until the last minute to actually make your purchases. By then, sales may be over and supplies will be limited.

Start your shopping early so you can snag deals while they’re still available. When you have ample time to cross items off your list, you’ll have time to compare prices and bargain hunt. Some stores offer price matching, so keep that in mind as you start shopping and placing your online orders.

Time is of the essence. Shopping early will give you time to figure out what you actually need and get those items at the best price. When you wait until the last minute, you’re much more likely to bust your budget because you’ll just be rushing to cross people off your list instead of specific items that fall within your budget.

4. You’re relying on your credit cards.

Do your best NOT to rely on your credit cards during the holidays. If you can’t afford to buy it now, don’t create a bill for yourself later. Once the holidays are over, you’ll be faced with a potential mountain of debt that you’ve built.

The holidays are a great time to enjoy the company of your loved ones, but you shouldn’t feel like the only way to show your love is through expensive presents and festive decor. Enjoy the holidays in a way that doesn’t destroy your finances. This year, make it a goal to spend quality time.

5. You’re trying to keep up with the Joneses.

Don’t make the holidays a competition about who can wear the most expensive clothes, buy the flashiest gifts, or serve the swankiest dinner. Make the holidays about creating lasting memories and enjoying time with your loved ones, or simply yourself.

Written By: Darlene Aderoju. From: America Saves americasaves.org