Show that You’ve Learned to Protect Your Finances and Credit as the Best Gift for Mom and Dad

You may have plans to surprise mom with a scrumptious brunch or dad with a set of upscale golf clubs in honor of Mother’s Day and Father’s Day, which are both coming up soon. Don’t if you can’t afford it.

Gifts are given to moms, spouses, kids, siblings, grandparents, and friends on “Mother’s Day” and “Father’s Day.” From $14.8 billion in 2006 to $21.4 billion in 2016, Mother’s Day spending skyrocketed. Although people don’t spend nearly as much on Father’s Day, expectations for spending reached a new high of $14.3 billion in 2016.

Don’t overspend, but do make your parents, spouse, or child feel special. Also, safeguard your credit. Here are some ideas for limiting gift-giving.

Own the process

The National Retail Federation reports that the three most expensive Mother’s Day purchases were jewelry ($4.28 billion), a special trip like brunch or supper ($4.18 billion), and flowers ($2.8 billion). Greeting cards, flowers, special outings, and gift cards are the most widely used gift options.

Do you recall the card or artwork you created in school that your parents treasured? The same is still valid today. Make your own card or use local wildflowers to design an original floral arrangement as a DIY project. Use a coupon when sending flowers if you don’t live locally and avoid waiting until the last minute when prices are greatest.

Come together

As we age, experiences become much more memorable and valuable to us than stuff. Visit your folks frequently. Instead of going to a pricey restaurant, make a lovely supper at home. Another option is to go on a low-cost excursion, like spending the day at the beach or a nearby botanical garden. Plan a lengthy phone call or Skype session if you don’t live locally.

Make use of your rewards points

Redeem your credit card rewards points for gift cards or cash back to buy them if you’re one of the 43.2% of individuals who plans to buy them in 2016. You may explore restaurant and retailer gift cards on the shopping portals of practically all major credit card issuers. You may still have a special time with each other while saving some money.

Make a second account just for minor holidays.

Saving money for trips, the holiday season, and even presents is fairly typical, but what about other holidays? The average consumer spends $172.22 on Mother’s Day and $125.92 on Father’s Day, according to the NRF. On picnics and BBQs, Americans spend an average of $71 per household to celebrate the Fourth of July. You only need to save roughly $85 each month to amass a little holiday gift fund of $1,000.

How to safeguard your credit while gift-shopping

Holidays arrive and depart almost monthly. It takes all year to protect your finances and credit.

Use money

Leave the credit card at home if you can. The NRF reports that department stores, specialized shops, and online retailers saw the most purchases for Mother’s Day presents. Make a budget first, and stick to it, if you intend to shop online. It’s far too simple to spoil the people we care about (particularly mom) with a lovely arrangement of flowers or another expensive present. Charge no more than you can afford to pay back in full.

Establish spending alerts

Set up email or text alerts to notify you if your card has been used at a store or online, or if a transaction exceeds a specified threshold. This can assist you in controlling your expenditure and also alert you to fraud as soon as it occurs. Members of Credit Sesame receive automatic notifications of any questionable activity.

Don’t use shop cards.

A store card with an alluring instant discount will undoubtedly be given to you while you browse the aisles in search of the ideal gift. Take some time to think before committing. Low credit lines and hefty interest rates are typical characteristics of store cards. Low limits can have a disastrous effect on your credit score if you use the card excessively, and the high rates can be expensive if you don’t pay off your bill immediately away. Store cards are made to make shopping simple. Don’t charge anything you can’t afford to pay for in full when the bill arrives, just like with any credit transaction.

On special occasions, it surely feels good to be kind and do something pleasant for others. But knowing that you increased your debt or depleted your emergency fund to make it happen won’t help anyone feel good about it, not even you. To enjoy the holidays without experiencing post-spending remorse or difficulty, decide to apply wise spending techniques and be conscious of protecting your credit.

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