FirstLight Federal Credit Union offers savings tips for the upcoming holiday season

EL PASO, Texas (KTSM) — The most wonderful time of the year is just around the corner, holiday shopping. However, with inflation hitting an all-time high, families may need to budget more for higher anticipated expenses.

Vacation budgeting isn’t just necessary for vacation items, but it’s necessary for day-to-day necessities like groceries or monthly payments. Maria de Jesus Ortiz-Frausto, business development manager for FirstLight Federal Credit Union, recommends keeping track of the income you receive, as well as your expenses, to know how much you have left to spend on items like gifts.

Ortiz-Frausto points out that every budget is different for every household. It’s not just about how much you can save, it’s about finding a way to set a budget that works for you and sticking to that budget.

“What I might think is a bad habit might not be a bad habit for yourself. It just depends on your needs and the needs of your family, so just sit down and, like I said, look at your budget – what I’m spending on this, maybe you shouldn’t be spending.

One option families may have is to take out a loan to help pay for these additional expenses. Whether a family decides to use a bank or a credit union, Ortiz-Frausto said borrowers need to consider the type of loan they’re getting so they can manage their money wisely.

“You may get a great opportunity for a loan, but what will the real interest rate be. So it’s always important to take charge of what they give you.

One of the most important tips is to make sure you have a savings account to use in case of emergencies. Ortiz-Frausto said that even if you’re not able to save as much as you want, it’s important to put at least 10% of your salary in savings so you can accumulate it and save for when you will need it.

“Always include these savings in the expenses you have. Don’t leave it till the end. It’s very important to pay yourself first.

FirstLight Federal Credit Union offers several financial literacy workshops that you can attend and you can find this information on their website.

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