Brought to you in collaboration with the team at Neighborhood Trust Financial Partners

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The time for gift-giving and safe, family celebrations is here. Often, the joy and the festivities that come with this time of year can also equate to non-budgeted expenses and high credit card statements later. However, this holiday season, perhaps more than ever before, is a time to focus on what matters most: your health, including your financial health. As you reimagine the holidays in many ways this year, we offer you five creative tips to help you carry on your traditions and stay within your budget. Together, we crafted these tips with our colleagues at Neighborhood Trust Financial Partners, a national nonprofit and worker financial health leader.

1. Cover Your Essentials: We all want to make the holidays special but make sure first you cover your basics, transportation, healthcare, rent, and food, before spending money on anything else.

2. Save As Much As You Can: If you have any money left over after covering your basics, determine a set amount you feel comfortable depositing into your emergency and personal savings every month. Then create your holiday budget and stick to it.

3. Gift Creatively:  You do not need a lot of money to celebrate the holidays in style. Some of the best gifts are inexpensive, yet thoughtful, and meaningful. You can suggest a “Secret Santa” with your family and set a price limit on the gifts. That way, you limit the number and cost of gifts each person buys.

4. Pay Your Monthly Minimums: By paying monthly credit card minimums, you can keep your credit line open and in good standing. You don’t have to pay all of your credit card debt if you are unable but plan each month so that you have the cash flow to pay the minimum. If you need to use credit cards to buy gifts, make sure you have the cash the next month to pay off the accrued balance. Remember, when it comes to gift-giving, it’s the thought that counts. Your friends and family will be delighted to receive a homemade gift knowing you are fiscally responsible.

5. Build Good Credit: Open doors for better rates when you think about buying a car, purchasing insurance, buy a home, and all your plans for the future

We want you to achieve your financial goals. We can help you build your personal savings and open a personal savings account. Stop by one of our branches in the Bronx or Harlem or give us a call at 718-879-5000. It’s our pleasure to support our clients and community during this challenging time. Read more about the great work of Neighborhood Trust Financial Partners and their free TrustPlus financial coaching services.