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Smart Holiday Shopping – Don’t Bust Your Budget

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Holiday shoppers are planning on spending more money, shopping earlier and trying new retailers. According to some consumer holiday shopping reports more than 1 in 3 holiday shoppers (36%) plan on spending more this year. Last year’s average American ran up holiday spending debt to $1,381 per consumer with almost 8 in 10 unable to pay it off by the end of January.

Holiday spending is a common way for people to land themselves in debt and financial stress. Some find themselves in trouble by rationalizing big spending and incurring debt during the holidays. This leads to paying for holiday spending well into the next year. Sentinel Federal Credit Union has three tips to give you confidence managing your money and resources through the season and into the new year.

Create a holiday budget. Figure out how much you can afford to spend this holiday season. Financial planners recommend spending less than 1.5 percent of your annual income on holiday expenses. An example: for someone with $35,000 gross income that amounts to a $525 limit for holiday spending. If you haven’t saved that much or tucked away extra over the year, consider cutting back or inquire at one of the seven SFCU locations about our holiday loan program running through December 31st.

Make a List-check it twice. Make a detailed gift list with a set amount to spend, keeping track of what is spent (make a simple spreadsheet or use the notes feature in your cell phone). Research indicates consumers reduce their food expense by 25-30% by using a shopping list this principle applies to holiday spending too.

Protect your card from fraud. The holidays are an active time for scammers. They are hoping your hectic holiday schedule will distract you from staying vigilant. You can easily manage and protect your Sentinel Federal debit card and credit card from fraud. Not only can you lock and unlock your card any time, for any reason, using our Mobile App, but you can also get a push notification when any transaction is made using your card.

At Sentinel Federal Credit Union our mission is to maintain and protect your financial future, a member owner. We wish you a safe and merry holiday season!

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What Our Members Say About Us

Joe M

Member

“We have several credit unions that got lost in the mix during a move–our bad. However, out of all of those credit unions, SFCU went OUT OF THEIR WAY to ensure we knew our account was dormant and helped us through the process of getting the account back on track. They also refunded every fee taken for dormant status. After losing more money than I’d like to admit from other institutions, I cannot tell you how much I appreciate the customer service of Sentinel FCU.”

Chris P

Member

“If you’re in the Rapid City area and you’re looking to drop the elbow off the top rope, Macho Man style, then look to Sentinel Federal Credit Union! Their customer service is off the hook and when you call you never get a robot or an automated answering machine! I don’t think I’ll trust another big bank with my money for as long as I live! By the way, I don’t even live in South Dakota!”

Joshua K.

Member

“Been a loyal member for years! Keep your account positive and make your payments. If life happens keep them updated, as they have ways of working with you. I am glad they are a part of my financial family.”

Bret R

Member

“I have been using Sentinel for almost 30 years, and my family has been just as long! I purposely make the extra drive to the Radar Hill Branch with Nate working there! Not only has he always been on the ball of my personal account, but my business account! He has resolved issues with other banks in a timely manner when he didn’t have to! Every time I go on he always has a smiling face and is easy to work with.”