Getting the Most from Holiday Shopping

Jodi McKinley, Branch Manager—Oswego 

Spending during the holidays can be both freeing and terrifying at the same time. It’s nice being preoccupied with thoughts of what others might enjoy and need, but it tends to feel like money is leaking from your wallet. To help you maintain a sense of control, here are seven tips to keep your spending and holiday enjoyment on track.

  1. Have a total figure in mind. When you know how many gifts you need to get and how much you want to spend on each one, it’s easier to afford your own generosity.
  2. Work those discounts and promos. Study the Black Friday promo flyers, which many stores release weeks in advance, and check for promo codes and in-store coupons either before shopping or while you wait in the register line. Researching purchases before you leave home can pay in another way in that many stores will price match.
  3. Remember to redeem. The holidays are also a good time to see if any of your loyalty programs allow you to turn points into gift cards. You can redeem the cards at stores you’ll be shopping at or give them as gifts.
  4. Stay safe. You may want to rely more heavily on your credit card during the shopping season and carry less cash than usual. With a credit card, if something were to go wrong, such as your wallet being stolen, your liability would be zero, provided you report the occurrence to the issuer promptly. With cash, there is no recourse.
  5. Freeze right there! Old Second debit cardholders can also download the SecurLOCK™ Equip app. At the first sign of trouble, you can lock your debit card down while you determine if it is misplaced, stolen or comprised. If you find it later, you have the option of unlocking it again.
  6. Add up the “damage.” When the bills come in, take a moment to add up what you spent and use this total to help budget for the 2018 holiday season. Options like the Old Second Club Savings Account can help. This is a limited-duration account that pays out your accumulated balance once a year in time for holiday spending. It is available through our branches and enables you to use automatic transfers to put aside money for use next year.
  7. Be careful about your credit limits. Spending up to your limit on a credit card may make sense to you, but it can lower your credit score. It’s best not to use more than 35%–50% of your available credit in any one month, especially prior to an anticipated big purchase like a car or a home that will involve a loan request.

Whether today finds you in a spending or saving mode, we have the strategies and services that can help you do both well! Give us a call at 1-877-866-0202 or visit any Old Second Bank branch to talk about what we can do to help you achieve your spending and savings goals.

 Holiday Shopping Stats

Consumers expect to spend as much or more in 2017 as they did in 2016, when they spent an average of $1,189 each.Source: PwC 2017 Holiday Outlook Report, page 6, Viewed 10/09/2017 https://www.pwc.com/us/en/consumer-markets/2017-holiday-outlook.html

Old Second: Connect with a Child in Need at our Angel Tree

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AngelTree

Get connected with a child in need by visiting our Angel Tree!

Please help put a smile on a child’s face this holiday season by taking an Angel Tag from the tree, purchasing the gift listed on the tag, and returning it (unwrapped) with the tag attached. You can return the gift to the Personal Banking department. Items requested range from newborn to clothes to toys to books. You can also donate wrapping paper and/or gift bags.

The tree is located on the counter behind the reception desk in the main lobby at the Main Old Second Bank, 37 S. River Street- Aurora.

Tags are also available at our Redwood branch, 555 Redwood Drive- Aurora.

All gifts are to be returned to the bank by December 10th, 2014.

#O2CONNECTION