“Oh, by gosh, by golly, it’s time for mistletoe and holly.”

And just like that, dear readers, it is officially the most wonderful time of the year! But before we dash off to ready ourselves for family dinners, presents under the tree, and perhaps a few days of peace, let us not forget the vital role credit unions serve in their communities during the holiday season.

The most wonderful expensive time of the year

Try as we might to remember the true reason for the season depending on our faith or culture, there’s no denying that some of the most significant and iconic aspects of the holidays—parties, dinners, traveling to see family, and of course, presents—are incredibly expensive, and growing more so with each passing day.

While it’s true that the price of goods increases each year, families are facing particularly tough times this year, thanks to the implementation of tariffs. In fact, according to the Century Foundation, “Prices [rose] an average of 26 percent since last year—nearly nine times the overall inflation rate. No matter what aisle shoppers turn down, they’ll find higher prices: home and kitchen gifts are up 38 percent, and electronics are up 34 percent, while clothing, shoes, and accessories are up 20 percent, and toys and games are up 17 percent,” due to tariffs.

What this means is that members who may have been able to comfortably afford the hefty price tag that comes with the holidays may be struggling this year, and those members who were struggling even before might be absolutely drowning. Studies show that many Americans (percentages) will go into debt to afford Christmas, even as over a third of them are still paying off their debt from last year’s holiday season.

The best way to spread Christmas cheer

As community-focused financial institutions, credit unions have both the ability and the obligation (and hopefully, desire) to help lighten the load. If helping members achieve financial wellness is the name of our game, then holiday spending is the worthy opponent we need to beat. Thankfully, there are a number of simple yet impactful ways for credit unions to make a meaningful difference to their members and community.

Services in the credit union

If you’re looking for quick and easy ways within the credit unions’ services to help, there are a few non-holiday-specific ways to do so. First, consider forgiving or waiving your overdraft fee for the rest of December (within reason—you can set limits). While this may lack the fanfare and social media impact of a toy drive, many families will breathe a sigh of relief at being able to buy that Christmas turkey without the extra fee to worry about on top of everything else.

Alternatively, (and this will require more setup throughout the year), credit unions can use this time as an opportunity to provide their members with year-end dividends.

Though this may not help with this year’s costs, credit unions can start promoting and reminding members of any special holiday savings accounts they may offer, to help set members up for more success next year, and hopefully help them avoid holiday debt.

In the community

Of course, if you’re looking to support those outside the credit union and in the community as well, there are classic holiday programs, such as toy and food drives, for your credit union to fall back on. While these may not be new or flashy, they’re longstanding programs for a reason: they support those in need with exactly what they need, when they need it most.

If you want to add more fun to the mix, many credit unions host holiday events at their local branches, complete with Christmas gifts for attendees, food and drinks, crafts, and more. Some even provide photos with Santa or readings of classic holiday stories. And if you’re still stuck for inspiration, look no further than your fellow credit unions! When it comes to giving back to their communities, credit unions are always in the lead.

And a happy new year

However your credit union chooses to spread holiday cheer and hope this season, you cannot go wrong when it comes from an authentic desire to support your members and community during the most wonderful (and also most expensive) time of the year. Let’s work together to make the season as merry and bright for as many as we can (ourselves included).

So, relax, sip some eggnog, and enjoy the silent night. And from all of us here at CUSO Magazine, we wish you a happy and safe holiday season!