Blog   Tagged ‘holiday’

How People Spend Money On Valentine’s Day

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What’s your favorite way to dote on loved ones for the holiday?

Valentine's Day spending

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UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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Gifting a new set of wheels this holiday season

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Every holiday season people plan celebrations and select presents to give their loved ones. For the most special people in your life, you may be inclined to spend a little more money.

A new car with a large bow strapped to the top is a familiar image many commercials have incorporated into holiday campaigns. However, if you are thinking about gifting a new vehicle, you should consider a few factors.

Car Gift New Christmas Key Bow Car Key

Know the deals
Fortunately, December is an especially good month for individuals to invest in a new set of wheels, according to Consumer Reports. Consumers will typically see the best prices during the holiday season.

“Last December was absolutely the best month of the year for deals,” said TrueCar spokesman Alan Ohnsman, according to Consumer Reports. “Black Friday has become a major opportunity for dealers to promote year-end deals.”

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Kiplinger echoed this sentiment noting that prices usually fall because dealers are looking to make room for the new models coming in. Consumers purchasing a vehicle at the end of the year can save as much as 10 percent of the manufacturer’s suggested retail price.

Research deals on various makes and models before heading to the showroom, and ensure you know what you are looking for and how you plan to finance the vehicle.

Pick a car that fits
If you decide to give a vehicle as a gift, Auto Trader noted you will need to make sure you select a car that’s appropriate. Consider their unique needs and how a set of wheels should accommodate them. Size, horsepower and fuel efficiency should all be considered. Remember, you are not purchasing a car for yourself, but for another person.

You also want to ensure that a car is the right gift for the person you are giving it to.

“A woman told me her husband gave her a car with a big bow on top for Christmas, just like the ads you see on TV,” said Kit Yarrow, a consumer psychologist who teaches at Golden Gate University in San Francisco, according to Consumer Reports. “But unlike the scenes in the ads, she wasn’t delighted by it. She felt cheated because she’d had no say in picking out the car, and it was really a family purchase, rather than a gift specifically for her.”

Before picking out a car for your spouse or family member, reflect on the decision and ensure it is appropriate. If it is, find out their car preferences and match them as much as possible. Have other people ask about dream cars, colors or other preferences and report back to you.

Let the dealer in on the surprise
When working with a professional, you will probably want to let him or her know that you are planning to surprise someone special with the vehicle. If you are gifting it to your spouse, he or she will also need to sign the paperwork. However, by notifying your dealer that you plan to give the car as a holiday present, you may be able to put off finalizing the purchase until after you have surprised your husband or wife.

In addition, by letting the dealer know it is a surprise, it can prevent them from calling and unintentionally letting the cat out of the bag.

Understand registration and taxes
There are a few other considerations regarding the purchase of a vehicle that are different when you are giving it as a gift. According to The Nest, you can give an individual up to $13,000 annually to a person. If the car you purchase is more expensive than that, you will need to file a gift tax return. However, this does not always mean you will owe any gift tax.

You will also need to think about registration. Register the car to the individual who will be driving it. The sooner this can be done, the better it will be for the person receiving the gift.

Wrap it creatively
If you have gotten the car and plan to surprise the recipient, have some fun with the presentation. This is an opportunity to be creative and make the individual feel celebrated. Consider wrapping the keys or a framed photograph of the new vehicle. For a little extra fun, wrap one of these items in a small box, then wrap that box in a larger box, and so on. It’s a fun way to throw the recipient off when giving them the gift.

 

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Mr. John Peine is an Assistant Vice President Financial Center Manager at UMB . He is responsible for leading banking centers in Olathe, Kansas. In his time at UMB, John has built his career from teller to personal banker, and he is now manager of two branch locations.



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Planning last minute holiday travel

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Temperatures across the country continue to drop as the holiday season approaches. While the change in weather means seasonal cheer is on its way, it also means winter is coming.

Temperatures across the country continue to drop as the holiday season approaches. While the change in weather means seasonal cheer is on its way, it also means winter is coming. Sometimes a vacation to help forget the ice, snow and wind is the most welcome gift anyone can receive.

If you are considering booking last minute holiday travel, prices will likely be very high due to demand. However, there are ways to reduce costs and book a budget-friendly vacation.

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Plan a holiday vacation


Find the best deals
According to The New York Times, one of the best times of the year to travel to Europe is during the holidays. While airfare might be pricier than other seasons, hotels tend to be far more affordable, making a holiday trip to Europe more plausible.” Europeans tend to stay at home for the Christmas holiday,” said Gabe Saglie, a senior editor at Travelzoo. “That means there are hotel deals to be had in popular destinations.” Traveling parties can enjoy upgrades and discounts during the slower season, which provides a little more wiggle room when working with a fixed budget.

Even domestic hotels are more affordable during the holiday season. “Thanksgiving to Christmas can be a bargain proposition because the business traveler is not booking those hotels,” said Saglie.

Consider booking a cruise
When it comes to kicking back and relaxing during the holiday season, there is no better way than on a cruise. These trips are especially beneficial because they often include the price of everything from food to entertainment. This package deal eliminates some of the pressure accompanying planning a trip and saves you money. U.S. News & World Report suggested using the help of a travel agent. These professionals can help you find deals that aren’t available to the general public – ultimately saving you money. Last minute booking can also save you a bit of money when paying for a cruise, noted U.S. News & World Report. However, you’ll need to be flexible with dates to get better deals.

Determine a plan for saving
When planning last minute holiday travel, gather as much money as possible to use toward the trip. Independent Traveler suggested opening a savings account designated specifically for travel expenses. Contribute to the fund regularly to build a nice stash of spending money you can use while on your vacation.

Since the holidays are approaching so quickly, consider setting up automatic deposits to ensure you regularly contribute a certain amount of each pay check to your savings account.

In addition to having a savings account, a change jar is another easy way to build additional funds for the trip. While it may not initially seem like very much, change can add up quickly and really bolster the growth of vacation savings.

Enlist the help of others
When you are bringing the whole family on a vacation, it provides a unique opportunity to teach your children a little bit about saving money for something special. Ask your young ones to help make their very own contributions to the family vacation savings account. Whether they have an allowance they want to deposit into the fund, or if they decide to give up weekend outings to cut costs, kids can help make a substantial impact on your savings for a holiday getaway.

Even though flight prices can be higher in the holiday season, a vacation shouldn’t be written off as out of the budget just yet. With a little planning and dedication, you and your family can enjoy some time away.

 

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UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors.



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