The holidays bring lots of joy to many, but for some it can bring financial stress, too. If you’re still paying off credit card bills from the excessive shopping you did this past holiday season, you may want to consider planning now for this year’s holidays. Starting to make some small changes to save money can help you avoid starting 2024 paying off holiday debt. Being proactive now can help you fully enjoy the season, and not cringe when the bills come due in January.
Here are a few ideas to get you started.
Set up a Separate Savings Account: Open a personal savings account that you only use for the holidays. Commit to adding a dollar amount at least every other week. When you’re ready to start buying gifts, simply move this money into your checking account. (Ideally, use your debit card attached to this checking account instead of a credit card so there are no January surprises).
Make short-term cutbacks: Look for small ways to save money, like bringing lunch to work, using coupons or cutting your cable plan. Small changes can make a big difference by the end of the year.
Build Your Rewards: There are many credit cards that allow you to earn gift cards or cash back. Save those rewards for the end of the year when you really need them and use the gift cards to purchase or give as gifts.
Keep Spare Change: Clean out a nice large jar and start using it to collect any spare change. You’ll be surprised at how much you raise by doing this. If you have children, ask them to donate their spare change too. It’ll teach them a good lesson about saving money and they’ll love contributing to the gift giving.
Make travel plans early: If you visit family every year and it’s a given you’re going to visit them again this year, start looking at air fares. Travel is especially expensive over the holidays so it’s a good idea to start looking to take advantage of any good early deals.
Club Santa: Many of our branches participate in Waypoint Bank’s Club Santa program which makes saving easy. This personal savings account lets you set up a periodic automated transfer and move a specified amount from another internal account throughout the year. Then around October 25, you will receive a check for the entire balance in your account to use for all your shopping needs.
To learn more about a Club Santa account or to inquire about other ways to save money, give us a call at your nearest location.
Waypoint Bank strives to be an exceptional provider of superior financial solutions that promote the small-town approach of putting the customer first while earning their trust in the most friendly and professional manner possible.
