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How To Save Money For The Holidays: 8 Tips To Get Started
November 8, 2024
The holiday season is right around the corner, and while it’s a time for joy and celebration, it can also be hard on your wallet. Gifts, holiday dinners, travel—these costs can add up fast! But with a little planning and a few smart savings tips, you can enjoy the season without the post-holiday financial stress. Let’s take a look at 8 ways to help you save and stay stress-free:
1. Set Your Holiday Budget and Stick to It
The first step? Figure out how much you actually want to spend. Write down all your holiday expenses—gifts, travel, decorations, food, you name it. Knowing your budget upfront helps you avoid overspending and makes it easier to save.
2. Start A Holiday Savings Account
Creating a separate savings account just for holiday expenses is a great way to stay organized. Think of it as your dedicated holiday fund, and avoid dipping into it for other purchases. If you’ve done a lot of your shopping already, open it so you can prepare for 2025. Peoples Savings Bank offers several savings accounts that make it easy to set aside money each month, so by December, you’re all set!
3. Save A Little Each Week
It may sound simple, but setting aside a small amount each week can really add up by the time the holidays roll around. Try automating your savings so a portion of each paycheck goes straight into your holiday fund. PSB’s automatic transfer options make this super easy—you won’t even have to think about it. Click here for details on how to set up a reoccurring transfer.
4. Earn Rewards with a Credit Card
Did you know that holiday shopping could earn you rewards or even cashback? Many credit cards offer rewards points, cashback or other benefits that you can use during the holidays. Apply for a personal credit card and get 0% intro APR on purchases and balance transfers for the first 12 billing cycles at PSB! After that, a variable APR, currently 14.24% – 28.24% will apply. Learn more on our website.
5. Cut Back on Extras Now
Take a look at your monthly spending and see where you can cut back—and yes, we’re looking at you, iced coffees! Maybe it’s fewer takeout meals or skipping a streaming service for a few months, especially if you’re not really using it. Every little bit you save can go toward your holiday fund, making it easier to reach your goal without feeling the pinch.
6. Track Your Spending Carefully
Staying on top of your expenses helps you avoid those “uh-oh” moments when you realize you’ve overspent. Use a budgeting app or check in with your PSB account regularly to track where your money is going. Seeing those numbers in black and white can be a real motivator to stick to your budget!
7. Shop Early and Look for Deals
The early bird gets the worm! Planning ahead lets you take advantage of sales like Black Friday and Cyber Monday. You’ll find better deals and avoid the last-minute rush (and extra costs that come with it). Keep a list of gift ideas, and grab items as they go on sale—your wallet will thank you. You can even subscribe to newsletters for your favorite retailers to get the latest news on sales and exclusives, or follow them on social media for real time updates on specials.
8. Consider Layaway or Installments
If your favorite stores offer layaway or installment plans, this can be a smart way to spread out your holiday costs. Just make sure to stay within your budget and keep track of your payments. If you’re using a PSB credit card, look into setting payment reminders so you don’t have to worry about missing a payment during the busy season.
Start Saving with Peoples Savings Bank!
Saving for the holidays doesn’t have to be stressful! With a little planning and the right financial tools, you’ll be ready to enjoy the season without financial stress. PSB offers savings accounts, credit cards, and helpful online tools to support your holiday savings goals. Check out our website to find the right options for you and start building your holiday fund today.
Happy Holidays from all of us at Peoples Savings Bank—and happy savings!