Skip to main content

5 Tips to Start Saving for the Holidays

Start Saving for Holidays

Whether you celebrate Christmas, Hanukkah, Kwanzaa, or any other holiday that falls at the end of the year...

...timing is everything if you have to save money for the holiday season. You need enough money to pay for the gifts, food, and travel that comes with it. However, if you haven't started saving yet for the much-needed holiday treats, it's not too late to get started.

But the big question is: where do you start?

The thought of saving is daunting by itself, especially when the holidays are near, and you haven't saved anything – no need to worry. We've got you! 

We are here to help you get on to the right track and have an enjoyable holiday. Here is a list of ways you can start saving for the holidays without necessarily feeling overwhelmed starting right now.

1. Find a Home for Your Savings, and Save Every Month

It's always a good idea to set up a new savings account when you're saving for something specific rather than leaving the funds to accumulate in your current account.

The good thing with a holiday saving account is that you'll be less tempted to dip into it whenever an urgent need arises. Some providers also let you open and name your account like "Holiday spending money" to help you stay focused on your goal.

Here at PrimeWay, we let you open an online savings account where you earn dividends for worry-free and bill-free holiday shopping. Some of the perks that come with opening a holiday accounts with us include:

  1. It takes a maximum of 5 minutes and $5 to open one online.
  2. You need a minimum of $100 to start earning interests.
  3. You can open the account at any time of the year, regardless of how close the holidays are.
  4. Penalty-free withdrawals between November 1 and December 31.

With no monthly charges, this savings account can make a huge difference, especially in a period of 3-12 months. Feel free to open one today, and thank us later.

Besides, it is worth noting that opening a holiday savings account is not enough. What really matters is the amount of money you do save in that account. Read on to know how to create an ideal budget and determine the amount of money you need to save monthly.

Grow Your Savings & Enjoy No-Penalty Withdrawals

2. Little and Often Can Help a Lot

I know you've heard this time and again, but it's the little things that matter. Coupled up with consistency, you may end up saving way a lot than you think. Here are some of the tips you can include into your saving schedule to ensure you reach your target:

  1. Check your direct debits and standing orders – You might be paying for something or a service that you aren't using anymore, and now is the time to cancel that and divert that money to your holiday savings.
  2. Consider cheaper options – Cancelling your TV or cable package is definitely out of question but is there a more affordable package you can get while enjoying the same privileges?
  3. Don't pay twice – More often than not, we lose track of all the subscriptions we have-- from films, music, magazine, games, and music. Some services tend to cross-over, and at times we end up paying twice for the same thing. For instance, do you really need to have both Spotify and Apple Music?
  4. Make the most of offers – Cyber Monday, Black Friday, and Amazon Prime sales. Yay! There are plenty of discounts and offers available today if you are keen to look for them. But be sure to keep in mind that discounts are only beneficial to you if you intended to buy the item in the first place.

3. Build a Budget and Take Control

So you've already resolved to spend less and save more. What's next?

If your plan to cut on your expenses involves you just winging it, then you're already setting yourself up for a fail. Instead, you need to set a budget for the few remaining months and keep a proper track record for each month.

It can be challenging to create a solid budget, especially when you got lesser time, but if you do, you'll be glad you did. Spend some time laying out all your daily, weekly, and monthly expenses to understand your saving potential.

Focus on your most significant expenses and try to get rid of all your unnecessary costs within these categories.

4. Calculate Your Holiday Costs

One of the hardest parts about creating a working budget and saving is knowing exactly how much you need to save for your holiday budget. The longer you go without thinking of the holiday expenses, the more chance you'll have to forget something important, and the more crucial time slips right under your nose.

Start making a list now of the gifts and things you expect to buy during the holidays.

Include everything you can think of for now from gifts, food, travel, and decorations to ensure you're covering all bases. Take a closer look at your previous online statements or receipts from the past season to get a rough idea of how much you spent the previous year.

Doing this will give you a rough ballpark for this year as well. Even if it'll not necessarily be accurate and you might end up spending more or less, you'll at least be more prepared. Besides, it's easier to start saving with a goal in mind.

5 Tips to Start Saving for the Holidays

It's never too late to start saving. If you start now and get ahead of the game by following the steps outlined above, you will be all set for the holidays.

5. Consider Purchasing Some Gifts Now

Seems absurd, right? Wrong!!

Holiday prices are tricky because many stores tend to lower their prices or even offer big sales during this period.

Determining whether you'll save money by purchasing a gift early depends on the particular gift. Despite the many sales that stores offer during the holidays, not all items have a better deal at the end of the year. In fact, due to high demand during November and December, some prices tend to go up- so purchasing them earlier is a good idea.

Also, if you received a gift last year and aren't likely to use it, consider re-gifting it. Some people consider this as tacky, but if you know someone who would really like it without the possibility of knowing whether you re-gifted, then gift it to them. You could also consider making some gifts yourself rather than buying them. This will in turn save you some money and, at the time, make someone else happy.

The Key Take Away

It's never too late to start saving. If you start now and get ahead of the game by following the steps outlined above, you will be all set for the holidays. Besides, when the Christmas Shopping time comes, the financial impact won't be frustrating. You might actually be able to sit back, relax, and enjoy the eggnog.

For more information about opening a holiday savings account or any account, feel free to talk to us, and we will be more than willing to assist.

Author Bio

Keith Huckabay

Take 3 parts Internet Junkie, 4 parts Broadway Fanatic, 1 part News Addict, 2 parts Comedy Enthusiast, and mix it with some ice in a blender and you get Keith. He is highly energetic and brings just a little bit of quirky to all he does. When he’s not marketing his pants off for PrimeWay, Keith likes to hold court with his friends over a nice dinner or traveling new places.

Subscribe To Blog

Welcome Back!