5 Tips to Start Saving for the 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.