The holidays may seem far away, but financially speaking, they’re closer than you think. Gifts, travel, food, decorations, donations… the costs stack up fast. Waiting until November to start saving? That’s a recipe for stress and credit card debt.
The good news? A little planning today can mean a lot more peace of mind (and leftover cash) when the season rolls around. Here’s how to get ahead.
1. Estimate Your Total Holiday Budget
Before you start saving, figure out how much you actually need. Think beyond just gifts:
- Presents for family, friends, coworkers, teachers
- Travel costs (gas, flights, hotels)
- Decorations and holiday meals
- Charitable giving or seasonal tips
- Event tickets or outings
Once you’ve got a number, divide it by how many pay periods are left before the holidays. That’s how much you’ll want to set aside each time.
2. Open a Dedicated Holiday Savings Account
Keeping your holiday savings separate from your everyday spending makes it easier to track your progress and harder to “accidentally” spend it. People Driven Credit Union offers a Holiday Club Savings Account designed just for this purpose.
It’s free to open, earns dividends, and you can nickname it to stay focused. (“No More Credit Card Christmas,” anyone?)
3. Set Up Automatic Transfers
Make saving a no-brainer. Log in to my.peopledrivencu.org or use the MyPDCU app to set up automatic weekly or biweekly transfers into your holiday account. Even $10 a week adds up to over $400 by the end of the year!
4. Shop Smarter, Not Harder
Starting early gives you time to watch for deals, shop sales, and avoid last-minute markups. Bonus: you’ll also prevent panic-buying overpriced gifts out of desperation two days before the party.
5. Use Rewards to Boost Your Budget
If you use a rewards credit card responsibly, it can work in your favor. PDCU’s Rewards Driven Credit Card lets you earn points on your everyday spending that you can redeem for gift cards, merchandise, and more—just in time for the holidays.
6. Prepare for the “Unexpected”
The holidays always come with surprise expenses. Build in a buffer to handle last-minute invites, shipping costs, or that extra gift for your cousin’s new boyfriend you forgot existed.
Enjoy the Holidays, Without the January Regret
It’s never too early to start planning. By setting aside just a little now, you can save yourself from holiday debt, financial stress, and overspending later. Your future self, and your budget, will thank you.
Want help setting up your holiday savings plan? Visit your nearest PDCU branch or contact us online, and we’ll help you get started today.
