It may be all sunshine and sandals now, but believe it or not, this is the perfect time to start prepping for the holiday season. Starting your holiday savings plan in the summer can make your winter spending more manageable, less stressful, and way more budget-friendly.
By setting a plan now and using the right tools, you’ll be ready to tackle holiday shopping, travel, and traditions without relying on credit cards or depleting your emergency fund. Here’s how to get started today, with a bit of help from People Driven Credit Union.
1. Set Your Holiday Budget Now
Start by creating a list of all your expected holiday expenses, including gifts, travel, meals, decorations, events, and other related costs. Then divide that amount by the number of months (or pay periods) between now and December. The result is your monthly savings goal.
Example: If you want to spend $1,200 on the holidays, saving $200 per month from July to December gets you there, with no last-minute stress.
2. Open a Holiday Club Savings Account
One of the easiest ways to stay on track is to open a dedicated savings account for holiday planning. With PDCU’s Holiday Club Savings Account, you can:
- Set aside money automatically each pay period
- Keep holiday funds separate from regular savings
- Access your full balance in early November just in time to shop!
- Start with as little as $5
This account helps you build holiday savings slowly, without the temptation to dip into the funds for non-holiday expenses.
3. Automate Your Savings
Consistency beats perfection. Set up a recurring transfer from your PDCU checking account to your Holiday Club Account or any Member’s Choice Savings Account. You can even nickname your savings goals, such as “Holiday Gifts” or “Winter Travel,” to stay motivated and organized in your digital banking.
4. Use Summer Deals to Shop Ahead
Back-to-school sales, summer clearance events, and Black Friday previews in August? They’re real and they’re great for early gift buying. Buying a few items each month can spread out the cost and reduce the December crunch. Just be sure to track purchases so you don’t overspend later!
5. Avoid Credit Card Hangovers
When you save in advance, you spend with purpose. That means no maxed-out cards or significant balances in January and no holiday shopping guilt. If you plan to use a card, ensure it works for you. PDCU’s Rewards Driven Credit Card earns points on every purchase to help you stretch your budget even further.
Start Small. Start Now.
Saving for the holidays doesn’t have to be hard, but it does take intention. By starting in the summertime, you’ll give yourself the gift of time, flexibility, and peace of mind. Whether you save $10 or $100 a week, it all adds up.
Ready to plan ahead and skip the holiday stress? Open a Holiday Club Savings Account today or contact us to talk about ways to meet your year-end savings goals.
Disclaimer: Holiday Club Accounts may be subject to withdrawal restrictions. Funds are typically disbursed in early November. APY and dividend rates are subject to change. Please refer to our Fee Schedule and account disclosures for complete details.
