How to Start Saving Now for a Stress-Free Holiday Season

While we’re still in the midst of summer, the holiday season is just around the corner. According to a 2024 survey from Banktree, only 29% of holiday shoppers have money set aside for the holiday season. That said, it's crucial to begin saving now. We’ll explain how financially preparing ahead of time can lead to a successful and stress-free holiday season later.

Create a Holiday Budget

Before you begin spending money, you need to determine how much money you can spend. First, consider your bills and necessary expenses. Then, determine how much disposable income you have. From there, you can create a shopping list for everyone you plan to purchase gifts for. It’s wise to set spending limits so you don’t go over budget. Keep in mind that you’re not required to buy something for everyone – just the most important people in your life. For more on holiday budgeting, be sure to check out our blog about it.

Save Early

Now that you’ve planned your holiday budget, it’s time to save. The sooner you begin saving, the more you’ll have to spend later. Gulf Winds offers Holiday Share Savings Accounts for all your holiday spending needs. It works like a traditional savings account, except it “matures” on November 1. After that, the savings are sent to an account of your choice. Savings in our holiday accounts are compounded at .15% monthly, and dividends are earned daily. For a successful holiday season, open a holiday account with us today!

Track Your Spending

Part of sticking to a holiday budget is tracking your holiday expenses. But it also means keeping your day-to-day expenditures in check. If you plan to purchase an expensive gift this holiday season, it could be beneficial to cut back on unnecessary expenses, like restaurant purchases or impulse buys. Doing so will make your disposable income go further, which could be directed toward holiday purchases.

Expect the Unexpected

The holidays are often a time of unplanned spending. That said, be sure to take into account unexpected expenses when crafting your holiday budget. Saving early and tracking your holiday expenses are pivotal when planning for the unplanned. Although everyone’s financial situation is different, it’s suggested to set aside anywhere from a few hundred dollars to $1,000 a year for unexpected, holiday-related discretionary expenses.

The holiday season can be financially stressful, but it doesn’t have to be. Taking proactive steps now is one of the best ways you can financially prepare for the season. And Gulf Winds is here to help!

Want to learn about financial mistakes to avoid this holiday season? Check out our blog about it here.