'Tis the Season to Save
The holidays are here, which means if you haven't started yet, it’s time to get shopping and planning for the busy season. The expenses that come with the holidays can amount to more than just buying gifts. Between decor, cards, gift wrap, meals, travel, and more, your holiday budget can quickly go out the (likely decorated) window. Here are a few suggestions to help ease the cost of the holidays.
Start a Realistic Holiday Budget
Before the busy weeks ahead, sit down and create a realistic budget for yourself. It’s easy to get caught up in the spirit of giving and end up overspending, leaving you unprepared for January’s expenses. Create a list of things you need to account for, like gifts, décor, food, and extra travel costs.
Then, set a spending limit for each so you have a clear picture of your budget. If you need help setting a budget for the holiday season and beyond, our team of Financial Coaches can help you create one specific to your needs.
Consider a Personal Loan
Sometimes your holiday budget exceeds what you've saved, especially when you're planning significant travel or hosting extended family. Rather than reaching for high-interest credit cards, explore our Signature Loan options designed specifically for personal expenses, such as holiday spending.
These unsecured loans offer fixed interest rates and predictable monthly payments over a set term, which means you'll know exactly what you owe and when. A signature loan creates a known path to being debt-free. You'll spread the cost over manageable installments while avoiding the surprise of variable rates or mounting interest charges.
Buy Now, Pay Later (BNPL) is an installment loan that divides a purchase into multiple payments and many don’t charge interest. This payment method is popular and may be beneficial for a certain purchase you can afford within your budget, but want spread-out payments. If you decide to use this option, try not to take out multiple BNPL loans at once, as this may make it harder to keep track of on-time payments. Also, read all the written terms as some of these loans have substantial late fees if a payment is missed.
Cut Costs on Party Hosting
One of the best parts of the holidays is gathering with loved ones. If you're traditionally the host but not looking forward to paying this year's prices for food and drinks, try hosting it potluck-style. This way, your wallet doesn't have to do the heavy lifting, and you can share the expense. Another way to save is to ask guests to bring their own drinks, or host a party that calls for appetizers and drinks only, eliminating the cost of a full meal.
Get Creative with Gift Giving
It's easy to get caught up in the holiday spirit of buying gifts for everyone you'll see this season, but that can get expensive fast. Try suggesting a gift exchange with groups instead, or discuss a spending limit with your friends or family beforehand. If neither of those fit your situation, try a handmade gift or future help as a gift, like babysitting or cooking dinner for a friend.
Decorate on a Budget
Get creative! When it comes to decor, skip buying new this time of year. Check out local thrift stores or follow online tutorials to make something you love for less! If you have friends or family who enjoy holiday décor, consider a decoration swap to freshen up your look. Rolls of wrapping paper and gift bags add up to more than you think. Try making your own wrapping paper out of items around the house, like paper grocery bags, or don't wrap them at all!
Travel Smart During the Holidays
The best way to save is to price shop ahead of time. Look for the cheapest days to fly and don't wait until the last minute to book. Close enough to drive? Compare gas prices and see if it's the cheaper option. If neither of these options work, consider celebrating together after the holidays, when travel costs are considerably less.
And remember to protect your finances on your trip by setting a travel notice on your cards.
DIY Your Holiday Photos and Cards
Paying for a photographer, outfits, photo prints, custom cards, and stamps can get quite pricey! If you don't love the idea of skipping cards this year, try cutting costs by using a collage of photos you've already taken throughout the year. When it comes to ordering the cards, look for coupon codes, and order in plenty of time to keep shipping costs low. Postage is another thing that seems cheap, but adds up quickly. Cut these costs by hand-delivering any cards that you can. Alternatively, make and send your cards for free electronically this year!
Shop Sales Like Your Budget Depends On It
Be sure you’re not getting told something is a good deal when it isn’t. When shopping online, add your item to your cart, then look at multiple other sites to compare prices. Just because the retailer says it’s a sale price, doesn’t mean it’s the best deal. Also, sometimes when you abandon your cart, the retailer will offer you a coupon code to complete your checkout–it's worth trying!
Another good rule of thumb when shopping sales is to try to avoid buying something just because it's on sale. If you really don't need something, remind yourself that 30% off is still 70% on.
Price Match
When shopping in person, grab your phone and check the online price for that retailer and a few others as well. Most retailers offer a price match that you can request upon checking out, even if it's from their own site!
Get a Head Start
The earlier you start shopping, the better and waiting until the last minute can result in spending more money. Allowing yourself time gives you the luxury of shopping for the best deals, avoiding rush shipping fees, and paying more at retailers that may take advantage of last-minute shoppers.
Helpful Tip: At the end of this season, see if you can find discount prices on things like decor and wrapping paper to use next year — talk about shopping ahead!
Plan for 2026 Spending
You can create savings goals within digital banking that help you stay on track throughout the year and update you on your progress. Take note of how much you spend this year so you can set a future goal. By this time next year, you'll be holiday-ready.
Another great way to save small amounts throughout the year that's dedicated specifically for the holidays is with our Holiday Club Savings account1. It does the work for you by automatically transferring your desired amount throughout the year and dividends are compounded monthly. Come next November, you're able to withdraw what you've saved and start celebrating.
Happy Holidays!
1 Minimum balance of $10 to open and minimum deposit of $10 per month required. Withdrawals prior to November 1 may reduce earnings.