The December holidays are approaching. Have you set aside enough funds to pay for all the gifts you plan to buy?
Not quite yet? You are probably not alone. Here are some tips on how to stuff your holiday savings account. You’ll feel jollier when that money is at hand when you check out at a local or online store.
Setting aside money for holiday presents can relieve the stress of worrying about how you will pay the credit card bills that arrive in January. You’ll enjoy the season more knowing you can afford gifts for everyone, even yourself!
Here are four strategies to help you save:
Create a Holiday Gift Budget
In a future blog post, we’ll discuss ways to shop smarter and keep expenses in line. For now, write down everyone for whom you plan to buy gifts and allocate a specific dollar amount for each person. Calculate the total and make it your savings goal.
Use Direct Deposit to Save More
One of the most efficient ways to save is by setting up a direct deposit from your paycheck into the Savings Club Account at Tropical Financial Credit Union. Here’s how to do it:
- Choose an Amount: Decide on a specific percentage or dollar amount to transfer each pay period. Base that in part on your gift budget.
- Set Up the Transfer: Contact your employer’s payroll department or use your company’s HR platform to set up the transfer.
- Automate Your Savings: Automating this process ensures that you save consistently without thinking about it.
Shift from Dining to Saving
Eating out is probably the most expensive thing you do for fun. Between now and the holidays, redirect what you spend dining on the weekend into savings. A little sacrifice now will pay big dividends when you hand out holiday presents.
How much should you save? Review what you spent at restaurants or on takeout over the past four weeks. At the end of these four weeks, deposit that sum into your Savings Club Account.
Utilize Cash-Back Programs
Take advantage of Tropical Financial’s Daily Rewards Debit checking account. The credit union will deposit 2 cents into the account for every retail purchase you make with the card. Rather than leave the money there, regularly sweep it into your Club Savings Account. By the time the year ends, you’ll notice an uptick that brought you closer to your goal of a joyful holiday.
