Four Tips to Save for the Holidays

With the holidays coming up, many of us have big plans to buy great gifts for our loved ones. Unfortunately, many times our budget doesn’t match our plans. Have you ever been left wondering how to afford holiday presents for everyone on your list? Here are some ways to save money and prepare for a better season of gift giving.

1. Start early with shopping. Don’t wait until late fall to start buying gifts for people. Buying gifts all year will give you a head start, and you won’t be spending large amounts of money at one time. If you see an item in the store and think it would be a great gift for someone, don’t hesitate to buy it. You can keep it in a storage closet until it’s time to wrap it for the recipient.
2. Set reasonable budgets. It’s important to remember while gifts are great to receive and watch others open what you got them; don’t break the bank to make that happen. If you cannot buy extravagant gifts for everyone, it is okay. Try finding less expensive gifts that are more meaningful to your loved ones.
3. Open an American 1 Christmas Club account. A Christmas Club account lets you make deposits only so you won’t be able to spend your money until the account matures on October 31. Then your money will get deposited into your savings account which allows you to start shopping. This is a great way to save up your money if you have a tendency to spend it.
4. Cut your extra spending habits. Try to make a habit of not stopping for coffee, a snack in the drive-thru, or similar things where you find yourself spending a little extra. The money you save from those trips will add up and make it easier to buy gifts for others.

At American 1, our goal of creating financial wellness in our communities through personal everyday banking begins with you, our members. We have a team of Certified Financial Coaches who are available to help you with budgeting, investment questions, debt reduction, and any other financial topic our members need help with - for free! Become a member or move all of your everyday banking to American 1!

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