holiday club – United Fidelity Bank

Do you wait until the last minute to start buying gifts?

Do you get carried away with spending during the holidays because you love seeing the joy on your loved ones faces when they open your gift?

Does your list of gifts for friends, family, and coworkers cause you to become overly stressed?

Do you tell yourself that you’ll just pay off the credit card in January (or later) so you can splurge on the perfect gift, extensive travel, or delicious 5-course meal?

If you answered yes to any of these questions, you are probably a holiday over spender.

The holiday season is a time filled with joy, happiness, and love while we create wonderful memories with those we’re closest with. However, for many, it can also be a time of financial strain if there is not a proper plan set in place. By choosing to save early, you can feel confident in your finances and enjoy all the holiday festivities without the burden of financial stress.

Here are five reasons to start saving now for the holiday season.

Avoid Last-Minute Debt

In 2023, Forbes did a study on holiday spending trends in America and found that approximately 58% of Americans used credit cards to pay for Thanksgiving expenses. In addition, the study shows 52% of Americans relied on credit cards to pay for their holiday gifts, and 33% utilized Buy Now, Pay Later services.

By choosing to start saving early, you can pay for your holiday gifts and avoid accumulating last-minute debt.

Establish a Budget

Look back at your statements to see how much you spent over the holidays last year. This is a good starting point to help you gain a better understanding of what holiday spending may look like for you. From there, you can start to establish a realistic budget that will help you to say out of debt during the holidays.

Prioritize your Holiday Expenses

Like any budget, you may have to cut non-essential expenses to reach your savings goal. Identify places in your lifestyle where you could temporarily cut back on spending to save more for holiday necessities.

In addition to identifying non-essential spending, this may also apply to gift giving. Make a list of the important people in your life that you are sure to be purchasing a gift for. Before adding people to that list, ask yourself if it is necessary to get them something. This can keep you from feeling the need to buy gifts for everyone in your life.

Create a Dedicated Savings Account

Our Holiday Club account is the perfect solution to helping you get a jump start on holiday savings. Opening a separate savings account for your holiday fund, will help you avoid using your savings for other purposes. To ensure your holiday savings account grows consistently, you can set up an automatic deposit for a portion of your paycheck to be distributed into the account.

Get Creative

There’s something special about a DIY (do-it-yourself) gift that everyone loves. For this upcoming holiday season, consider creating DIY, handmade, or personalized gifts that offer a unique touch and allows you to save a little bit of money. If you’re not a crafty person, try focusing on more personalized gifts such as experiences. These can be lower-cost and can be just as valuable as a physical gift due to getting to spend more time with loved ones.

This year don’t get swept up in the excitement of the holiday season that you forget to plan for your financial spending. Beginning to save now for the holidays is a smart financial strategy that can provide you a holiday season with less stress and more freedom.

Interested in getting your Holiday Club account set up? Contact one of our local bankers today and start planning for a worry-free, financially responsible holiday season!

‘Tis the season to be jolly… and financially responsible! While the holiday season is a time of merriment and joy, the extra expenses – shopping, travel, events, gifts, etc. – can also bring financial strain and added stress to those who aren’t prepared.

If you are looking to save money this holiday season, you’ve come to the right place! We’ve compiled five money-saving tips to help ease your financial stress this holiday season.

Set a holiday budget. Review your normal expenses to find a spending limit you can afford. Look for areas you can temporarily (or permanently) afford to cut costs and use those savings toward your holiday fund.
Make a list and check it twice. Gathering wish lists from friends and family can help you avoid buying expensive last-minute panic items. If you’re struggling to stay within your budget, you may need to trim people from the list or find a more affordable gift.
Take advantage of seasonal sales. While Black Friday and Cyber Monday are thrilling to experience, they don’t always guarantee the best holiday deals. Taking time to look for the right offer can lead to big savings for you.
Be mindful of using cards. Your debit and credit cards may offer built-in consumer protections, which can make them more secure than carrying cash, however, be careful not to get carried away. Overspending on your debit card can lead to unwanted overdraft fees, and overcharging on a credit card can lead to more monthly payments with additional interest charges.
Don’t forget to make memories. There are many ways to enjoy the holiday season other than giving gifts. Make memories with your loved ones this holiday season by enjoying free activities such as looking at holiday lights, volunteering at a local homeless shelter or children’s charity, attending your local tree lighting, etc.

The holidays are a time for celebration, not financial worry. By practicing these money-savings tips, you can minimize stress and start focusing on the more important moments.

Have you already wrapped up this year’s holiday spending? Whether you have or not, it’s never too early (or late) to start saving for next year! Be prepared for future holiday expenses with our Holiday Club account. Learn more about our Holiday Club account by contacting your banking center today.

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