Summer Savings: Prep Early for the Holidays
As you peruse stores, you may notice more and more holiday décor starting to creep into window displays. With the heat of summer still in the air, it may be hard to even consider the holidays. However, getting a head start on your holiday shopping can help alleviate a lot of stress later – both financially and emotionally.
Even if this season’s hottest gifts aren’t out yet, there are still plenty of ways to get ahead when it comes to holiday preparations. Here are some tips to help you get started now so that you aren’t scrambling come November and December.
The Benefits of Starting Early
We often forget just how crazy the holiday season can be until it’s upon us. Beginning your holiday preparations early can ensure a more enjoyable and relaxed season for you and your loved ones.
- Reduce Stress: Say goodbye to much of the typical hustle and bustle of the holidays and avoid the last-minute crowds and frenzy.
- More Time: By spreading out your holiday shopping over several months, you can take your time and hunt for the best deals. Plus, your budget will thank you since you can pay comfortably over a longer period.
- Avoid Debt: Planning, budgeting, and saving ahead of time can help you avoid relying on high-interest credit cards to fund your holiday needs and the costly interest charges that will follow.
Make Your List & Set Your Budget
The first step in ensuring early holiday preparation is to create a detailed shopping list. Then, once your list is complete, you can use it to build your holiday budget. Creating your budget beforehand allows you to track your expenses effectively and avoid overspending.
- List Everyone: Write down everyone you plan to give gifts to, including family, friends, coworkers, neighbors, and anyone else. This will help you make sure you don’t forget anyone!
- Budget for Extras: Don’t forget the holidays aren’t only about gifts. There are lights, decorations, activities, meals, travel, and more. Try to make a comprehensive list of everything included in the holiday season.
- Set a Budget: Once you have a complete list of everyone and everything you need, allocate specific amounts to each category and person. Then, you can determine your overall holiday budget and adjust accordingly. Or you can set your overall spending limit first and then work backward to set amounts for each category.
Shop Early
Every item you can cross off your list early will help to relieve the financial and emotional stress of waiting until the last minute.
- Monitor the Sales: Take advantage of sales and deals throughout the year to save on purchases. During the back-to-school season, many stores offer tax-free sales that can help you save even more, especially on higher-cost tech items like computers and tablets.
- Shop Off-Season: Shopping outside peak purchasing times for select items can help you save substantially. You may be able to snag some of your big-ticket items, especially electronics and appliances, for much cheaper during the summer and early fall.
- Spread Out Purchases: Buying items here and there throughout the year rather than all at once relieves much of the tension from your budget. You can avoid the financial strain of squeezing multiple purchases into a short time frame and buy at your leisure.
This strategy also helps you avoid costly financing options, such as payday lenders, Buy-Now-Pay-Later options, and higher-interest credit cards.
Book Travel in Advance
If you know now that you plan to travel during the holidays, securing your flights and other accommodations early can help you save significantly. Start researching your options and tracking prices as soon as possible to snag the best deals.
- Lower Prices: Flights and hotel reservations are often much cheaper when purchased in advance. Booking ahead of time allows you to get a much better deal than waiting until the weeks before as demand increases.
- Better Availability: Securing your travel reservations early ensures you’ll have the prime pick for seats and rooms with more and better options to choose from.
- Peace of Mind: By booking your travel plans now, you can avoid the last-minute rush and start planning activities for your upcoming trip.
Start DIY Projects Now
If you plan on going the DIY route for some of your gifts this year, get a jump on purchasing your supplies. Starting early lets you manage your costs and time more effectively, plus you can better enjoy your creative process without the pressure of a looming deadline.
- Buy In Small Batches: Purchasing your crafting supplies a few items at a time allows you to avoid the hit to your wallet of buying everything in one huge expense.
- Take Advantage of Sales: Be on the lookout for sales, coupons, and discounts on materials throughout the year to help you save on supply costs.
- Get a Head Start: Once you’ve gathered all the materials you need, go ahead and get crafting! Starting on your projects early allows you to take your time creating meaningful gifts for your loved ones and ensures you get them done in plenty of time.
Start Saving Now
One of the best ways to ensure you’re financially prepared for the holidays and other year-end expenses is to set up a dedicated savings account. If you prefer to wait until closer to the holidays to start your preparations, consider a Holiday Club Account. Either way, enjoy these benefits to help you get a leg up on your holiday savings:
- Automate Your Savings: Set up automatic transfers to your holiday savings to ensure you are putting money away throughout the year so it’s ready when the holiday season draws near.
- Earn More with Interest: Earning interest on your savings allows your investment to grow even more, giving you extra funds to supplement your seasonal spending.
- Enjoy Dedicated Funds: Keeping your holiday savings separate from your other accounts allows you to set aside reserves solely dedicated to your holiday needs – and ensures you have the necessary funds available when you need them.
We’re Here to Help!
By starting your holiday planning, saving, and shopping early, you can ensure you have the time to build up your funds and cross everything off your list. Preparing early allows you to save money and reduce stress to enjoy a more affordable and relaxed holiday season.
If you want to get a head start on your holiday savings and learn more about Holiday Club accounts and other savings options, we’re happy to help. Please stop by any of our convenient branch locations or call 801-451-5064 to speak with a team member today.