Saving for the Holidays

Published October 25, 2023

By Anne Marx | Loan Administration Representative | Wisner Branch

The holiday season can be a joyous time of year, but it can also be expensive. Between buying gifts, traveling, and attending events, the costs can quickly add up.

That’s why it’s important to start saving early and have a plan in place to avoid overspending. Here are some effective ways to save for the holidays.

Create a Budget

The first step in saving for the holidays is to create a budget. Determine how much money you’ll need for gifts, travel, and other expenses. Then, break down your budget into smaller, manageable chunks. For example, if you need to save $1,000 for the holidays and you have six months until the holiday season, you’ll need to save $167 per month. Creating a budget will help you stay on track and avoid overspending.

Cut Back on Expenses

Take a close look at your expenses and identify areas where you can cut back. With our Midwest Bank mobile app and the MyCards feature, you can easily get insight into your spending habits and identify the areas you can cut back. This could include reducing your entertainment budget, cooking at home instead of eating out, or canceling subscriptions that you don’t use. Every little bit helps when it comes to saving money.

Start a Holiday Savings Account

Consider opening a separate savings account specifically for holiday expenses. This will help you keep your holiday savings separate from your regular savings and make it easier to track your progress. You can even set up automatic transfers from your checking account to your holiday savings account to ensure you’re consistently saving each month. An easy way to save money is to enroll in our RoundUp program. With every debit card transaction, the total is rounded up to the next dollar, and the difference is automatically transferred into your savings account. Saving money has never been easier.

Start saving money now and enjoy a stress-free holiday season filled with joy and festivities.

Anne Marx

Use Cashback Rewards

If you have a credit card that offers cashback rewards, consider using it for your holiday purchases. This way, you can earn cashback on your purchases and use the rewards to offset your holiday expenses. Just be sure to pay off your credit card balance in full each month to avoid interest charges. Midwest Bank has multiple credit card options with different rewards that are perfect for holiday shopping.

Shop Early and Take Advantage of Sales

Start your holiday shopping early and keep an eye out for sales and discounts. Shopping early will give you time to compare prices and find the best deals. Additionally, consider shopping online to take advantage of free shipping offers and promo codes.

Consider Homemade Gifts

Homemade gifts can be a thoughtful and cost-effective way to show your loved ones that you care. Consider making homemade candles, soaps, or baked goods to give as gifts. Not only will you save money, but you’ll also be able to add a personal touch to your gifts.

Saving for the holidays requires planning, budgeting, and discipline. By creating a budget, cutting back on expenses, starting a holiday savings account, using cashback rewards, shopping early, and considering homemade gifts, you can enjoy the holiday season without breaking the bank. Happy saving!

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