5 Simple Ways to Save Money for the Holidays - CCCU
Wednesday, December 18 CCCU
How to Save for the Holidays the Right Way in PDX
Our Portland credit union is here to guide you through the process of saving money for the holidays. Here are 5 easy tips to help you manage, save, and balance your finances to prepare you financially for the holidays.
If you're feeling the stress of holiday spending this year, you might be wondering how to save money for the holidays to avoid financial stress in the future. Don’t worry –– being frugal doesn’t make you a Grinch. At Consolidated Community Credit Union, we are all about being mindful of money habits and saving for things that matter. That’s why we’ve compiled our best advice for building a celebratory savings fund to help you and our Portland, Oregon credit union members go into the holiday season financially prepared.
5 Simple Ways to Save Money for the Holidays
Our Portland credit union knows it can be difficult to save money for the holidays, but it’s never too early or too late to start saving. These five tips will help you rethink your spending and plan ahead for the jolly season.
1. Cut back on “extras”
First and foremost, we recommend cutting back on “extras” (AKA non-essentials). If you have a habit of treating yourself to a daily cappuccino, regular happy hours, a bi-weekly manicure, or a new pair of shoes every month, you may want to hold off until after the holiday season if those things can wait.
When you eliminate superfluous purchases, you’ll have more money in your bank or credit union account to use during the holidays. That being said, it’s wise to avoid overspending at your favorite café in the Pearl. While opting out of buying a latte or after-work drinks might not seem like it will make a big dent in your wallet, forgoing small expenditures can really add up as long as you’re consistent.
2. Embrace a cash-only spending budget
It’s easy to forget how much money you’ve spent when you always reach for your credit or debit card
. You won’t feel the weight of your purchases until you get a credit card statement or remember to check your Portland credit union bank account. Utilizing a cash-only spending budget is an excellent way for chronic overspenders to know how much money they’re spending and helps them manage their finances.
Here’s a savings tip we give our Portland credit union members: Once a week, or every time you get paid, withdraw
the amount of cash you want to set aside for groceries, entertainment, and day-to-day expenses. When you’re able to visibly see the amount of money left in your budget, it can help you resist the temptation of making unnecessary purchases later, making it easy to contribute more to your holiday savings account.
3. Research before you shop for gifts
The majority of people shop for gifts online these days, so you may or may not be inclined to browse the mall to find presents for everyone on your list. In any case, we recommend doing some research before you shop for gifts. A lot of local retailers run specials for several days, and many offer their deals online. We also encourage people to shop during “Small Business Saturdays
” to support local small businesses in Portland or elsewhere.
If you want to save money this holiday season, having a shopping strategy in place is crucial. Whether you shop online or at brick-and-mortar stores, look into the best dates to shop. Prepare with a list of items you need to buy, and don’t veer from your list. When you plan ahead
and research the best deals, you’ll be less likely to buy something at the last minute that’s outside your budget.
4. Track your spending
Another approach we give our Portland credit union members it to take control of their finances over the holidays by tracking their spending. Creating a budget is critical, but if you don’t follow it, you’ll be right back to where you started. Most banks offer mobile banking apps, which are excellent for checking your balance and tracking your spending each day. They also let you transfer money to your holiday savings account with ease.
You might also try downloading a more intricate budgeting app, such as Mint
. Budgeting apps
are customizable and easy to use, and you can set them up to notify you before you go over your budget.
5. Open a holiday savings account
One of the most simple and effective ways to save money for the festive season is to open a holiday savings account at a Portland credit union or elsewhere. So, what’s a holiday savings account? It’s a savings account separate from your regular savings in which a small portion of your income is automatically deducted and set aside for the holidays.
Make CCCU Your Holiday Savings Partner Today!
When you set up a holiday savings account
through CCCU, you’ll be prepared for the upcoming gift-giving season while staying ahead of the curve. We offer convenient payroll deduction and excellent dividend rates to streamline your savings efforts. Contact us today to learn more about the many benefits of a holiday savings account.