How To Prepare Your Finances For The Holiday Season

Girl with Piggy Bank and Santa Hat

The kids just started school; what do you mean it's time to start thinking about the holidays? Don't worry, we're not telling you to pull out your Christmas tree or ugly sweaters. We're simply saying that now is the best time to start your financial planning for the holiday season.

Here are some great tips on how to avoid going into gift-giving debt:

1. Start saving now

Start putting aside a portion of your paychecks so that you have a decent holiday fund ready for the holiday season. Our advice? Open an Own Your Change Savings Account or a Holiday Savings account to help you save conveniently. When you make everyday purchases with your Telhio debit card, we will round up the total cost to the nearest dollar and then transfer the difference from your checking to savings each day. It's like putting your spare change in a jar, but without the jar!

2. Create a budget.

Creating and sticking to your budget is a great way to avoid going overboard during the holidays. Write down who you want to buy for and how much you want to spend on them; make sure you refer to your budget frequently to avoid overspending and impulse purchases. Use the handy budget tool in our Financial Fitness workbook to keep you on track.

    Change the way you give.

There comes a time when you realize your family has just gotten too big to buy for everyone. Consider going an alternate route this holiday season with the way you give gifts. Suggest doing a family gift exchange so everyone only has to buy for one person. Maybe consider taking a trip instead of buying material items or recommend creating DIY gifts that come more from the heart and less from the wallet.

Return to the blog archive