The leaves are changing, the air is growing colder, and with it the holidays are growing closer. Now is the time to start building your savings and preparing for a season of family gatherings, gift giving, and all your favorite ways to celebrate the winter holidays. Did you know that 67% of consumers plan to use credit cards for holiday shopping, according to MarketWatch?

The budget that you build now, can help you avoid accumulating holiday debt later this year, ultimately avoiding extra stress and financial burdens often associated with the holiday season.

We asked Sarah Hall, a Kitsap Credit Union team member for the past six years and Assistant Branch Manager of our Bangor Branch, for her advice when it comes to saving for the holidays. 

“The sooner you start saving, the less out of each month’s paycheck you’ll need to set aside!” she said. “It is never too late to start! If you feel it is too late this year, it is never too early to start saving for next year or the next big event on your calendar.”

When it comes to savings strategies, Sarah said, “One thing I like to do is have a direct deposit allotment go straight into savings from my paycheck. This keeps the money out of sight and there is less temptation to dig into my savings.”

There are also some other simple ways to cut costs by using tools like My Insights, a Personal Financial Management tool that helps you save more by providing key insights that protect, guide, and empower your financial well-being. It can help you track your subscriptions to make sure you are only paying for the services you use regularly. You’d be surprised how much you can save by cancelling two or three $10-$15 monthly charges that you forgot you’ve been paying.

Wondering how to reduce your financial stress this holiday season?

“If you have money set aside for shopping each year, you can set a budget from what you have saved to avoid the temptation of using a credit limit as your spending limit,” Sarah said. “Knowing that you have money saved for the holidays will reduce stress associated with the holidays and make the season more enjoyable. Plus, knowing that you won’t have a hefty credit card bill following the holidays is a big relief as well.”

You might be wondering what the best way is to start a budget for the holidays and while everyone has their own system, here’s what Sarah recommends: “Start with a list of people you would like to buy gifts for, keep to the list and set a price limit for each person,” she said. “Once you have an overall cost of what the season will be, you can divide that by how many weeks or pay periods you have to reach that savings goal. Then, you can set up a direct deposit for that amount. Set it and forget it! That way, when it comes time to shop, you won’t have to stress about whether you have the funds or not. If you plan to shop online, remember to account for shipping and handling fees in your budget!”

If you’re looking for a tool to make your holiday saving even easier, consider opening a Holiday Savings account with Kitsap Credit Union. “Our Holiday Savings account is great because it transfers into the account of your choosing on November 1 so that you are ready to get a kick start on holiday sales! We also offer our Holiday Savings members an exclusive year-end gift that they can pick up in branch during November/December.”

To get a Holiday Savings account established, visit your local Kitsap Credit Union branch. Learn more at https://www.kitsapcu.org/personal/savings/.