Preparing for Christmas Now | First Volunteer Bank

The team at First Volunteer Bank has been there, too—with the best of intentions to save money for Christmas all year long.

Come the first of the year, you have all these plans to start putting back money from every paycheck to have a better spending budget for the holidays. Then, the holidays come, and you have no money in your Christmas account. So, what happens then? You push your budget too far during the holiday season. No bueno. Fortunately, we’re taking a break this summer to remind you that the holiday savings should start now.

Your Holiday Budget

When the holiday season arrives, we tend to want to give and give and give. However, we also tend to give a little too much to the point that our budget suffers. The holiday season is not meant to put you into debt. By taking steps to start saving early for the holidays, you can give while also staying within your budget.

First, make a list of everyone you want to purchase gifts for this December. That way you know exactly who you need to buy for—and who your budget needs to include. The list will also come in handy when it’s time to shop.

Second, put a price beside each name of what you’re allowing yourself to spend on this person. For example, you might spend around $50 on your parents, but maybe only $25 on a sibling or friend. Remember, these are price limits you are setting. While you can end up spending less, you shouldn’t end up spending more.

Third, add the total budgeted amount together and divide the number by six. Assuming you receive two paychecks a month and are saving in the months of September, October and November, this is the amount per paycheck that you need to put back in order to have your holiday spending account ready by December.

Finally, don’t think you have to wait until December before purchasing presents. Many times, the best deals are available at other times of the year. Therefore, if you have a family member who always wants the same thing or you have the perfect gift idea for your loved one right now, go ahead and buy it! The key is to just remember where you put it come Christmas.

Did you know that we have a Holiday Savings account to help customers save for the holiday season? Visit the First Volunteer Bank website to learn about this account and how it can help you with your Christmas budget.