By: Chelsea Marcyes, Fraud Specialist, Staples, MN, First International Bank & Trust, Member FDIC
Notice that summer holidays are more relaxed? We focus on making great memories—in the back yard, on the water, at the park, with great food and simple fun like sparklers. Even travel seems less stressful.
Why can’t Christmas be more like that?
It can, with a little planning that starts now.
Like you, every holiday season, my husband and I balance the demands of gifts, travel and party hosting. Each year, those costs increase—both in terms of time and finances. Yet the last few years, planning has made our winter holidays more enjoyable.
Here are four tips to help make Christmas and winter holidays less stressful:
1. Set Your Budget
Early on, about six months before the holiday season, we look at our discretionary income. Discretionary income is the amount of money that a household has left for spending, investing or saving after taxes and needs (such as food, shelter and clothing) have been paid. From this, we determine how much we can feasibly spend on gifts, travel and hosting in November and December.
2. Make a List
Create a shopping plan and be a savvy consumer. This is a way to maximize your spending power and overall spend less. For instance, when hosting holiday meals, take a headcount of actual attending guests. This way you don’t overbuy and waste money on uneaten food.
3. Get Creative
Consider making homemade gifts instead of buying. This is especially helpful for tackling the ever-growing list of people on your Christmas gift list. My kids and I love to make brownie recipe jars for their teachers. My neighbors always get a batch of my famous cookies tucked in a Christmas tin from the dollar store. This year, I found a festive ‘tea bag’ wreath I want to create for my girlfriends.
4. Start Saving Now
Saving early (now!) prevents scrambling to find funds when you realize there are only two months left until Christmas. When I started at the bank, I opened up a ‘Christmas Club Savings Account.’ It’s an account from First International Bank & Trust that helps you save for the holiday season.
Here are the nitty-gritty details: There is no minimum deposit required to open the account. You can make as many deposits as you like for as much or as little as you wish. Here’s the catch (and the part that helps you save), withdrawals are not allowed until maturity, which is November 15 of each year so the term can vary depending on when you open the account. At maturity, the balance in your account must be transferred to another account within First International Bank & Trust. Check out the full details and disclosures here.
It’s an easy way to save for that perfect Christmas! Want to make it even easier? Set up automatic transfers from your paycheck or checking account so that it saves money without you having to remember. Open one at your local branch or visit us online to open a ‘Christmas Club Savings Account.’
With an action plan in mind for taking on the holiday season, you’ll have more time to worry less, live first and spend time making great winter holiday memories, too. Sparklers optional!
Chelsea is a Fraud Specialist at our Staples location. She enjoys working with the community to educate them about fraud prevention and education. Her family includes her husband Lonnie, their two children Jackson (7) and Bentley (3), two dogs Carly and Hailey, and two horses Elsa and Woody. In the summer, they enjoy gardening, canning and riding horse. As a family, they love to watch football games … especially when the Broncos are playing!