How to Beat Holiday Overspending and Grow Your Savings

Many of us are so focused on holiday gifting for others that we may give ourselves a financial lump of coal.

What do we mean? A recent survey showed that a third of Americans take on some $1,500 in holiday debt — even though the majority of respondents replied they never intended to spend so much. This overspending is typically a result of last-minute rush shopping or an inability to say no to gift-giving.

We’re in the solutions business, so we have a few easy ways you can give yourself the gift of financial peace of mind and still enjoy the holidays.

Set it and forget it.

You know those music or media subscriptions that happen automatically each month? Set up the same to our Holiday Club Account. If you have automatic transfers of $50 a month now, you’d have over $550 deposited into your account (plus dividends) ready for you to withdraw on November 1 for all your holiday needs.

You could also set up a special savings account for any goal. Let’s say you want to visit Japan in 2026. Open an account and name it “Tokyo Trip” and set up automatic transfers. You can watch your progress with our digital banking services. While we’re on the subject of traveling, check our post on maximizing your savings while planning your next trip!

Cooling off period.

No one enjoys scrimping, but you can easily train yourself to hit the pause button on most purchases. You’ll find that it’s a great way to avoid buyer’s regret since you get a chance to think twice before spending. Try taking a one-day pause on any purchase. You might see that you didn’t really want or need an item once you’ve had a chance to think on it.

Opt out of temptation.

If you’re on a diet, you might find it hard to hang out in a donut shop. If you’re focused on saving, avoid tempting emails from online shopping sites or retailers. Unsubscribe from these emails and you’ll also streamline your inbox. Check out other ways to spend less and not even notice you’re building wealth.

Our team is here to help. Make an appointment to meet with us and we’ll help you set up holiday your club accounts and take advantage of all the ways we can help you save.