What often happens is we don’t think about that type of spending until it’s too late. Then, we’re forced to roll into a New Year with less money than we’d planned on. If you begin thinking about next year's Christmas budget now, you can enjoy the holiday season and pat yourself on the back for being so prepared and on top of things.

Many banks, such as Champion Credit Union, offer financial support specifically tailored toward the holidays, such as Christmas Club Accounts. Additionally, there are things you can do individually to be more prepared for the next holiday season. Below are several action items to put on your list for 2023 with the goal of fully enjoying next year’s holiday season. 

Savings accounts

One of the easiest and best ways to not overspend at the holidays is to set a predetermined amount and then put a little money back each month to ensure you meet that overall goal. For instance, if you want to spend $2,000 next holiday season and you know you want to start shopping in early November, then you need to put back $200 each month from January to October. Not only will this ease stress during the holidays, but you will feel empowered because you planned ahead of time. Champion Credit Union and other similar institutions offer something called Christmas Club Accounts specifically for this reason. 

Gift card purchases

People love gift cards. They are like free money, so they always make great gifts. As you go through the year, purchase them periodically so you’re not trying to purchase them all at once when the shopping season begins. This will help you not to go over budget during the holidays. This is also a great way to support small businesses throughout the year as opposed to only during November and December. If more people would purchase gift cards throughout the year, businesses would get an infusion of revenue for many months in a row, which would help them and the local economy. 

Take advantage of sales

If you have Christmas shopping on your radar all year, then you will become more aware of sales as they come up instead of waiting until November and December to begin shopping. Black Friday isn’t the only time of year when retailers, tech companies and smaller stores offer really great discounts. Consider shopping during President’s Day weekend or Labor Day weekend to capitalize on sales throughout the year. Designate a place in your home where you will store all of the gifts and as you come across gifts throughout the year, purchase them at the sale price, put them in your hiding spot and when gift wrapping time comes along, you’ll already have the gifts you need. 

With this year’s holiday season still fresh on our minds, now is the time to put some things in place for next year. No one wants to finish out Christmas with a negative amount in the bank account. Think proactively. Your future self will thank you! 

For more information on how to begin making small deposits for next year’s gifts, Please visit championcu.com/personal/savings.