Money-Saving Tips for the Holidays

Money-Saving Tips for the Holidays

During the winter holidays, you can create cherished memories with friends and family, embark on relaxing vacations, and indulge in the joy of gift giving. However, the weeks leading up to the winter holidays can be stressful if you struggle with financial constraints that make paying for holiday expenses and purchases challenging.

Saving money throughout the year can help alleviate the strain that often accompanies winter holiday expenses. Plus, it can empower you to make holiday purchases comfortably, use your credit card responsibly, and minimize debt.

Establish a holiday spending budget.

Manage overspending by establishing a clear and realistic budget is essential when planning for this year's winter holidays. Don’t forget to consider the amount you expect to spend on holiday gifts for family, friends, and coworkers. 

If you need help determining how much to budget, consider your spending from last year's holiday season as a benchmark for the current year. Then, based on your expected holiday spending, you can adjust your budget up or down.

Start saving money as soon as you can.

Once you've calculated and set a realistic budget for this year's holidays, you can allocate a specific portion of your income toward your holiday fund.

It's crucial to start saving as early as possible. Setting aside funds early gives you additional time to make regular contributions, allowing your savings to accumulate. You can put the money you are saving for the holidays in a separate savings account with your bank and set up automatic transfers. You can also put it in a money market account, which requires a higher initial deposit but offers a favorable interest rate.

Regardless of where you set aside money, stick to your plan and avoid unnecessary spending of your holiday savings, as it can be challenging to catch up later on. 

Cut Down on Unnecessary Expenses

While it's natural to feel the need to splurge on yourself and your loved ones, it's essential to consider the long-term implications of your spending habits. Practicing financial discipline and thoughtful consideration before making purchases can contribute to a more stable and secure financial future. Moreover, it can help you keep your debt to a minimum and keep your savings goals on track for the winter holidays.

So, avoid making emotional purchases that are not imperative to your daily needs and savings goals. These might include lavish meals, expensive clothing and jewelry, and underutilized streaming services, memberships, or software.

Tackle Your Credit Card Debt

During the winter holidays, it is common to rely on credit cards to purchase gifts and other seasonal expenses, such as festive decorations and meals. If you have a large balance on your credit cards, it may limit how much you can spend during the holidays. The solution is to tackle your credit card debt during the year by paying at least the monthly minimum or more to reduce your debt. Remember that you will pay less interest by paying more than the monthly minimum.

Next, having multiple credit cards may lead to high monthly interest payments. If you have multiple credit cards, consider strategies to pay off each balance and prioritize high-interest cards first. By doing so, you'll have lower debt and greater purchasing power when the winter holidays roll around.

Get a Credit Card With Rewards 

When it comes to credit cards, qualified applicants have many options that offer real benefits for their everyday spending. Getting a personal credit card with rewards is a wise financial choice. Whether it's cash back on eligible purchases or points for travel, you're maximizing the return on your credit card spending all year.

Some credit cards, including those offered at Ameris Bank1, offer low introductory annual percentage rates (APRs) and no annual fees for a specific period. Using a personal credit card with these financial benefits can help you make holiday purchases without incurring high interest fees or credit card costs for a particular time frame. 

Don't Wait Until the Last Minute

When it comes to savvy shopping, it's all about maximizing deals and discounts throughout the entire year rather than only focusing on Black Friday or Cyber Monday. Watch for seasonal sales, special promotions, and exclusive offers from your favorite brick-and-mortar retailers and online stores.


By implementing these practical tips, you'll save money for the winter holidays and invest in peace of mind and genuine holiday cheer. With a well-planned budget and mindful savings and spending habits, you'll find yourself looking forward to the holidays without the burden of last-minute financial worries. 

Published July 2024

1Ameris Bank credit cards are subject to credit approval. The creditor and issuer of Ameris Bank credit cards is Elan Financial Services. Elan Financial Services may change APRs, fees, and other account terms in the future based on your experience with it and its affiliates as provided under the Cardmember Agreement and applicable law. 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.  

If you come across inexpensive, perfect gifts for your family, friends, or coworkers, buy them and keep them until the winter holidays. This way, you can avoid dealing with holiday traffic and crowds. This approach also allows you to spread out your purchases and pay for them more easily rather than spending a significant amount of money all at once in November or December. 


Information presented in the Financial Advice website is provided for educational purposes only and is not related to Ameris Bank's actual products or services. Ameris Bank makes no representations as to the accuracy, completeness or specific suitability of any information presented. Information provided should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. Ameris Bank recommends you consult a professional for any specific guidance you are seeking.