Top 15 Holiday Savings and Budgeting Tips

The holiday season is usually where we spend the most out of the year, but that doesn't mean you need to break the bank. While you're thinking of who is on your gift list this year, keep these tips in mind to save money and delight your loved ones.

1. Make a Gift List:
   Make a list of everyone that you're planning to buy gifts for and stick to it. Adding more people to buy for last minute fast way to spend a lot more than you meant to.
2. Set Boundaries Around Gift Giving:
   Buying for a big family can get expensive, so if you can, buy just for the kids and ask your family if they want to do a gift exchange so you only need buy for one adult. As an added bonus, this is built-in entertainment at your holiday party if you're playing a gift game where you can "steal" someone else's gift. When it comes to your friend group, set expectations with them so they don't expect a gift. True friends understand that your finances come first.
3. Stick to Your List:
   The holiday season is full of generosity, but it's also full of overspending. It's tempting but do your best to stick to your list so you don't blow your budget.
4. Reduce, Reuse, Regift:
   If your friends love your sense of style, why not share it? There's nothing wrong with regifting, just be careful not to regift to the person who gave it to you!
5. Go for Potluck Parties:
   Hosting a crowd this year? Instead of providing all the food and drinks, ask guests to contribute a side or an appetizer. This way, you'll be able to get a taste of what they enjoy during the holidays. Go for veggies instead of meat and cheeses or host a breakfast or brunch party with a juice or coffee bar instead of alcohol.
6. Set a Budget:
   This is a big one! Set an overall budget and stick with it. Then, after you know who you're buying for, think about how much you'll spend on each person. It doesn't have to be equal, but it does help to have a number in mind when you're looking for a gift. For more general budgeting tips, check out our article Getting Your Finances on Track.
7. Shop Throughout the Year:
   This is probably the hardest to put into practice, but it does make things much easier when the holidays come around and you only need to shop for a few people instead of 20 or more.
8. Factor in All Costs:
   This includes paying for gift wrap or bags as well as any shipping fees. If you don't already, think about saving the bags you receive so you can reuse them next year or find enough gifts to buy from the same company to get free shipping. As an added bonus, you'll also be able to cross off a few names from your list.
9. Go DIY:
   As they say, homemade comes from the heart. If you love crafting or baking, this is your time to shine, even if you're not the best at it. Your loved ones will appreciate the time you put into it, and at the very least you'll both have a great time talking about your Pinterest fail for years to come!
10. Price Check:
    Always double check, specially for the big items on your list. While this can get time consuming, it's a free way to save money because some stores charge more than others. You never know, you might save more than you think.
11. Buy at the Right Time:
    Don't fall for ads saying "doorbuster". Often, prices advertised during Black Friday or Cyber Monday aren't all that different from regular holiday sales.
12. Avoid Shopping Sprees:
    Towards the end of your shopping trip you could be pretty tired and may not want to take the effort or time it takes to price check and make sure you're really getting a good deal. Instead, buy for two or three people at a time so you don't get overwhelmed or exhausted.
13. Go Thrifting:
    You might find a treasure you know someone would love. If your loved one is a collector of sorts, this is a great way to get them something they probably don't have without spending a lot of money on auction sites like eBay.
14. Choose the pick up in store option when buying online:
    If you make a purchase online that does not include free shipping, see if there's an option to pick it up at a nearby store to save on shipping. That way, you won't be tempted to buy something else when you walk through the store.
15. Gift an experience:
    Gifts can be more than the things that come in a box. Things like tickets to a concert or magic show, a zoo pass, music lessons, or gifting date night to new parents are all great options.

Open a Separate Holiday Spending Account for Next Year

Many have success staying within their budget by keeping their gift money separate from their regular spending or checking accounts. A dedicated holiday spending account can really simplify things during a hectic time of year. You can get a quick view of how much you've saved or spent, and by sticking to the cash in your account, you can avoid running up credit card debt. You can also set up automatic transfers to your holiday account, helping you build up your savings over the course of a year so you're not scrambling last minute to adjust your budget.

If you want to have a checking account to spend from rather than a savings, WaFd Bank offers Free Checking* that could be a great fit, and comes with features any holiday shopper would need including a debit card (you can also choose a Seattle Kraken or Seattle Sounders FC design), digital banking, bill pay, and external transfers.

WaFd Bank is Here to Help

No question is too small for our friendly bankers! Visit your local branch or call us at 800-324-9375 to learn more or open an account. Interested in opening a savings account to put away money throughout the year for holiday spending? A WaFd Bank's savings account requires just a $25 initial deposit to open ($10 for those under age 18).

Content is provided for general informational purposes only and does not constitute legal, tax, financial, or business advice. Consult a qualified legal professional or specialist regarding your specific needs and circumstances.