With Christmas right around the corner, you may already be thinking about what to buy everyone on your gift list. However, before you start shopping, make sure your finances are in a solid place. Many people get caught up in the spirit of giving and end up with debt once the yuletide season is over. To avoid depleting your savings account and maxing out your credit cards, it’s better to set money aside specifically for the holidays. Here are a few ways to successfully save.

How to Build Up Your Holiday Fund

1. Create a Budget 

The first step to building your Christmas fund is determining exactly whom you’re buying gifts for and how much you can afford to spend on each person. This will help to keep you from overspending and make it easier to monitor how your Christmas funds are being allocated. 

2. Open a Holiday Savings Account

It’s best to keep your Christmas funds separated from the money in your checking or savings accounts so it doesn’t accidentally get spent on something else. One way to do this is by opening up another account that’s specifically dedicated for the holidays. 

3. Set Up Automatic Transfers 

Setting money aside is easier if you don’t have to think too much about it. Automate your savings by having funds directly transferred each payday. This eliminates the responsibility of having to take money out yourself and makes sure it gets put in your holiday fund. 

4. Limit Your Spending 

To save as much as possible during the holidays, consider cutting back on unnecessary expenses. This might mean cooking more at home instead of eating out, getting rid of cable, doing your nails at home, inviting friends over rather than going to the movies or out for drinks, and only buying what you need at the grocery store. 

If you’re interested in opening a new savings account this holiday season, turn to Estacado Federal Credit Union in Hobbs, NM. They’ll help you get set up in no time so you can immediately start enjoying the benefits of a credit union membership. For more than 65 years, they’ve provided local residents with quality products and unsurpassed customer service. Call (575) 393-1596 to discuss your needs with a friendly representative. Visit them online for more information about their accounts.