How to Build a Holiday Budget

It’s never too early to start saving for the holiday season! Creating a holiday budget can turn unexpected expenses into anticipated costs.

By starting your holiday savings earlier, you’ll have more flexibility with how much you need to save each week or month. But how do you create a budget that works for the holidays?

 

Create holiday spending categories

First, it’s important to create spending categories within your budget. Not only will you be able to allocate funds to specific items, but you can also hold yourself accountable to avoid overspending.

You can easily customize your categories according to your priorities. Some common holiday spending categories include: gifts, holiday travel, food and entertainment, holiday decor and attire and charitable donations.

Next, determine how much you would like to save for each category and create a weekly goal for funding your holiday budget.

Fund your budget

Now that you’ve set up your budget categories and decided how much you want to save, it’s time to fund your budget.

A Peoples Bank Statement Savings Account is the perfect tool for holiday spending. You can utilize it as a sinking fund, which is a savings account dedicated to a specific expense you fund through regular payments. Plus, you can easily transfer funds to your holiday budget each time you get paid with the direct payroll deposit feature!

Learn more about Statement Savings or visit a Peoples Bank location to open an account.