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Peoples State Bank

Saving for gift giving

The holidays will be coming up right around the corner
  • Budgeting
  • August 16, 2019
  • Peoples State Bank

With temperatures in the 80's, you might not be thinking about the holidays. Look at the calendar, and you’ll see we’re only four short months from Christmas. If you’re like most people, you’re probably not thinking about the gifts you’d like to purchase for your spouse, children, family, or friends. Wouldn’t it be nice to get to the holidays knowing you’ll have money socked away for all those purchases? It’s easier than you might think. Here are eight tips to help you save a little extra cash this year.

Set up a savings account –It’s easy to spend money when you leave it in your checking account. By opening a savings account and transferring money to it, you make it harder to spend. You can open a savings account at Peoples with competitive interest rates that you use only for gift saving. Remember, when the money is out of sight, it will be out of mind.

Set up automatic transfer –Let Peoples digital banking platform make your life easier. Set up an automatic transfer into your savings account. Schedule the transfer for the day after payday, so the money is moved before you spend it.

Plan a gift budget– It’s much easier to know what to set aside every week when you know what your savings goal is. Determine how many people are on your nice and naughty lists, and what you want to spend on each of them. Determine what you need to save between now and then and use that figure to determine your weekly or monthly savings goal. Peoples digital banking platform includes a Smart Budget tool within our Spending Habits link to help you easily set a budget.

Save your bonus or tax refund– Use your bonus or tax refund to help grow your giving fund. If you have debt, by all means, use the bonus or refund to pay it down. 

Trim your expenses– The savings from special treats adds up quickly. How many times do you stop for breakfast on the way to work? Or at the coffee shop for one of those fancy coffee drinks? Skip one or two a week, instead saving the money towards your holiday giving goal.

Work part-time to save extra– Let’s face it. Sometimes it just takes a bit of extra cash from a part-time job to fund those special savings accounts. Make sure a part-time job won’t impact your full-time job, then save vigorously.

Pocket your change– When you make a purchase, put the change into a separate pocket. At home, move the change to a special savings jar. You’ll be surprised at how much you can pocket in just a short time.

Sell your extras– If you’re like most people, you probably have things in storage, closets, or that special drawer in the kitchen that haven’t seen the light of day in years. Ask yourself if it’s something you truly need. If not, sell the items for a bit of quick cash.

Now, think about how much nicer it’ll be to hit the Black Friday sales with a bit of extra spending money available. And next year, start the process even earlier. Saving all year round means a smaller bite out of your weekly finances to put away than waiting until Fall to begin saving. For more help on starting a savings plan, contact a Peoples representative at 888.929.9902.

Peoples State Bank

Peoples State Bank is a community bank headquartered in Wausau, Wisconsin, serving north central Wisconsin from nine full service banking locations in Marathon, Oneida and Vilas Counties, as well as commercial loan production offices in Milwaukee and Stevens Point, WI.