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Planning for the Holidays

How to save money and still savor the season

Holiday Planning Basics

Gifts. Decorations. Parties. Travel. Holiday costs can add up fast. But with careful planning, you can celebrate in style without depleting your savings – or piling up debt. Learn how to use everything in your financial arsenal, from setting up a holiday saving account to maximizing credit card rewards, to savor, not stress, the holiday season.

Holiday Planning FAQs

Get in the habit of saving a small percentage of each paycheck, just as you would for any other savings goal, like a down payment for a mortgage. If you save $5 per day, that's $35 per week or $1,825 over the course of a year. Open a holiday saving account and allocate a portion of your monthly income to it.

Start by taking stock of your total credit card debt. And while you’re at it, take the opportunity to check your total debt-to-credit ratio. (FYI – Most lenders, ours included, look for 30% or less). Limit your credit use over the holidays, with an eye to what you can afford to pay back. Credit card rewards can help too. And there are many ways to maximize them, including paying with points and buying gift cards.

First, make a list – and check it twice. You’ll use this list to create your budget, so be thorough. In addition to gifts, entertainment and travel expenses, your list should account for items like decorations, gift wrap and cards. Then set a total spending limit and start to assign costs to each item. Try a free Excel holiday budget planner to make it easier. As for how much to spend on gifts, use the 10% rule – 10% of your monthly income, that is. How much per person? Cap it at about $25 to $50.

If it’s feasible, drive. Besides getting around the steep cost of holiday flights, you’ll avoid the long lines, delays and general stress of flying during the busy holiday season.