Preparing your savings account for the holidays

As summer comes to an end and fall starts to make its presence known with cooler temperatures, the heat turns up on getting ready for the spending frenzy during a busy holiday season. Do you know how much money you’ll need to get through the holiday season safely?

Set a goal

Determine how much you’ll need to prepare a family holiday dinner, or to travel to spend time with family and friends. What about your Christmas and New Year’s Eve expenses? Are you welcoming the New Year in style or will you just relax at home? These are among the things you’ll need to consider when saving up the cash you’ll need or to determine how much credit you’ll need to cover these expenses.

Use what you need, pocket surplus

At the end of the season, you may not need all the funds that you saved. Whether you overestimated your holiday costs or plans were canceled, you now have a cash surplus to do with as you please.

Make a plan for next holiday season

Start saving early! If next year will be a $2,000 holiday season, one option is to save half before next Halloween and then use credit to cover the other half. If you want to save the full amount, you’ll need to start earlier, perhaps in the summer. And if you’re aiming for half, shoot for a savings plan that starts in August 2016, with perhaps a $75 a week. Three months of savings at $300 per month will leave you almost at your goal at the end of October.

Need to open an extra line of credit for the holidays? Apply for a Travis credit card today! Or, start saving all-year around with a Target Savings Account.

Target Savings