5 Holiday Budget Hacks to Plan, Save, and Celebrate
With the holidays fast approaching, now’s the perfect time to sharpen your budgeting skills. These five holiday budget strategies will help you enjoy a festive season without the financial headaches.
1. Map Out Per-Person Spending (and Party Costs)
Rather than estimating total spending, set a clear cap for each gift recipient—and if you’re hosting, include food, décor, and entertaining. Seeing each category laid out makes your budget tangible and manageable.
2. Pair Up with a “Financial Friend”
Accountability boosts savings. Share your budget plan with someone you trust, like a partner or friend. Before splurging, check in with them. A quick chat can help you stay true to your plan and skip impulse buys.
Go a step further by accessing financial counseling resources through GreenPath Financial Wellness, a benefit of your Columbia Credit Union membership. GreenPath is here to support you in making decisions that make your life better, happier, and more satisfying. They’re the perfect financial friend for the holiday season.
3. Reflect on Past Seasons
Think back to seasonal spending from last year. Which gifts were crowd-pleasers—and which felt like misses? Did gift cards or unique experiences outshine pricey gadgets? Reflecting on lessons from past overspending can guide smarter decisions now.
4. Use “Buy Now, Pay Later” Carefully
BNPL options are more common than ever. They can be helpful—but also risky. If you opt for one, treat it like an installment loan: set a schedule, know the fees, and commit to paying each installment on time to avoid interest or penalties.
5. Track Every Dollar with a Budgeting Tool
Use the Money Management tool in Digital Banking to create holiday-specific budgets, categorize transactions, and get real-time alerts. Tracking everything keeps your goals front and center and prevents unexpected overspending.
Log in to use Money Management for free:
- Set spending goals, email and text alerts, and upcoming paycheck and bill balances.
- Monitor balances and transactions of all your accounts, including credit cards and accounts at other financial institutions, in one place.
- Auto-categorize your transactions into groups like dining, groceries, utilities, auto, etc. Or create your own!
- Chart spending trends in specific categories over time.
This year, craft a holiday budget that blends thoughtful planning with a bit of festive cheer—so you can wrap gifts and memories, not debt. Enjoy a joyful, stress-free season!
Bonus Tip: Plan a budget-friendly holiday meal with @emsnieka and @columbia_cu.