Managing Holiday Expenses

It’s supposed to be the most wonderful time of the year; but for many, the holidays can be an expensive time. From gifts to decorations to wrapping paper to special events, it’s easy to overspend and possibly even go into debt paying for all the extras.

In 2019, Forbes reported on a Gallop poll showing Americans spend an average of nearly $1,000 on holiday gifts alone during the holiday season. And 37% of those respondents expect to exceed that amount while shopping for presents.

Online shopping has sky-rocketed, particularly in 2020 with the COVID-19 pandemic. According to Fortunly, a survey of around 1,000 respondents found that 60% of U.S. consumers prefer to shop for their gifts online. Purchasing from a home computer, phone or tablet, is both convenient and an easy way to compare the best deals.

However, Fortunly also found that 60% of consumers wait to buy their gifts until the week before Christmas – a time when most goods are at their most expensive.

Tips for Managing Holiday Expenses

The holidays can be a stressful time for many, starting with all the extra expenses that come with the season. It doesn’t have to feel that way, though. Follow the tips below from The Balance to reduce stress around holiday spending so you can finally enjoy the most wonderful time of the year!

  • Begin by making a list of holiday expenses – Include gifts, wrapping paper, cards, travel expenses, charitable donations, etc. Planning only for gift expenditures around the holidays and leaving out other incidentals is a common mistake when budgeting.
  • Choose and stick to a budget – Consider the amount you can spend on gifts for the holidays. Use only the money you have budgeted. Steer clear of using credit cards for gift purchases.
  • Create a shopping list – Make a list of all the people for whom you wish to buy. Have a couple items in mind for each person as you shop. Planning ahead will allow you to capitalize on big sales.
  • Track purchases – Once the holiday season is in full swing, keep detailed track of all your purchases. Bring your list and budget sheet with you each time you shop. As you purchase, subtract from your holiday budget so you can see how well you are sticking to it and if adjustments are needed.
  • Stick to a cash-only system – Using cash, as opposed to credit cards, will help reduce overspending.
  • Shop online – Time and money could be saved by shopping predominantly online. It’s easier to comparison-shop and find the best deals from behind your computer. Plus, it’s much more convenient!
  • Pick up some extras – Add a few generic gifts to your shopping list in case you receive a surprise gift or accidentally left someone off. It will prevent you from scrambling to find something last-minute and possibly overspending.
  • Take on a holiday job – Earn some extra cash for the holidays with a seasonal job.
  • Save in advance – Start saving money for holiday expenses at the beginning of each year. Consider what you spent last year and divide by 12 to come up with an easy figure to put away every month, making saving for the holidays a breeze.
Checking Accounts

Premium Perks

Freedom Checking

CashBack Checking

Direct Deposit

More

Savings Accounts

Savings Accounts

Super Saver

Money Market

h

Certificates

HSA

Cards

Debit Card

Low Rate Credit Card

Rewards Credit Card

CU Rewards

Card Controls

Tools

Mobile Deposit

Online Banking

Pay Someone

eAlerts

Compare Rates

Vehicle Loans

Auto Loans

Refinance Your Car

Motorcycle & Jet Ski Loans

Boat & RV Loans

Mortgage & Home Loans

Mortgages

Refinance Your House

Home Equity Loans

Construction Loans

Personal

Personal Loans

,

StretchPay Loans

Student Loans

Credit Cards

Tools

Apply for a Loan

Pay a Loan

Online Bill Pay

Chat With Us

Financial Planning

Investments

i

Estate Planning

401(k) Rollover

Retirement Planning

Day Air Insurance

Auto Insurance

Home Insurance

Identity Theft Protection

Life Insurance

More Products & Services

RetireMEDiQ

Financial Counseling

Credit Reports

Reorder Checks

More

Online Banking

Online Banking

Online Bill Pay

Login to Online Banking

Mobile Banking

Mobile Banking

Mobile Deposit

Pay Someone

Text Banking

Tools

Apply for a Loan

Pay a Loan

eAlerts

Mobile Pay

Chat With Us

Accounts

Business Checking

Business Savings

Business Certificates

Cards

Business Debit Card

Business Credit Card

Loans

Commercial Loans

Term Loans

PPP Loans

Line of Credit

Services

Business Bill Pay

Tools

Online Business Banking

Login to Business Banking

Login to PIB MLO

Business Banking App

Join Day Air

Why Choose Day Air

Membership Eligibility

Annual Member Savings

Compare Rates

Join Day Air

Community

Community Involvement

Financial Education

Dayton VA Medical Center

Dayton Dragons

Contests & Sweepstakes

About

Press & News

Newsletters & Reports

Videos

Careers

Helpful Resources