Save Now, Thank Us Later: Holidays and Vacations
Published on January 11, 2024
The holidays are over, but it doesn’t mean saving for them is in the past.
As much as we want to put the idea of holiday spending behind us for the next 11 months, creating a plan now will allow you to enjoy the 2024 holiday season so much more!
Create a holiday budget
A good place to start is writing down all the people or events you had to buy gifts for in 2023. Once you have that list together, write how much you spent next to each item. This is how we’re going to determine a monthly savings goal.
Let’s say you needed gifts for 10 people and two ‘Yankee Swap’ parties this past holiday season and you don’t expect any of that to change this year. If you spent roughly $500 on the people and another $100 on the events, decide if $600 is going to be a doable budget for the 2024 holiday season.
The math comes out to a savings goal of $50 a month, or $60 if you’re hoping to save $600 by October 1 when funds become available in your Metro Christmas Club account*. But even $20 from every paycheck twice a week will put you at $200 by October 1.
Plan out or buy gifts ahead of time!
You can adjust your strategy as the months go on. Try and remember the items your friends and family mention throughout the year, write them down, price shop them and be prepared to stay within budget when October hits. You could buy gifts early if they’re on sale during an “off season” or seasonal sale. And now’s a great time to get next year’s wrapping paper and gift bags while they’re discounted!
The same ideas work for those planning trips or experiences.
Whether it’s happening this year, a few years out, or you have no concrete plans but want to spontaneously go on an adventure at some point—you should still be prepared.
If you take the same trip every year, look back on how much that cost you and do the same thing you did for the holiday budget. Divide the cost over the number of months leading up to your planned vacation or the date you plan to pay for it.
Already have a trip planned? Try to organize your itinerary enough to know what expenses to expect like— eating out, shows, theme parks and other vacation-related purchases. A good rule of thumb is to over-budget for that in the event you veer off course or find that things are unexpectedly more expensive.
Remember—you don’t have to spend it all just because you have it!
If you have anything left over, transfer those funds right back into your club account and continue the cycle of planning ahead.
Contributing to your club account even when you don’t have plans means that when you do, it’s not a financial burden.
Let’s celebrate this New Year with smarter savings! You can learn more about Metro’s club accounts and open one today.
*Metro’s Christmas and Vacation Club Accounts are savings accounts that you make regular deposits to throughout the year. The accumulated savings are then withdrawn later in the year (May 1 for Vacation Club and October 1 for Christmas Club) to provide funds for holiday and vacation expenses. You can set up a direct deposit from your paycheck into your club account – chances are you won’t miss the money and will find a pleasant surprise just as you’re ready to spend it!
