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Did you find it hard to cover all the expenses for the holidays in 2022? If so, now is a great time to start saving for the holidays in 2023!

If you're not careful, the holiday season can be a major drain on your budget. Between gifts, decorations, and travel expenses, it's easy to overspend and end up with a hefty credit card bill come January.

One way to avoid this is to start saving for Christmas now. The earlier you start saving for Christmas or any goal you have this year, the better. Here are a few tips to help you get started:

1. Make a budget. The first step to saving for anything is to know how much you have to work with. Make a budget that outlines your income and expenses and set aside a certain amount each month for Christmas.

2. Start a separate savings account. Here at Valley Credit Union we have the perfect account for that! A Christmas Club account allows you to transfer into the account all year and the funds are automatically transferred to your savings account the night of October 31st just in time for your holiday shopping. This way, you'll be less tempted to dip into it for other expenses. It can be helpful to have a separate savings account specifically for Christmas expenses. Plus, our Christmas Club account has a dividend rate 15x higher than a Savings Account.

3. Set small, achievable goals. Instead of trying to save up all of your Christmas money at once, set small, achievable goals for each month. For example, you might aim to save $25 per paycheck until the end of October. 

4. Cut back on expenses. Look for ways to cut back on your expenses so that you have more money to put towards your Christmas savings. This could mean eating out less, canceling unnecessary subscriptions, or finding cheaper alternatives for things you regularly buy.

5. Start shopping early. If you start shopping for gifts early, you'll have more time to look for deals and sales. Plus, you won't feel as much pressure to spend a lot of money all at once.

By following these tips, you can start saving for Christmas now and have a more stress-free holiday season. Happy saving!