• July 10, 2023
  • Posted by General Electric Credit Union
  • 4 read

3 Ways to Jumpstart Saving for Holiday Shopping

Does holiday shopping sneak up on you every year? Is your budget left in shambles after? It doesn’t have to be that way! With some planning and the right tools and resources, you can save for the holidays and give you and your loved ones a celebration to remember. 

Smart ways to save for the holidays

1. “Budget all the way!”

Creating a budget will put you in the best position to rebound from holiday shopping. That’s because you’ll have a basic idea of what you plan to spend. Sit down and brainstorm everything you need for the season. Are there items you plan to reuse for a Halloween costume? Is your loved one asking for something extra special (and expensive) for Christmas this year? Once you know what your goal total is, use Money Management to track it in one intuitive, online dashboard. 

2. Open a dedicated account

Many people save for multiple things at the same time, like an emergency fund, money for a down payment on a home or car, or for the holidays! It can be difficult to keep track of which funds are for what if they’re all pooled into one account. If this has been your approach to saving so far, there’s a more organized approach to consider.

Open a savings account dedicated to each savings goal. If your financial institution allows it, rename each account so you know exactly what it’s for (e.g. “Hannukah” or “Christmas”). By creating these savings buckets, you can accurately gauge how much you have toward each effort. 

Today’s rising rate environment also means many financial institutions are offering enticing rates on deposit products like certificates. These produce guaranteed, no-risk earnings on an initial deposit. Select a term as short as three months to give your holiday savings the boost they need. 

Another option that allows you to maintain immediate access to funds is a high-yield savings account (HYSA). The best HYSAs have a competitive rate in addition to other perks like no monthly maintenance fee, no minimum balance to earn, and a wide network of ATMs to access cash. 

  • Open a Thrive Money Market account online to enjoy the above benefits and more. With General Electric Credit Union (GECU), you can grow your balance faster with high-yield savings! 

3. Rack up credit card rewards

The purchases you make today can help you save for holiday purchases later in the year. That’s the magic of credit card rewards! There are two options for rewards: cash back or points. Some financial institutions allow you to apply your cash back to your card balance – so you could potentially let your cash back accumulate then apply it to your balance once the holiday shopping damage is done. 

This long-term strategy applies to points-based cards as well. Over time, your points will grow and you can redeem them for gift cards to use for costumes, gifts, or decorations! 

Saving for holiday shopping has never been easier thanks to Money Management, our cash back and points-based credits cards, our competitive rates on certificates, and our Thrive Money Market account. GECU wants your days to be merry and bright year-round, which is why we offer all this and more to Improve the Quality of Financial Lives. 

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