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Halloween decorations are appearing in stores. Football season is getting underway. And in some parts of the country, the summer heat is still at its peak. Thinking about Thanksgiving and Christmas shopping might seem ridiculously early.

However, from a financial standpoint, this may be one of the best times to start. Holiday spending has a way of feeling sudden because so many extra expenses arrive within a few weeks - gifts, travel, meals, parties, and everything surrounding them. Meanwhile, the mortgage, car payment, utilities, groceries, and other regular expenses keep coming.

The holidays aren’t an unexpected financial emergency. They’re a predictable expense with a deadline. And right now, one of your biggest advantages is time.

You Can’t Control December’s Prices

Many households are already feeling the effects of higher everyday costs. Groceries, insurance, utilities, housing, and other necessities take up more of the monthly budget, leaving less room for everything else.

Will prices be higher, lower, or about the same when holiday shopping gets into full swing? Nobody knows. That’s exactly why waiting isn’t much of a financial strategy.

What you do know is that your regular expenses will still be there, and holiday costs will be added on top of them. That may include:

• Gifts & charitable giving
• Holiday meals & extra groceries
• Travel & family activities
• Parties & seasonal events
• Decorations, shipping, and other extras

You can’t control what the economy or prices will do between now and December. You can control how much time you give yourself to prepare.

Instead of waiting to ask, “How am I going to pay for the holidays?” start asking, “What can I do between now and then to make them easier to afford?”

Step #1: Know Where You Stand

Before building a holiday budget, take a quick look at your current finances. Don’t judge or focus on past spending decisions – your goal is to know your starting point before adding another holiday season’s expenses to your budget.

Start with debt. Review credit cards, personal loans, BNPL balances, and any other consumer debt. Pay particular attention to:

• Current balances
• Interest rates
• Monthly payments
• How much revolving debt you’re already carrying

Then look at your savings. Consider what you’ve already set aside in regular savings, a holiday club account, or another short-term account. Emergency savings should generally remain available for actual financial surprises rather than becoming the holiday shopping fund.

The important question is simple: “What financial position am I bringing into the holiday season?”

Knowing that answer makes the next decisions much easier.

Step #2: Find Your Holiday Money

Once you know where you stand, look for room between now and the holidays. Review a few months of checking and credit card activity and separate expenses into broad categories, such as necessary fixed costs, necessary variable expenses, and discretionary spending.

The goal isn’t to cut everything enjoyable from your budget until January. Look for temporary adjustments that can create money for something you already know is coming.

For example, reducing dining out or another flexible expense by $25 per week for 12 weeks creates $300 for the holidays.

Remember, you’re not simply cutting spending. Instead, you’re trying to move money from something you want less today toward something you know you’ll want later – a memorable and happy holiday season.

Step #3: Put That Money Somewhere

Finding $25 or $50 in the weekly budget won’t help much if it simply gets absorbed into other spending. Give your holiday money somewhere specific to go.

For example, you might consider:

• A dedicated savings account.
• A holiday club account.
• Using automatic transfers to move money to holiday savings weekly.
• Using payroll deductions to transfer a portion of each paycheck into holiday savings.

Automation can be especially useful because it turns holiday saving into part of the routine. And small transfers can become much more noticeable when they have several weeks to work:

• $25 per week for 12 weeks = $300
• $50 per week for 12 weeks = $600
• $75 per week for 12 weeks = $900
• $100 per week for 12 weeks = $1,200

December-you doesn’t have to suddenly find $1,200 if September-you, October-you, and November-you helped build it.

That’s what time can change. The holiday expenses may be the same, but the amount each paycheck has to absorb can become much smaller if you prepare ahead of time.

Step #4: Build a Holiday Spending List

Instead of focusing on a gift list, make a holiday spending list.

While gifts may be the most obvious expense, they’re only one part of what many households spend during the season. Your list might include:

• Gifts: Family, friends, teachers, or coworkers.
• Travel: Flights, hotels, gas, rental cars, or pet care.
• Food: Holiday dinners, baking, and entertaining.
• Events: Parties, school activities, and family outings.
• Giving: Charitable donations and community programs.
• Extras: Shipping, wrapping supplies, decorations, and last-minute purchases.

Now give each category a realistic spending target.

Suppose your complete holiday plan comes to $1,750. You already have $500 saved and believe you can comfortably save another $900 before shopping begins. You’re $350 short.

That’s useful information to have now. You have time to lower the gift budget, adjust travel plans, save a little more, or find less expensive alternatives.

Having a deficit of $350 months ahead gives you options. A $350 problem at the checkout counter a few days before Christmas is much more likely to become credit card debt.

Give yourself a little breathing room, too. Something probably won’t make the original list, and a small buffer can keep one forgotten expense from disrupting the entire plan.

Step #5: Shop with Time on Your Side

Starting early doesn’t mean you need to buy everything now. It means you can research instead of reacting in the moment months from now.

Once you know what you’re likely to purchase, you can:

• Learn what items normally cost.
• Compare prices between retailers.
• Watch for worthwhile sales.
• Set price alerts when available.
• Buy when the price and your budget make sense.

The same idea applies to travel. If you know that you’ll be visiting family, start estimating airfare, hotels, driving expenses, rental cars, and other costs. Again, you don’t have to book today, but you should know whether travel adds $300 or $1,500 to the holiday plan.

As deadlines get closer, choices can shrink. Giving yourself more time means you can compare, wait, or change plans rather than letting urgency decide for you.

Step #6: See If Existing Debt Could Work Better

If you’re already carrying high-interest debt, preparing for the holidays may also include seeing whether there’s a better way to manage it.

Depending on your situation, options such as debt consolidation, a lower-rate credit card, or a balance transfer could potentially reduce interest costs or simplify monthly payments. If you’re exploring one of these options, look at the entire offer - including the rate, fees, repayment terms, and what the change could save.

The goal isn’t to create room so you can immediately spend more for the holidays. Any savings might be used to:

• Pay existing debt down faster.
• Add more to the holiday fund.
• Split the difference between both goals.

Consolidation doesn’t erase debt. It reorganizes it - ideally with much lower interest costs - providing immediate savings. Avoiding new credit card debt after consolidating old cards is an important part of making the strategy work.

Step #7: Think Beyond December 25

Holiday spending can feel different in the moment. People want to celebrate, be generous, and create memories with the people they care about. An extra $50 or $100 may not feel significant when you’re caught up in the season.

January can make those purchases look different. That’s when credit card balances, interest charges, and BNPL installments begin competing with the other goals you wanted to pursue in the new year.

So, don’t let your holiday budget end on December 25. Before spending, think about what the purchase will look like when the bill arrives afterward.

And there’s one more opportunity waiting in January. If you’ve successfully spent several months automatically saving $25, $50 or $100 each week, you’ve already proven you can build the habit.

Instead of stopping the transfer, redirect it toward:

• Emergency savings
• Debt repayment
• A future vacation
• Retirement savings
• Another financial goal

Your holiday savings plan doesn’t have to end with the holidays. It can become the beginning of your next savings habit.

We’re Here to Help!

Winter shopping is coming. It always does. You can’t control what prices or the economy will look like when the holiday rush arrives, but you can control how much time you give yourself to prepare. Starting now can spread the cost over more paychecks, create more choices, and help keep the holidays fun and cheerful.

If you want to learn more about savings accounts and digital tools, or ways to consolidate existing debt before the holidays, we’re ready to help. Please stop by any of our convenient branch locations or call (813) 879-3333 to speak with a team member today.

Each individual’s financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.