News & Advice

In the summer, your mind is probably focused on going to baseball games, cooking out for BBQs, and spending days at the pool rather than watching Christmas movies, making hot chocolate, and wrapping presents.

But when you switch into Christmas-in July mode and plan your holiday budget early, you’ll be doing yourself a favor. Though it may seem early, think of it this way — there are only about 13 pay periods from the start of July to Christmas if you get paid every other week. 

Here’s why you should start planning your holiday budget now. 

TO AVOID OVERSPENDING

Don’t let the holidays sneak up on you. When you save smaller amounts of money over a longer period of time, you’ll feel less of a dent in your bank account around holidays like Thanksgiving and Christmas.

When you budget, start thinking about what items you might want to buy for people so you can avoid impulse buying, and therefore avoid overspending. Planning ahead can even help you save money on interest because you won’t be as likely to make big purchases you can’t afford. 

IT WILL HELP YOU SPOT BETTER DEALS

Sales don’t just happen around Christmas and other holidays that come at the end of the year. When you start saving and budgeting early, you can capitalize on deals that come around on other holidays like Labor Day and Black Friday. 

Last-minute shoppers sometimes feel forced into spending whatever they have to spend just to check gift shopping off their to-do list, so planning ahead will help you spend smarter. 

TO AVOID STRESS

Statistics and anecdotes — just try calling a friend the week of Christmas — are clear about how stress can increase around the holidays. And some of that stress comes from spending money. According to a poll conducted by the American Psychiatric Association, 46% of adults were worried about affording holiday gifts in 2021. 

Spending money around the holidays becomes less stressful when you’ve saved, made a plan, and figured out ways to get the best deals. Make a plan that ensures you’ll be able to afford the expenses that come up around the holidays, from gifts to decor to travel. 

TO MAKE ADJUSTMENTS

When you start planning your holiday budget in July, you give yourself plenty of time to implement any financial changes you want to make to meet your goals. Maybe that looks like going through and using the coupons you get in the mail, picking up some extra hours at work, skipping the occasional night out, or getting books and movies from the library for free instead of buying them. 

IT FREES UP YOUR TIME

For many families, the holidays are when precious memories are created. Holidays are about much more than lavish gifts and decor. Planning your holiday budget ahead of time will give you more time to soak in the moments instead of getting caught up in your to-do and to-buy lists. 

EARN REWARDS ALONG THE WAY AS YOU SPEND

At INOVA Federal, we’re passionate about helping our members meet their financial goals. We’re always within reach to help you make wise decisions. With our rewards program, you can earn money while you spend it. You can earn cash back, statement credit, and Visa Prepaid Cards when you sign up for our rewards program. 

Stop in and see us at one of our convenient locations, or visit us online to learn more about becoming a member and our rewards program.