According to the National Retail Federation, those celebrating the winter holidays in 2023 will spend an average of $875 on gifts, decorations, food and more. Sound like a stretch for your wallet? It might be time to start preparing for next year with a holiday savings account.
A holiday savings account is a tool that can help you plan and save for the season by depositing small amounts throughout the year. Minster Bank offers a holiday savings account that only requires a minimum balance of $25. Simply make regular deposits throughout the year and when the account matures in 12 months, you might be surprised by how much you’ve saved.
Keep reading for additional tips on how to save money this holiday season.
How to Save Money During the Holidays
Saving money this holiday season is another way to make your bank account breathe easier. Try one of the following ideas and see that less really can be more.
- Carry cash. The act of handing over something when you’re shopping versus swiping a card can make spending seem more real. Because Minster Bank customers can use any ATM in the MoneyPass® network, you’ll find a surcharge-free option near you.
- Use an online banking app. With the Minster Bank Mobile App, you can access Instant Balance with just a tap to see how much is in your account. Debating how much you should spend? A quick look at your bank account could help you decide.
- Keep it simple. Gifts don’t have to be elaborate to be meaningful. And it’s probably not necessary to buy a gift for every one of your coworkers. If you’re crafty, good at sewing or a baker, something homemade is a cost-effective option.
- Shop the sales. Just because Black Friday is over doesn’t mean you’re out of luck. This is the biggest spending season of the year, and retailers take full advantage. Sign up for email newsletters, pick up circulars in stores and follow brands on social media to help you find the best deals.
- Stick to a list. Think of holiday shopping like grocery shopping; decide what you want to get each person and write it all down. Cross each item off once you’ve purchased it. That way you’ll remember exactly what you bought and how much you’ve already spent.
- Send money with Zelle®. Zelle is a convenient way to send money using your mobile banking app or online banking account. Are you contributing toward a gift from several family members? Use Zelle to easily send your contribution. Is a loved one sending you money to select a gift for yourself or a family member? Use Zelle to receive the money from your loved one. It’s fast and safe to use, and only requires an email address or phone number to send money between bank accounts in the U.S.
Related: Learn how to use Zelle® >>
Save Time and Stress Less With Online and Mobile Banking
While holiday preparations can be fun, normal life still goes on during November and December. That means you’ll need to pay your bills and stay on top of your banking accounts. To make things simple, look for online banking options that help eliminate paperwork and allow you to keep track of transactions.
Minster Bank’s online banking features make it easy to check balances, transfer funds, view cashed checks and deposit slips and more. You can also set up recurring payments, so you spend less time writing checks and paying bills.
If you’re on the go, our mobile app can help you do everything that online banking does, plus more. Deposit a check by snapping a photo, or send or request money from friends and family with Zelle®. It’s banking that fits your schedule – anytime, anywhere this holiday season.