Avoid Holiday Spending Hangover with a Holiday Savings Account

Holiday savings account
Start a holiday savings account for smart holiday spending.

If you’re a little more excited about this year’s holiday season, chances are you have a Holiday Savings account with DCCU. Those automatic deposits you started back in July were rolled over into your regular savings account as of the first business day of November. With your shopping list and set budget in hand, the holidays are looking better than ever!

What is a Holiday Savings Account?

A Holiday Savings Account is an easy, stress-free way to save for the holiday season and pay for every gift up front rather than relying on credit. Of course, saving in advance is just part of the game plan. To avoid that holiday spending hangover, you also want to identify who you’ll be buying gifts for, how much you spent last year and how much you plan to spend for each person. Sticking to the budget (really, any budget) is crucial to staying within your means and leaving your credit cards tucked away. Without a predetermined shopping list and plan, 50% of shoppers will spend outside their means, 64% will make impulse purchases, and 32% will regret how much they spent. Ouch!

How much can I really save up?

Avoid that holiday spending hangover by saving a little each month with automatic transfers. Even if you don’t start until July, you can enjoy a less stressful holiday season. Whether you’re paid monthly or biweekly, you’ll be amazed how quickly your Holiday Savings Account will grow while you’re kicking back over summer or hitting the Farmer’s Market in the fall. Check it out!

Save $25 $50 $75
Weekly Payroll $450 $900 $1350
Bi-Weekly Payroll $225 $450 $675

(Based on approximate savings over just 18 weeks of automatic deposits. Does not include dividends.)

What about next year?

After the holidays, maintain the momentum! Avoid the $5 withdrawal fee by simply keeping your Holidays Savings account open and ready to go for next season. Schedule your automatic transfers to restart in July and make a note on July’s monthly budget so you’re not caught off guard. Or, why not keep it going all year long? When that first business day in November rolls around, you’ll be sailing through next year’s holiday shopping without charging a single purchase or paying any interest. Better yet, you’ll be earning interest. Now that’s something to celebrate!

Don’t become a statistic. If you use eBanking you can easily open a Holiday Savings Account by clicking on the Open Additional Accounts link under Member Requests in the Self Service Tab. Or, contact DCCU today and you too will be sailing through the next holiday season.


Published by

Hillary W.

Hillary is a 2008 graduate of UW-Madison. She is a proud Badger all the way, but her strong love of travelling led her to a graduate program out in Phoenix, AZ, which she absolutely adored. Now, back in Madison, Hillary is once again connected to her Wisconsin roots. In the winter, you can find her on the ski slopes whenever she has time. In summer, she's on the bike path or enjoying a good book along any stretch of lakefront. Also a passionate Mallards fan, look for her at Warner Park whenever a game is in town!