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How to Manage Holidays on a Budget

11/03/2020 - Financial Wellness & Life Planning, Budgeting, Leveraging Digital and Mobile Tools

Arms holding gifts, Christmas decorations in the background

As the year winds down and the holiday season quickly approaches, money matters are often on the mind. Presents and gatherings rule this time of year, which usually means that budgets are more of a recommendation and less of a rule. However, if this year has been particularly challenging with your finances, don’t worry. There’s plenty you can do to enjoy the holidays on a budget.

Yes, You Can Curb Holiday Spending and Have a Merry Season

Despite popular belief, holiday spending doesn’t have to break the bank. Take it from us, with the right tools and planning you can actually enjoy the holidays on a budget. These easy steps will make holiday spending a bit more reasonable for both you and your wallet.

  1. Start Saving Early: It always seems like the holidays creep up on us. But if you create a holiday budget and start saving early, you can develop a new habit that will benefit you for years to come. Don’t worry if you haven’t started saving yet – start the easy way by updating your online banking settings. Set up automatic transfers to your savings when you get your paycheck. That way, leading up to the busy holiday season, you won’t even have to think about saving, because your bank account can do it for you.
  2. Set a Realistic Gift Budget: Santa has his naughty or nice list and while we’re not suggesting you make one too, it’s important to set a realistic gift budget for holiday spending. Everyone has a friend or family member who goes all out on gifts. Fact is, you shouldn’t feel the need to follow suit. Take a look at your income, critical expenses and how much you can save before the holidays. Let that determine your gift budget and stick to it. If your holiday parties and gift exchanges start to add up, suggest Secret Santa style giving with spending limits.
  3. Team Up for Large Gifts: Another way to maximize your gift budget is to go in on larger presents with a few people. If you’re really looking to wow someone special in your life, ask a few friends or family members to split the gift of a lifetime. Features like WesBanco’s Pay Someone make sharing the costs of a gift even easier. Tools like Pay Someone allow you to send money to someone directly from your phone with an email address or mobile number. The amount you sent can be deposited into their account within minutes.
  4. Monitor Your Spending Limit: Setting a holiday budget and saving money are important, but you have to make sure to monitor your spending. Tools like WesBanco’s My Spending automatically categorize your transactions and provide you with a full dashboard of your spending. This tool makes it easy to stay on track with holiday spending by setting limits and alerts.

Focus on What Matters Most This Holiday Season

The holidays are busy, especially when you’re running from store to store. But tools like Mobile Wallet can help you make fast, contactless transactions that will save you time without cutting into the enjoyment of holiday festivities. This tool allows you to link your credit or debit cards to your smartphone, so you can make purchases fast. Tools like this can make tackling the holidays on a budget a little less stressful.

Managing the holidays on a budget can sometimes be hard, but the right tools and planning can make it easier. From spending limits to mobile wallets, online and mobile banking tools can help you set a gift budget and manage holiday spending. Explore WesBanco offerings that will help you stay within your holiday budget this season.

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Content is for informational purposes only and is not intended to provide legal or financial advice. The views and opinions expressed do not necessarily represent the views and opinions of WesBanco.

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