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The holiday season is one of the busiest spending times of the year, and rising prices are making it even more important to shop wisely. According to Gallup, Americans expect to spend an average of $1,011 on holiday gifts in 2026, while Visa reports that holiday gift budgets are up 5.6% from last year. With inflation continuing to affect household budgets, planning and making smart spending decisions can help you enjoy the holidays without overspending or starting the new year with unnecessary debt.

At this point in the year, there may not be much time to build up savings, but there are still ways to take control of your holiday spending and avoid going over budget.

Start by making a list of everyone you plan to buy gifts for, including smaller purchases. Next, determine how much you can comfortably afford to spend without borrowing money or relying on credit cards. Once you establish your total holiday budget, divide that amount among the people on your list based on what you can afford.

If your budget is tighter than expected, consider a different approach to gift-giving rather than relying on credit cards or taking on additional debt. Thoughtful, budget-friendly gifts can make the holidays just as meaningful.

1. Find Ways to Celebrate That Don’t Involve Gifts- Experiences can be just as valuable as gifts. Spend the day baking with friends or family, making home movies, building snowmen, or looking through old photos.
2. Give Group Gifts- Instead of purchasing gifts for each family member, give group or family gifts that can be shared or used together. Board games, a gift certificate for the movies, and food gifts are great for groups.
3. Try Your Hand at DIY Gifts- Making something to give as a gift can be much more personal, not to mention lots of fun! There are so many different ideas for DIY gifts, from edible items to ornaments and so much more. Look for craft ideas online using supplies you may already have on hand, or items you can purchase inexpensively.

Another way to make sure you don’t overspend this holiday season is to be proactive and not wait until the last minute to shop. Many people wait until the end and then purchase all their gifts at once without spreading out their purchases or looking for the best deal.

Online shopping can help you avoid crowded stores and reduce impulse purchases, but don't forget to factor shipping costs and delivery deadlines into your budget. Look for retailers who offer free shipping, promotional discounts or in-store pickup options. Before checking out, compare prices across retailers and look for available coupon codes. Some retailers also offer price adjustments or refunds if an item goes on sale shortly after purchase.

Finally, pay attention to return policies, delivery estimates and potential shipping delays. A little extra research can help you save money, avoid last-minute surprises and keep your holiday spending on track.

Once the Holidays are over, start planning for next year by making saving a priority. Whether you choose a traditional savings account or a holiday club account, setting aside a little money from each paycheck can make a big difference when the holiday season rolls around again.

A Club Account makes it easy to save throughout the year while earning interest on your balance. You can set a savings goal that fits your budget and contribute regularly to building your holiday fund.

Another option is an interest-bearing savings account, which allows you to grow your savings while earning interest. Rates vary depending on the account type and current offerings. Citizens Savings Bank offers several savings options to help you reach your financial goals and prepare for next year's holiday expenses.

You can also open a Certificate of Deposit (CD). CDs typically offer competitive interest rates in exchange for keeping your money deposited for a predetermined period. Unlike traditional savings or money market accounts, funds are generally less accessible until the CD reaches maturity. Early withdrawals may result in a penalty, depending on the account terms. With a variety of term options available, you can choose a timeframe that aligns with your savings goals. Generally, longer terms may offer higher interest rates, allowing your savings to grow over time.

If you’re looking for the best savings option for your financial situation but aren’t sure where to start, contact us today. Our experienced banking professionals can help you find the perfect account to fit your lifestyle and budget.

Learn More

Citizens Savings Bank has multiple locations throughout Lackawanna, Wayne, and Monroe Counties. For branch locations and hours, visit our website. We also have a Customer Support Team ready to answer any questions you may have. Call us today at 1.800.692.6279 or email [email protected]. Member FDIC.