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5 Ways to Boost Your Post-Holiday Savings

Date: January 19, 2021
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The holidays have come and gone, and the bills from the holidays have rolled in. If you find yourself facing the post-holiday spending blues, don't worry—there are plenty of ways to get your finances back on track!

Here are some tips to help you spend wisely and save better in 2021:

#1: Review your holiday spending

After you've packed away all the decorations and wrapping paper, take some time to analyze your holiday spending. What did you spend in total? What did you spend it on? List out all your expenses for gifts, food, travel, decorations and anything holiday-related.

If you used credit cards for holiday shopping, review your statements to determine how much you owe. Try to pay more than the minimum monthly payments, especially on high-interest rate credit cards. The faster you can pay off your balance, the less interest you'll have to pay back over time!

#2: Create your 2021 budget

The beginning of a new year is a perfect time to start fresh with a brand new budget. A budget is simply a way to plan your purchases and payments so you can keep your spending within your means. If you don't have a budget already, try a printable budget worksheet or digital budgeting tool like Money Management, available through Wright-Patt Credit Union's (WPCU) Mobile and Online Banking.

#3: Boost your savings

If you spent more than you planned this holiday season and dipped into your savings, it's important to rebuild as quickly as possible. Set a savings goal and schedule automatic transfers to your savings account around your paydays or on a weekly or monthly basis.

If you received additional income recently, such as a raise, tax refund or stimulus, put your extra income to work! You can use these funds to boost your savings or ramp up your holiday debt repayment efforts.

#4: Look for creative ways to save

Get your finances back on track with creative savings opportunities. Here are a few ideas:

  • ​Save your spare change. Drop your loose change into a jar at the end of the day. Or, make saving even easier by signing up for WPCU's EasySaver debit card round-up program!
  • Cut out one weekly expense. Give up one small expense each week for a month, like your morning latte or a lunch out. Put the money you save in your savings account or use it to pay down debt.
  • Unsubscribe. Check your account statements for subscriptions that you don't use and cancel them.
  • Clean out your closets. Look for clothes or other unused items you can sell online to make a little extra money. There are many websites and apps that make it easy!

​#5: Start planning and saving for next year

It's not too early to begin planning and saving for next year's holiday celebrations! Putting small amounts in a separate savings account each week will help make your holiday shopping more manageable.

As you think about next year's holiday season, ask yourself:

  •  What purchases were “worth the splurge?"
  • Are there any purchases I wish I didn't make?
  • After the holidays, how do I feel about the amount I spent? Am I content or financially stressed?
  • Do I feel comfortable spending that much next year?

If you're happy with the amount you spent on the holidays, use it as a starting point to save for next year. If not, you can always approach your holiday spending differently in 2021. The key is to make a plan and stick to it—you can do it!

Save better in 2021 and beyond

WPCU is here to help you achieve your financial goals, no matter how big or small! Find more budgeting tips and tools, including helpful worksheets and interactive learning modules, by visiting our online Education Center.​