The holiday season is officially upon us. For many, it’s a time of rejuvenation and some much-needed family time. However, the season is not without its stress. 

As many as 88 percent of Americans find the holiday season the most financially stressful time of the year. Gift exchanges, costly travel expenses, and Black Friday shopping sprees all contribute to end-of-year spending that leaves many with a twinge of regret.

Fortunately, there are a few ways to help financially prepare for the holiday season. By creating a holiday savings plan to plan for costs, avoid binge spending, and find clever ways to add extra income, you can get through the holidays stress-free and start the new year with strong financial footing.

How to Create a Holiday Savings Plan

Here’s how you can set yourself up for success this holiday season with a savings plan you’ll actually stick to. 

Determine Your Planned and Unplanned Expenses

The first step in creating a holiday savings plan is to get a really good idea of your expenses. Some of the more common expenses are gifts, travel, and increases in your normal grocery budget. 

However, many people forget to add a few “hidden” expenses, like automatic renewals to subscriptions you were gifted last year and increases in your water and electric bill from colder weather and guests staying in your house. 

Finally, the best holiday savings plans take into consideration the potential for emergencies. Budgeting a small emergency fund in the event of an accident (say, starting a fire while deep-frying a turkey) can help you stay prepared.

Avoid Binge-Shopping Opportunities When You Can

One of the main reasons people end up over-budget during the holidays is unintentional purchases. Shops tend to run a ton of sales during the holidays, creating an environment that can make it easy to justify purchases you might not need—Black Friday, in particular, is a huge contributor. 

The best way to stick to your holiday savings plan is to avoid situations where you’re tempted to overspend. That might mean sitting out Black Friday shopping, staying out of your email “promotions tab,” or keeping a copy of your budget with you when you head to the stores. 

Give your Income an End-of-Year Boost

If you find yourself coming up short on funds this holiday season, there are a ton of ways you can add extra income to help bridge the gap between your expenses and your funds.

And if all else fails, DEXSTA offers reasonable rates on holiday loans to help you cover costs. 

Create Your Holiday Savings Plan with the Help of DEXSTA 

While it’s impossible to avoid all the stress from the holidays, your finances don’t have to be a contributing factor. With a holiday savings plan, you can alleviate the financial strain and free yourself up for a relaxing holiday.

Connect with the team at DEXSTA  to learn how you can take advantage of savings options, and holiday loans this season.