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The holidays are a time for joy and celebration, and while the festive season might feel far away, it’s much closer than you think. Whether you’re planning a holiday party, gifts for loved ones, or seasonal travel, a little preparation now can help you avoid financial stress later and truly make your holiday season the most wonderful time of year.

A key to successful saving is putting your money in the right place and resisting the urge to spend it. Your financial institution should have the right savings products to fit your unique financial needs as well as services to help you stay on top of your finances.

Simplify Your Saving

When you’re starting to prepare for holiday savings, make sure your budget is current and create dedicated savings accounts for your holiday fund. If you’re not sure where to start, consider setting a specific goal based on how much you spent the previous year, and commit to saving a little each week in a separate savings account. For example, if you set aside $25 per week starting in the first week of July, you’ll have more than $600 saved by Christmas. If you’re proactive with saving now, you’ll be in the perfect position to take advantage of holiday sales and maximize your savings.

There are a few options available for your dedicated holiday savings account that you can easily open at your financial institution, including:

Secondary savings account:Create a separate savings account labeled “Holiday Fund” to visually track your progress. When your dedicated holiday savings are separated from your everyday spending pool, it’s easier to avoid dipping into your holiday fund for other expenses.

Christmas Club account: Christmas Club accounts are a special type of savings account that allows you to save all year long. They often have no minimum opening deposit and the option to set up automatic transfers. You can build your holiday savings effortlessly and withdraw your funds when you need them.

High-yield accounts: High-yield checking and savings accounts, certificates, and money market accounts are all accounts designed for you to earn dividends on the money you’ve already saved. These all earn higher rates than traditional savings accounts, giving you an extra boost during the holiday season without any additional effort.

Stay on Track

In addition to putting your money in the proper savings accounts, you should be taking advantage of any additional services and resources your financial institution offers to help you stay organized and on budget, including:

Savings monitoring: Most digital banking platforms allow you to establish a custom goal and track your progress in real time by looking at your account balance and statements. They also usually allow you to set up customizable account alerts so you can stay on budget more easily.

Automatic transfers: Schedule regular deposits from your checking account to your holiday fund to make saving effortless. This way, you won’t forget to move money over or use it somewhere else, since it’s already been allocated.

Credit score monitoring: It’s always a good idea to stay up to date on your credit score so you can spot any suspicious activity on your accounts and know where your score is before you apply for credit or a loan. At Ascend, we offer our members free credit score monitoring and other resources inside Ascend Digital Banking.

Along with tools to help you monitor your money and savings goals, you can often find additional account security resources inside your financial institution’s digital banking platform. Extra peace of mind goes a long way during the holidays, especially when it comes to protecting your finances. Sign up for any fraud alerts your financial institution offers, opt into two-factor authentication to log into your accounts, and schedule travel notices ahead of your trips.

The holidays are a time for giving and creating memories, not financial stress. By preparing a little now, you’ll give yourself the gift of peace of mind. And with only a limited number of paydays left before the season begins, now’s the time to start saving for the holidays.

Ascend is federally insured by the NCUA. Jason Powers, Ascend Federal Credit Union Chief Administration Officer