Chattanooga Area Schools
Start saving NOW for the winter holidays.
Start saving NOW for the winter holidays
July 18, 2025
Do something for your future self by planning for holiday expenses. While you’re enjoying the sunshine and heat of the summer, consider preparing for the colder season. Here are a few helpful steps for making sure your pockets jingle in December.
Review Last Season’s Spending
The first step in creating your holiday budget is reviewing your spending from last year. It’s easy to underestimate how much the festivities will add up to, so reviewing the previous year's spending may be a helpful reality check. It’s a useful baseline to adjust, but you don’t need to spend the same amount this year.
After you total up spending from the previous holiday season in each category, evaluate your spending to decide if you want to increase or decrease in certain areas. Consider any changes this year that may cause higher or lower spending in each category. For example, if you won’t be traveling for the holidays this year, you can reallocate that portion of your holiday budget. On the other hand, if you had a big expense this year such as purchasing a new home, you may need to start planning to save money on your gift purchases. Ensure that you have a specific dollar assigned to each category, so you know exactly how to save and spend.
Choose your Savings Account
Chattanooga Area Schools Federal Credit Union has savings accounts that can meet your needs depending on your savings plan. A share account or money market account might be the right choice for a short-term savings fund. With these accounts, you don't have to stop at setting aside a portion of your paycheck each month, it also grows while you wait.
CASFCU’s Share Account is a great start for any savings plan. Unlike many traditional savings accounts, you will earn 0.35% APY* on balances while maintaining 24/7 access to your account. With a small minimum opening balance of $25, it’s a smart choice for maintaining flexibility with a boost to your funds over time. Dividends are calculated on your daily balance and paid quarterly.
If you’re looking to prioritize a boosted return on your savings, contributing to a money market account might be right for you. While the minimum required balance to open is higher at $2,500, returns are also higher. Dividends are calculated on your daily balance and paid monthly.
Set Up Payroll Deductions
Once you know exactly how much you need to save by the end of the year, you can set up monthly automatic transfers. Automatic savings remove the temptation to spend the money now. CASFCU offers automatic payroll deductions for any CASFCU account of your choosing. If you already have a direct deposit for another account or loan, you can still set up multiple payroll deductions for more than one account.
At the end of the year, even small contributions you’ve deducted from your paychecks will add up! Having some extra cash for your holiday budget without applying for credit can be a great help. Take the time to prepare now, and your future self will be much merrier.
*Annual Percentage Yield. Rates effective as of 7/1/25