Spend

Plan your holiday spending with Pockets

Many are looking forward to enjoying the upcoming holiday season with people who matter. But, holiday spending can also be a significant cause of financial stress if it’s not properly planned for. If you overindulge in the holiday shopping season, there might not be much left in your account when the holiday decorations come down. We’re covering helpful tips on how you can spend this holiday season without breaking the bank. It might sound too good to be true, but things become much easier with budgeting tools like Pockets. So, let’s dive in on how you can quickly plan your holiday shopping budget today.

 

1. Look at last year’s expenses

Before walking into a single store or opening another browser tab, look at your holiday spending from the past year to get an idea of how much you typically spent on holiday gifts, decorations, food, etc. Go through your credit card and bank statements to help pull the numbers together. If the last holiday season was particularly expensive for you, you might need to cut down on unnecessary expenses this holiday season. It’ll help you get a clear idea of how much you can safely spend, especially if your finances have changed this past year.

Pro Tip → If you have your holiday budget set already, set up Scheduled Transfers to automatically move money from one Pocket to another to save up on your timeline with an amount that works for you!

 

 

2. Plan holiday travel early

Planning for advanced travel could save you a ton of money. Travel booking websites and airlines raise their holiday rates as the holiday season comes closer. You will end up paying higher prices for your holiday flights and holiday packages if you wait until the last minute to book. The best way to avoid this is by booking holiday travel early before airlines hike holiday prices. Also, don’t forget to look for holiday travel offers or combination deals of flight and car, or flight and hotel. Taking the time to find the right deal can land you a seriously discounted holiday travel package that can help you save some serious dough.

 

3. Think about expenses that might sneak up

No matter how much we plan, certain expenses will always show up out of nowhere. For example, you might need to spend some extra money on a surprise guest’s holiday gift or a last-minute holiday event invitation. So it is best not to leave these expenses to the last moment as you might end up spending more than you planned for. Having an idea of what you can afford for “emergency expenses” can help you plan your holiday budget so that you don’t end up overextending your finances.

 

 

4. Create a visual budget with Pockets

To maintain holiday spending plans and track holiday expenses, create one or multiple holiday-themed Pockets. We recommend breaking them down into separate Pockets in your One account to make holiday budgeting easier for you. For example: create a Pocket, then name it “Gifts”, and in the description, you can type in what the total budget is, for this example, $500. You can either transfer one lump sum from your Spend or another Pocket directly into this new Pocket or set up a Scheduled Transfer to slowly move money into this Pocket over a length of time and with a custom amount.

Pro Tip → Make sure to assign your One card to the Pocket you want to spend from to keep track of your holiday spending budget automatically.

 

 

Pro Tip → Add the One iOS or Android widget to your mobile phone’s home screen so you can quickly see how much money you have available in any given Pocket while you’re out holiday shopping.

 

 

5. Automatically save every time you get paid

Now that you have established your holiday budget, you can start automatically saving a set amount every time you get paid! Qualifying paycheck direct deposit customers can activate paycheck Auto-Save to automatically put anywhere from one to ten percent of their paycheck away in their Auto-Save Pocket where you will earn an industry-leading 3.00% APY*.

 

 

6. Automatically save every time you spend

There’s another way to automatically save! When you activate card Auto-Save you’ll automatically put money away every time you spend with your One card. It’s so easy! Every purchase is rounded up to the next dollar and the difference is automatically pulled from your Spend Pocket and transferred to your Auto-Save Pocket where you will earn 3.00% APY*. That’s 50x higher than a traditional bank‘s savings account average rate of .06% APY.

 

 

7. Use virtual cards to spend online safely

Now that your holiday spending plans are ready, the next step is making sure you’re safely shopping online. A virtual card acts like a security buffer between your One account and a merchant. Each card has a randomly generated 16-digit card number that is unique to each Pocket. The virtual card number allows you to make an online purchase only associated with an individual Pocket. This helps minimize the risk of exposing your primary One account information to an online merchant or service provider if they ever have a security breach.

 

8. Give the gift of time and experiences, too

Instead of physical holiday gifts, give experiences to your loved ones. Holiday experiences like a home-cooked meal, a local sledding trip can be a lot more fun than just holiday gifts. Or how about doing something special for them like after-holiday cleaning? Everyone can use a break from the usual chores that stack up for weekends and after-work evenings.

The holidays are quickly approaching, and it’s time to plan your holiday shopping. Of course, no one wants to overspend and end up with a holiday hangover. If you start planning your holiday budget today with Pockets, holiday shopping will stay fun (and mostly stress-free). Holiday budgeting has never been this easy! 

 


Organize your money, simplify your life. Make real progress.

Get Started

Get your One account today!