Close Menu
630.852.3710
ATM Locator Money Pass logo

Blog

Navigating the Holiday Season with Confidence: A Comprehensive Guide to Budgeting and Saving

The secret to enjoying a joyful yet financially responsible holiday season lies in the strategic combination of a well-crafted budget and a practical savings plan. Picture a holiday season where you can revel in the spirit of giving without the looming dread of credit card bills in the new year. In this guide, we'll walk you through the essential steps to create a holiday budget tailored to your needs and dreams, as well as building a savings plan to ensure you're financially prepared when the holidays arrive.

ASSESS YOUR HOLIDAY FINANCIAL GOALS

Take a moment to reflect on your vision for the holiday season. Whether it's a family getaway, meaningful gifts for loved ones, or a memorable holiday gathering, everyone has their unique ideal holiday. To get started, evaluate your current financial situation honestly. This introspection helps you find the sweet spot between your holiday aspirations and financial reality.

CRAFT A TAILORED BUDGET

Begin by listing all anticipated holiday expenses, differentiating between "must-haves" and "nice-to-haves."

  • Must-have examples: gifts for immediate family or necessary travel expenses.
  • Nice-to-have examples: new decorations or gifts for coworkers, extended family, or friends.

Create a comprehensive list of gift recipients, complete with spending limits for each. It can be beneficial to check online for pricing on items you may be unsure of to create a more realistic spending limit. It’s also important to account for fluctuating energy bills throughout the colder months to ensure you have enough money allocated. A dynamic budget that adapts to unforeseen expenses is key to success. You can keep track of your accounts and spending in real-time by using your mobile banking  app and reassess your budget as needed.
 

DEVELOP A REALISTIC SAVINGS PLAN

Review your budget to calculate the total amount required to comfortably cover your holiday expenses. Establishing a practical timeframe for reaching your savings goal is crucial. Be mindful of balance and avoid overly aggressive savings plans that might lead to undue financial stress. Using a savings calculator, or similar tool, can be beneficial in determining how achievable your goal is based on a monthly savings breakdown. The calculator can make it easier to adjust the numbers without doing all the computing yourself.

IMPLEMENT PRACTICAL SAVINGS STRATEGIES

Creating a savings plan is imperative, but it's the action that counts. Below are some tips and examples of practical savings strategies.

  • Establish a dedicated holiday savings account, to save small amounts throughout the year for the holiday season and make it less tempting to use those funds for other purposes.
  • If you are able, set up automatic transfers from your main account to your holiday savings account to automate your savings.
  • Inspect your spending habits, then cut back on discretionary spending and reallocate those funds to your holiday savings.
  • Look for opportunities to increase your income – like taking on part-time work, freelancing, or selling items you no longer need.

PLAN GIFTS AHEAD AND SHOP WISELY

Hunt for discounts and deals, both in physical stores and online, to maximize your purchasing power. By planning your gift-giving well in advance, you have the advantage of sales and promotions throughout the year, significantly reducing the strain of last-minute shopping. Take caution when using purchasing options that allow you to finance or make payments over time; it can be easy to overspend in this way. Remember, meaningful gifts aren’t always paired with a hefty price tag!

Additionally, don’t forget that Lisle Savings Bank sells Visa® Gift Cards with only a $2.95 activation fee! That’s up to $4 less than other retailers and can help you save money on gift cards during the holiday season.

 

In summary, a well-structured budget and a practical savings plan are the keys to a joyful and financially sound holiday season. To maximize your savings potential, explore the savings account options offered by Lisle Savings Bank, and explore the variety of interactive financial wellness classes offered through LSB’s financial literacy partner, Banzai. Set clear goals, track your progress, and employ savvy shopping strategies to make the most of the moments that truly matter without the burden of financial stress this season!

Hear what members of your community say about us

"When I decided to purchase my first home Lisle Savings Banks' first time home buyer program was exactly what I needed."

Nick C. Customer since 1995

"The support that Lisle Savings Bank provided us was unmatched. Not only were your rates and fees significantly better than the other two large companies I looked at, but you were also significantly less pushy and more patient with my questions."

Adam N. Customer since 2019

"The positive interaction I receive while working with LSB's employees, and their outstanding rates, will keep me a loyal customer for life."

Robert B. Customer since 2010
Share My Story
Scroll to top of the page
Title Token Key Token Value
Loan to Value Ratio - 81-90% - 10 Year Rate {{LTV_8190_10year_rate}} 6.500
Loan to Value Ratio - 81-90% - 10 Year APR {{LTV_8190_10year_apr}} 6.695
Loan to Value Ratio - 81-90% - 10 Year Payment Example {{LTV_8190_10year_pmt}} 1,873.54
Loan to Value Ratio - 81-90% - 10 Year Points {{LTV_8190_10year_points}} 0
Loan to Value Ratio - 81-90% - 15 Year Rate {{LTV_8190_15year_rate}} 6.625
Loan to Value Ratio - 81-90% - 15 Year APR {{LTV_8190_15year_apr}} 6.766
Loan to Value Ratio - 81-90% - 15 Year Points {{LTV_8190_15year_points}} 0
Loan to Value Ratio - 81-90% - 15 Year Payment Example {{LTV_8190_15year_pmt}} 1,448.69
Loan to Value Ratio - 81-90% - 20 Year Rate {{LTV_8190_20year_rate}} 7.125
Loan to Value Ratio - 81-90% - 20 Year APR {{LTV_8190_20year_apr}} 7.245
Loan to Value Ratio - 81-90% - 20 Year Points {{LTV_8190_20year_points}} 0
Loan to Value Ratio - 81-90% - 20 Year Payment Example {{LTV_8190_20year_pmt}} 1,291.65
Loan to Value Ratio - 81-90% - 25 Year Rate {{LTV_8190_25year_rate}} 7.250
Loan to Value Ratio - 81-90% - 25 Year APR {{LTV_8190_25year_apr}} 7.355
Loan to Value Ratio - 81-90% - 25 Year Points {{LTV_8190_25year_points}} 0
Loan to Value Ratio - 81-90% - 25 Year Payment Example {{LTV_8190_25year_pmt}} 1,192.63
Loan to Value Ratio - 81-90% - 30 Year Rate {{LTV_8190_30year_rate}} 7.375
Loan to Value Ratio - 81-90% - 30 Year APR {{LTV_8190_30year_apr}} 7.471
Loan to Value Ratio - 81-90% - 30 Year Points {{LTV_8190_30year_points}} 0
Loan to Value Ratio - 81-90% - 30 Year Payment Example {{LTV_8190_30year_pmt}} 1,139.61
Loan to Value Ratio - 71-80% - 10 Year Rate {{LTV_7180_10year_rate}} 6.375
Loan to Value Ratio - 71-80% - 10 Year APR {{LTV_7180_10year_apr}} 6.656
Loan to Value Ratio - 71-80% - 10 Year Points {{LTV_7180_10year_points}} 0
Loan to Value Ratio - 71-80% - 10 Year Payment Example {{LTV_7180_10year_pmt}} 1,863.06
Loan to Value Ratio - 71-80% - 15 Year Rate {{LTV_7180_15year_rate}} 6.500
Loan to Value Ratio - 71-80% - 15 Year APR {{LTV_7180_15year_apr}} 6.702
Loan to Value Ratio - 71-80% - 15 Year Points {{LTV_7180_15year_points}} 0
Loan to Value Ratio - 71-80% - 15 Year Payment Example {{LTV_7180_15year_pmt}} 1,437.33
Loan to Value Ratio - 71-80% - 20 Year Rate {{LTV_7180_20year_rate}} 7.000
Loan to Value Ratio - 71-80% - 20 Year APR {{LTV_7180_20year_apr}} 7.170
Loan to Value Ratio - 71-80% - 20 Year Points {{LTV_7180_20year_points}} 0
Loan to Value Ratio - 71-80% - 20 Year Payment Example {{LTV_7180_20year_pmt}} 1,279.24
Loan to Value Ratio - 71-80% - 25 Year Rate {{LTV_7180_25year_rate}} 7.125
Loan to Value Ratio - 71-80% - 25 Year APR {{LTV_7180_25year_apr}} 7.273
Loan to Value Ratio - 71-80% - 25 Year Points {{LTV_7180_25year_points}} 0
Loan to Value Ratio - 71-80% - 25 Year Payment Example {{LTV_7180_25year_pmt}} 1,179.38
Loan to Value Ratio - 71-80% - 30 Year Rate {{LTV_7180_30year_rate}} 7.250
Loan to Value Ratio - 71-80% - 30 Year APR {{LTV_7180_30year_apr}} 7.385
Loan to Value Ratio - 71-80% - 30 Year Points {{LTV_7180_30year_points}} 0
Loan to Value Ratio - 71-80% - 30 Year Payment Example {{LTV_7180_30year_pmt}} 1,125.59
Loan to Value Ratio - 61-70% - 10 Year Rate {{LTV_6170_10year_rate}} 6.250
Loan to Value Ratio - 61-70% - 10 Year APR {{LTV_6170_10year_apr}} 6.528
Loan to Value Ratio - 61-70% - 10 Year Points {{LTV_6170_10year_points}} 0
Loan to Value Ratio - 61-70% - 10 Year Payment Value {{LTV_6170_10year_pmt}} 1,852.62
Loan to Value Ratio - 61-70% - 15 Year Rate {{LTV_6170_15year_rate}} 6.375
Loan to Value Ratio - 61-70% - 15 Year APR {{LTV_6170_15year_apr}} 6.574
Loan to Value Ratio - 61-70% - 15 Year Points {{LTV_6170_15year_points}} 0
Loan to Value Ratio - 61-70% - 15 Year Payment Example {{LTV_6170_15year_pmt}} 1,426.01
Loan to Value Ratio - 61-70% - 20 Year Rate {{LTV_6170_20year_rate}} 6.875
Loan to Value Ratio - 61-70% - 20 Year APR {{LTV_6170_20year_apr}} 7.043
Loan to Value Ratio - 61-70% - 20 Year Points {{LTV_6170_20year_points}} 0
Loan to Value Ratio - 61-70% - 20 Year Payment Example {{LTV_6170_20year_pmt}} 1,266.89
Loan to Value Ratio - 61-70% - 25 Year Rate {{LTV_6170_25year_rate}} 7.000
Loan to Value Ratio - 61-70% - 25 Year APR {{LTV_6170_25year_apr}} 7.146
Loan to Value Ratio - 61-70% - 25 Year Points {{LTV_6170_25year_points}} 0
Loan to Value Ratio - 61-70% - 25 Year Payment Example {{LTV_6170_25year_pmt}} 1,166.19
Loan to Value Ratio - 61-70% - 30 Year Rate {{LTV_6170_30year_rate}} 7.125
Loan to Value Ratio - 61-70% - 30 Year APR {{LTV_6170_30year_apr}} 7.258
Loan to Value Ratio - 61-70% - 30 Year Points {{LTV_6170_30year_points}} 0
Loan to Value Ratio - 61-70% - 30 Year Payment Example {{LTV_6170_30year_pmt}} 1,111.64
Loan to Value Ratio - 60% and Below - 10 Year Rate {{LTV_60_10year_rate}} 6.125
Loan to Value Ratio - 60% and Below - 10 Year APR {{LTV_60_10year_apr}} 6.400
Loan to Value Ratio - 60% and Below - 10 Year Points {{LTV_60_10year_points}} 0
Loan to Value Ratio - 60% and Below - 10 Year Payment Example {{LTV_60_10year_pmt}} 1,842.21
Loan to Value Ratio - 60% and Below - 15 Year Rate {{LTV_60_15year_rate}} 6.250
Loan to Value Ratio - 60% and Below - 15 Year APR {{LTV_60_15year_apr}} 6.447
Loan to Value Ratio - 60% and Below - 15 Year Points {{LTV_60_15year_points}} 0
Loan to Value Ratio - 60% and Below - 15 Year Payment Example {{LTV_60_15year_pmt}} 1,414.75
Loan to Value Ratio - 60% and Below - 20 Year Rate {{LTV_60_20year_rate}} 6.750
Loan to Value Ratio - 60% and Below - 20 Year APR {{LTV_60_20year_apr}} 6.916
Loan to Value Ratio - 60% and Below - 20 Year Points {{LTV_60_20year_points}} 0
Loan to Value Ratio - 60% and Below - 20 Year Payment Example {{LTV_60_20year_pmt}} 1,254.60
Loan to Value Ratio - 60% and Below - 25 Year Rate {{LTV_60_25year_rate}} 6.875
Loan to Value Ratio - 60% and Below - 25 Year APR {{LTV_60_25year_apr}} 7.019
Loan to Value Ratio - 60% and Below - 25 Year Points {{LTV_60_25year_points}} 0
Loan to Value Ratio - 60% and Below - 25 Year Payment Example {{LTV_60_25year_pmt}} 1,153.06
Loan to Value Ratio - 60% and Below - 30 Year Rate {{LTV_60_30year_rate}} 7.000
Loan to Value Ratio - 60% and Below - 30 Year APR {{LTV_60_30year_apr}} 7.131
Loan to Value Ratio - 60% and Below - 30 Year Points {{LTV_60_30year_points}} 0
Loan to Value Ratio - 60% and Below - 30 Year Payment Example {{LTV_60_30year_pmt}} 1,097.75
Refinance APR Fees {{Refinance_APR_Fees}} 1,134.25
Purchase APR Fees {{Purchase_APR_Fees}} 2,102.00
First Time Home Buyer APR Fees {{FTHB_APR_Fees}} 1,452
First Time Home Owner Refinance APR Fees {{FTHO_Fefi_APR_Fees}} 539.25
Odd Day Interest {{Odd_Day_Interest}} 1,595.00
Purchase Rate Adjustor {{Purchase_Rate_Adjustor}} 0
First Time Home Buyer Rate Adjustor {{FTHB_Rate_Adjustor}} 0
Refinance Rate Adjustor {{Refi_Rate_Adjustor}} .125
Interest Checking - Rate {{checking_interest_rate}} 0.05
Interest Checking - APY {{checking_interest_apy}} 0.05
Gold 50 Checking - Rate {{checking_gold50_rate}} 0.10
Gold 50 Checking - APY {{checking_gold50_apy}} 0.10
Premium Checking - Rate {{checking_premium_rate}} 0.15
Premium Checking - APY {{checking_premium_apy}} 0.15
Home Business Checking - Rate {{checking_home_business_rate}} 0.05
Home Business Checking - APY {{checking_home_business_apy}} 0.05
E - Savings - $0.01 to $49,999 - Rate {{savings_esavings_49999_rate}} 1.00
E Savings - $0.01 to $49,999 - APY {{savings_esavings_49999_apy}} 1.00
E Savings - $50,000 and Over - Rate {{savings_esavings_50000_rate}} 1.25
E Savings - $50,000 and Over - APY {{savings_esavings_50000_apy}} 1.25
Statement Savings - Rate {{savings_statement_rate}} 0.70
Statement Savings - APY {{savings_statement_apy}} 0.70
Small Savers - Rate {{savers_small_rate}} 0.70
Small Savers - APY {{savers_small_apy}} 0.70
IRA Statement Savings - Rate {{savings_ira_statement_rate}} 0.70
IRA Statement Savings - APY {{savings_ira_statement_apy}} 0.70
Insured Money Market $0.01 to $49,999 - Rate {{moneymarket_49999_rate}} 0.60
Insured Money Market $0.01 to $49,999 - APY {{moneymarket_49999_apy}} 0.60
Insured Money Market $50,000 - $99,999 - Rate {{moneymarket_99999_rate}} 0.70
Insured Money Market $50,000 - $99,999 - APY {{moneymarket_99999_apy}} 0.70
Insured Money Market $100,000 - $199,999 - Rate {{moneymarket_199999_rate}} 1.00
Insured Money Market $100,000 - $199,999 - APY {{moneymarket_199999_apy}} 1.00
Insured Money Market $200,000 and Over - Rate {{moneymarket_200000_rate}} 1.25
Insured Money Market $200,000 and Over - APY {{moneymarket_200000_apy}} 1.25
6 Month CD - Rate {{cd_6mo_rate}} 0.45
6 Month CD - APY {{cd_6mo_apy}} 0.45
9 Month CD - Rate {{cd_9mo_rate}} 0.50
9 Month CD - APY {{cd_9mo_apy}} 0.50
12 Month CD - Rate {{cd_12mo_rate}} 0.55
12 Month CD - APY {{cd_12mo_apy}} 0.55
18 Month CD - Rate {{cd_18mo_rate}} 0.60
18 Month CD - APY {{cd_18mo_apy}} 0.60
24 Month CD - Rate {{cd_24mo_rate}} 0.65
24 Month CD - APY {{cd_24mo_apy}} 0.65
30 Month CD - Rate {{cd_30mo_rate}} 0.70
30 Month CD - APY {{cd_30mo_apy}} 0.70
42 Month CD - Rate {{cd_42mo_rate}} 0.75
42 Month CD - APY {{cd_42mo_apy}} 0.75
180 Days Jumbo CD - Rate {{cd_jumbo_180days_rate}} 0.50
180 Days Jumbo CD - APY {{cd_jumbo_180days_apy}} 0.50
365 Days Jumbo CD - Rate {{cd_jumbo_365days_rate}} 0.60
365 Days Jumbo CD - APY {{cd_jumbo_365days_apy}} 0.60
9 Month CD Special - Rate {{cd_9mo_special_rate}} .50
9 Month CD Special - APY {{cd_9mo_special_apy}} .50
13 Month CD Special - Rate {{cd_23mo_special_rate}} 4.88
13 Month CD Special - APY {{cd_23mo_special_apy}} 5.00
Contact Us