Holidays are a great time to see family and friends you don't always get a chance to catch up with during the rest of the year. However, between hosting holiday meals, exchanging gifts, and paying for New Year's party supplies, you may feel a little overwhelmed financially. Instead of borrowing against your future by using credit cards, learn how to plan ahead, and budget to avoid starting the new year in debt.

Here are a few tips to help you save up for the most wonderful time of year:

• Create a spreadsheet with everyone on your shopping list in one column and the amount of money you need for each person in another column (“Budget”). As you buy gifts update the spreadsheet by creating “Spent” and “Remaining” (Budget Spent) columns to help you stick to your budget.
• Use cash to buy holiday decorations, supplies, and gifts. This will remind you to keep your spending in check.
• You may avoid shopping on Black Friday and Cyber Monday. However, the average shopper spends over $1,000 on Black Friday. There's a reason many shoppers hit the stores and web sites on this premium shopping day — you can save a lot of money! Embrace the chaos but plan ahead by knowing which sales you want to take advantage of.
• Start your Christmas shopping in January. If you see sales, take advantage of them to load up for the holidays. This gives you more time to find deals that can save you a lot of money. However, keep track of your spending on a spreadsheet so that you don't go over budget for the year.
• If you haven't managed to save money for the holidays, consider taking on a part-time job. Many businesses hire temporary help during the busy holiday shopping season. Limit your gift spending to what you earn at your second job. You may find that you spend less knowing how hard you had to work to get the extra money.

Border Bank Tools for Holiday Savings

Consider opening up a separate Border Bank savings account dedicated to the holiday season. You can reuse this account every year to help you keep holiday spending under control. By putting money aside every month, you can earn a little interest and prevent overspending on gifts and decorations.

Here are more suggestions on how to use Border Bank tools to prepare for the holidays:

• Open a holiday savings account. You can earn interest on your money and set up an automatic transfer from your main checking account to simplify your holiday savings.
• Apply for a debit card linked only to your holiday savings account and use this to buy gifts and supplies.
• Buy a CD: Border bank offers CDs that range from three months to five years. Certificates of deposit are a great way to earn a little interest on your holiday money throughout the year. CDs also make great gifts for older children saving to buy a car or go to college.
• Credit card calculator: The next time you use your credit card, go to this handy calculator to find out how long it will take you to pay off the balance. This can help you prevent going overbudget on holiday spending.

Contact Border Bank to set up a checking or savings account to manage your holiday spending. Find out about useful tools that can help you manage your finances better over the busiest shopping season of the year.

“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people that they don’t like.” – Will Rogers