Holiday 2021: Payactiv Goal-Based Savings

Smart Budgeting Tips for the Holidays

Introducing SmartSave, SmartSpend, and Goal-Based Savings

The holiday season is a fun time of the year. But while it’s fun to give and receive gifts, it’s essential to avoid overspending and going into debt during the holidays. A recent survey by Affirm found that 70% of Americans go over budget on holiday shopping. Here are some helpful tips to keep your finances on track this holiday season and beyond.

Budgeting and Planning for Holiday Purchases

Start getting ready for the holidays with a focus on your budget. Look at your budget to figure out how much you can afford to spend on holiday gifts without an overdraft or taking on credit card debt you can’t afford to pay off in full by the next statement due date.

If you don’t already have a budget, there’s no time better than the present to get started! A budget doesn’t tell you where you can and can’t spend. It’s a spending plan you set up yourself based on your income, and so you know you have enough money for monthly and one-time expenses.

If you’re usually tight on funds during the holidays, consider saving for holidays a little bit every payday, so you have the money to buy gifts, travel, holiday meals, and other holiday costs without going into debt. For example, if you save $25 per paycheck and get paid every other week, you’ll have $650 per year for the holidays.

5 Money-Saving Tips for the Holiday Season

If you seem always to wind up spending more than you planned during the holidays, these spending tips may help you stay on track:

1. Shop around for deals: Don’t click the button to buy something without shopping around. Whether you’re in-store or online, search for the item and check prices at multiple stores to make sure you’re getting the best price.
2. Find lower-cost substitutes: Designer and name brand products are fun, but they may not always be worth the extra cost. In many cases, generic and store-brand versions are the same. Or consider swapping the gift with something else entirely.
3. Replace gifts with experiences: Instead of expensive items to clutter up their home, consider taking your friend or relative out for a meal, a walk, or other fun experience. It could save you money while creating a great memory.
4. Make your own gifts and cards: Greeting cards at the store can cost more than $5 each. Going to the dollar store lowers your cost, but you’ll still pay more than you have to. A handmade card may be much more meaningful and is extremely low cost, and they’re not just for kids. If you’re crafty or good in the kitchen, a handmade gift or baked good could also do the trick without a big expense.
5. Stick to a list: Going holiday shopping without a list is like going to the grocery store hungry without a list. You may end up buying a lot more than you planned (or needed). Even if you don’t make a list of every specific purchase, make a list with a maximum budget per person before you start shopping.

How Payactiv Can Help

Money is about time. At Payactiv, we know all about it. In our industry, we see time as that very special unit we use to measure pay. It’s what Earned Wage Access (EWA) is all about.

To put it shortly: If you’ve worked and put in your time, that time is valuable. So why wait a week or two (or more) to get paid? It’s the principle of timing. We believe everyone should get paid as soon as your shift is over! 

It’s easy to get swept up in holiday season magic, and we all know where that can lead. Loans and borrowing. This holiday season, wouldn’t it be great if there was a holiday budgeting solution that helped you plan ahead and minimize your stress levels?

So, here’s a gift to you from us. Payactiv now offers savings tools that show you what’s safe to save, what’s SmartSpend, and help you reach your savings goals. We do all the number-crunching to give you an easy peek into your financial standing and overall financial wellness. Your SmartSave amount is calculated by adding all of your income and subtracting all of your regular expenses, like rent, your phone bill, and your groceries.

What you do with your money is up to you. SmartSpend helps guide you when you’re managing a budget. It was designed with you in mind, so you can spend more confidently and reach your goals on time.

That’s right. You can also use Payactiv to create goal-based savings plans easily. Set your goals by amount or end date so you have enough saved by Black Friday or Cyber Monday. Then launch your plans and watch your savings grow. You can edit and pause your goals at any time.

If your employer offers EWA, you can automate setting aside a portion of your earned wages to get ahead of the holidays, or even an emergency. No more thinking, “Can I afford this? Will I have enough money during the holidays? How long is this going to take to pay off?” 

Start saving now and make this holiday season one to remember. You could also start saving for a well-deserved vacation, some much-needed school supplies, or just a rainy day because you never know what to expect.

Before you know it, you could successfully reach your goals without any of the stress or headaches from constantly adding and subtracting in your head.

Whatever your financial goals are – long term or short term – our app is designed to put your earning, spending, and saving in your control. 

Like money, life’s about time too. Make yours count. Use Payactiv to avoid financial stress and live the life you earned.