Top Features to Look for in a Checking Account to Help You Manage Holiday Expenses
As the holiday season approaches, managing your expenses becomes more important than ever. Between gifts, travel, and festive gatherings, it’s easy to lose track of spending. However, with the right budgeting strategies and the proper features in your checking account, you can avoid overspending and enjoy the holidays without financial stress. Here’s how to set up a budget for the end of the year and what checking account features you should consider to keep your finances on track.
Use Account Alerts to Stay on Top of Spending
One of the most helpful features of a checking account is the ability to set up account alerts. These notifications can be customized to inform you when your balance is low, when transactions exceed a certain amount, or when bills are due. If you have a Service Credit Union debit and/or credit card, you can do so using the “My Cards” feature in online banking. With My Cards, you can receive notifications and set controls on where, when and how your card is used.
By staying informed in real-time, you can adjust your spending habits before it’s too late. During the holiday season, when spending can quickly add up, account alerts are a useful tool to help you stay within your budget, as well as avoid fraud.
Budget with Automatic Transfers and Savings Accounts
Many checking accounts offer the ability to set up automatic transfers, allowing you to move money between accounts on a set schedule. This feature is especially helpful for holiday budgeting. You can allocate a specific portion of your income to a savings account designed for holiday expenses, such as Service Credit Union’s Holiday Club. By doing this ahead of time, you’ll build a cushion that helps you avoid dipping into funds meant for other financial obligations. It’s also a good idea to regularly allocate funds into a high-interest savings account.
Choose an Account with Low or No Fees
Bank fees can add up, especially if you’re managing a tight budget during the holiday season. Opt for a checking account that offers low or no monthly maintenance fees, and make sure to check for fees related to overdrafts, ATM usage, and minimum balance requirements. The less money you lose to fees, the more you can allocate toward your holiday expenses.
Look for a Large ATM Network
Don’t waste your holiday budget on ATM fees, especially if you’re traveling. Look for a credit union or bank that is part of a large ATM network, such as Allpoint, CO-OP or Dolphin Debit, for surcharge-free banking no matter where you are.
Track Your Spending
Whether you prefer to do so manually or using digital tools, there are a variety of options for creating and sticking to a budget, and they all start with tracking your spending. Check out some of our favorite tips for creating a budget, and find the method that works best for you.
Holiday budgeting doesn’t have to be overwhelming. By choosing a checking account with features that align with your financial goals—such as budgeting tools, automatic transfers, debit card controls, and low fees—you can enjoy the season without the stress of overspending.
