The holiday season is fast approaching, bringing along all the cheer, festivities, and, yes—spending. It’s easy to get caught up in the holiday magic, but holiday shopping can quickly become overwhelming debt without a solid plan. That’s why we’re sharing simple tips to help you stay on track and make your holiday budgeting easier than ever.
1. Start with a Holiday Budget
Before the holiday frenzy sets in, take a moment to plan your budget. List the major expenses you expect: gifts, travel, food, and decorations. Be realistic about what you can afford and prioritize the items that matter most to you. Use a budgeting tool or app to keep things organized and track expenses.
2. Use a High-Yield Savings Account for Holiday Expenses
Consider using Perk Central savings for holiday spending. With up to 5.00% APY* on Perk Central through Paycheck Perks, you’ll earn more on your money as you save up for the holidays. All you have to do is enroll in Paycheck Perks and set up direct deposit. It’s an effortless way to boost your holiday budget without cutting back on the fun.
3. Create a Gift List and Stick to It
It’s tempting to keep adding to your shopping list when you see those irresistible holiday deals. However, sticking to a pre-planned gift list will help you stay within budget and avoid impulse purchases. Consider giving thoughtful, personalized gifts instead of expensive items to keep costs down without sacrificing the sentiment.
3. Leverage Cash Back and Round-Up
Make your purchases work for you with Paycheck Perks and a QuickPay or PlatinumPay Account. This way, for every tap or swipe of your debit card, you get cash back that can go towards buying more gifts. And for every gift you buy, extra cents are rounded up to more savings for gifts. Learn more about Paycheck Perks.
5. Take Advantage of SkyOne’s Paycheck Perks
Did you know setting up direct deposit with SkyOne could unlock exclusive perks? With Paycheck Perks, you can enjoy faster access to your funds and even earn rewards. It’s a smart way to stretch your holiday budget further and ensure you have cash when you need it most.
6. Save More by Shopping Smart
Look out for holiday sales, and don’t be afraid to compare prices. Use apps or browser extensions that help you find the best deals. Another great strategy is to take advantage of price matching, ensuring you get the lowest possible price for your gifts.
7. Start a Holiday Savings Challenge
Kickstart your holiday savings by taking on a 30-day savings challenge. Set a goal to save a small amount each day or week, and watch how quickly it adds up. Make it fun by getting friends or family involved, and put the money toward your holiday fund.
The holidays should be a time of joy, not financial stress. With a little planning and the right financial tools, you can make this season worry-free and focus on what matters most—spending time with loved ones and creating lasting memories.
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*APY=Annual Percentage Yield. SkyOne rates and terms are accurate as of 07.23.2024 and are subject to change after the account is opened without notice. Rates are effective as of the last dividend declaration date. The rate is variable and may change after the account is opened. The minimum cumulative monthly direct deposit required to earn dividends is: $0.00 – $2,499.99 to earn 0.05% APY, $2,500.00- $4,999.99 to earn 4.00% APY, and any direct deposit of $5,000 or more to earn 5.00% APY.
Dividend Period: For this account type, the dividend period is monthly. For example, if the beginning date of the first dividend period of the calendar year is January 1, the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above, is January 31. You will not receive the accrued dividends if you close your account before dividends are paid.
Minimum Balance: No minimum balance is required to open this account. Dividends will be paid to the Perk Central account at the disclosed rate, and APY provided. Rates are tiered based on the amount of cumulative monthly direct deposits made to the account. A qualifying direct deposit is a direct deposit of your salary, pension, Social Security, or other regular monthly income electronically deposited through the Automated Clearing House (ACH) network to any share account (suffix) within the same account to obtain the disclosed APY. Transfers from one account to another, mobile deposits, or deposits made at a banking location or ATM do not qualify. During the month, if there is no deposit of $2,500 or more credited to the account, the dividend rate and APY will default to the Regular Savings Account APR and APY disclosed on the current rate sheet.
Average Daily Balance Computation Method: Dividends are calculated using the average daily balance method, which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the monthly dividend period.
Compounding and Crediting: Dividends will be compounded monthly and credited to your account on the last day of the month.
Maximum Deposits Allowed: The maximum balance allowed to be transferred monthly is dependent on the amount of direct deposit posted to the account. Accounts with a cumulative monthly direct deposit of $2,500 – $4,999.99 will be allowed a maximum deposit of $500.00 to the Perk Central account. Accounts with a cumulative monthly direct deposit of $5,000 or more will be allowed a maximum deposit of $1000.00. Any other deposits or transfers, except for Round Up change or other promotional perks, will be swept out of the Perk Central account nightly and transferred into the Primary Savings account.
1 Paycheck Perks Swipe Bonus
If you make at least 25 debit card point-of-sale purchases (excluding PIN-based transactions) of at least $1 each per month, you will receive $5.00. The funds will be credited to your Perk Central account. To qualify for the Paycheck Perks Swipe Bonus, you must be eligible for a checking account and debit card. Please note that we reserve the right to cancel or modify the Paycheck Perks Swipe Bonus program at any time without prior notice. Additionally, the Paycheck Perks Swipe Bonus is not available for business debit cards.
2Round Up
When you enroll in our Round Up program, we round up the amount of any debit card purchase by you or a joint owner of your checking account to the next whole dollar amount. We then transfer the excess amount of the purchase from your checking account to the Perk Central savings account. The sum of all round-ups from debit card purchases will be transferred at the end of the day to the Perk Central account. If there is more than one checking share on the account with debit card purchases, one transfer will occur from each checking account share to the Perk Central account. If you do not have sufficient funds to transfer the sum of all round-up amounts, no transfer will occur. Only the actual debit amount will be posted. If a purchase made with your debit card is reversed or returned, only the original debit amount will be refunded. You will not see a reversal of the round-up amount. To qualify for Round Up, you must be eligible for a checking account and debit card. We may cancel or modify the Round Up program at any time without prior notice. Round Up is not available for business debit cards. You may opt out of the Round Up program at any time by contacting us at 800.421.7111, live chatting with us at www.skyone.org, or emailing us at memberservices@skyone.org.
You must be a member in good standing to enroll in Paycheck Perks.
A member in good standing means: no loans delinquent more than 30 days, no checking accounts with zero or negative balance more than 30 days, no charged off SkyOne loans or share accounts, no ChexSystems records, no bankruptcies, levies or garnishments, and dormant (inactive) account status. Please refer to Member Conduct and Limitation of Services Disclosure, for additional information regarding what it means to be a member in good standing.
Fees may reduce earnings Please refer to the Fee Schedule and All in One Disclosure for complete details.
