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Control Holiday Spending | Pearl Hawaii Holiday Savings

From gifts, travel, parties, and decorating – there are tons of financial pressure associated with the holiday season.

With the craziness of the holiday season starting typically after Thanksgiving, shoppers are beginning a little earlier this year due to shipping complications. If you do not already have Pearl Hawaii’s Holiday Savings account, don’t worry. There is still time to plan. Look at your budget in the months leading up to December so you can decide how much you want to spend on gifts, travel, and more. If you don’t, your January credit card bill may catch you by surprise with holiday debt going past the new year.

Also, consider opening Pearl Hawaii’s Holiday Savings account now so you will be ready for next year. Without proper preparations, it’s easy to let spending get out of hand. Think you can’t get through the holidays without spending a small fortune? Here are some tips to help make this season less expensive.

Curb Holiday Spending And Set Limits

Spend only what you can afford. Set an overall budget and a budget per person. Stay within your limits. Be on the lookout for specials or clearance sales during the year. Keep the item in storage for when you need it. Create a budget and how much you are willing to spend on each person. Remember to include costs like greeting cards, decorations, stocking stuffers, wrapping paper, and food. If you are leaving your home, remember to include the cost of travel, lodging, rentals, and various tips.

Make A Gift List

First, list all possible gift-receiving family members, friends, and co-workers. Include your immediate family, coworkers, and other people that you want to give a gift to – big or small. Now, start cutting and only spend if your budget allows it- for everyone else make some scrumptious treats like butter mochi and furikake snack mix- Yummmm! Be creative with low-cost or homemade gifts. Thoughtful gifts can go a long way. Use your talents to share the love. Do you have to purchase gifts for your child’s class or their teachers? What about your neighbors, people that provide you services, or the friends in clubs that you or your family belong to? Also, consider how much you will have to spend on potlucks. How many gifts will you need to get each person?

Comparison Shop

Consider online shopping to get the best deals, but be sure to figure in shipping costs. Once you have purchased a gift for someone, cross him or her off your list. Avoid adding last-minute impulse items just to make your gift seem more meaningful.

If You Need To Spend During The Holidays

Emergencies do come up and if money is tight, consider getting our low rate Personal Loans. Whatever you do, please do not access your Overdraft Protection (ODP), use a high rate credit card, or miss a payment on your other obligations. Also, maximize your savings by utilizing Pearl Hawaii’s Platinum Card rewards. Turn in your rewards for travel, cash, gift cards, electronics, or other items. Next, link your Checking Rewards to your Holiday Savings. Once you earn your monthly reward, deposit the sum in your Holiday Savings account.

And Of Course…

Do you have a large extended family? Have a conversation as a family about gift-giving. Create spending limits, a gift game, a gift theme, or discuss other alternatives to your regular traditions. For example, a fun game includes everyone giving gifts with the word “S.A.N.T.A” and you find a gift for each letter (eg. S is for Socks, A is for Art, N is for Notebook, T is for Tools, A is for Angels). A game or theme can change things up and keep the holidays extra fun without breaking your wallet. Although it’s late this year, remember that holiday spending is a recurring expense.  Also, consider opening Pearl Hawaii’s Holiday Savings account now so you will be ready for next year. Without proper preparations, it’s easy to let spending get out of hand.

Once you decide on a holiday budget, it’s time to start saving. A Holiday Savings account is a separate savings account that you open in addition to your emergency fund.

What Is Holiday Savings Account?

A Holiday Savings account is designed to help Pearl Hawaii members set aside money that will be used for the holidays. Set up automatic transfers from your Savings, Checking, from a payroll deduction, or from another account type on a weekly, monthly or bi-weekly basis. Deposits can be made to this account between November 1st and October 31st of each year. O

The account has some added perks that can help you save. With a minimum opening deposit of $5, start saving for the holidays by setting up monthly deposits into your Holiday Savings account. On November 1st, Pearl Hawaii will deposit your savings plus the interest you earned into your Checking** account. You can start your holiday shopping with cash in hand. It’s the perfect way to prep for your gift-giving and holiday needs.

Holiday Savings Benefits

  • Earn 0.20% APY* while you save
  • No Early Closure Penalty
  • The minimum balance for interest earnings is only $5.00
  • No Deposit Limit
  • Open any time of the year
  • Automatically transfers into your account on November 1st
  • No Monthly Account Service Fee



NOT A MEMBER YET? Open Your Account



AccountMinimum Balance APY*
Pearl Savings $5.000.10% Open
Jumbo Savings $5.00 | $2,500 to earn advertised APY0.20% Open
Holiday Savings** $5.000.20%Open
Secondary Savings $5.000.10% Open
Momi's Money (Children's Savings)$5.000.10% Open

*Annual Percentage Yield. Rates are subject to change without prior notice. Savings Rates and terms effective June 3, 2021. Fees could reduce the earnings on the account.

**Annual Percentage Yield. Deposits can be made to this account between November 1st and October 31st of each year. On November 1st, funds in the account will be transferred to the member’s checking or savings account (if checking is not available). $5.00 minimum balance to open and earn APY. There is a $5.00 fee per withdrawal. Fees could reduce the earnings on the account. Federally insured by NCUA. 

Why should you open a Holiday Savings Account that is separate from your emergency fund or regular savings account?

From gift buying to expensive large meals and sometimes travel expenses as well as other holiday-related costs, holiday debt can be a real burden for people.

Unfortunately, some people are still holding onto holiday debt from previous years. With budgeting and setting a little aside every month, your Holiday Savings Account can help avoid the financial burden and holiday spending woes. No one wants to start the new year with added debt.

How do I get started?

If you have not done so already, look at your budget and estimate how much you will need during the holidays. Decide how much you want to spend on gifts, travel, or more. First, make a list of people you are buying gifts for, plus other costs like greeting cards, decorations, travel, accommodations, food, and various costs that you may incur like added electrical costs, etc. Next, identify what your budget is going to be for the holidays to cover these expenses. Third, set up your Holiday Savings account to transfer a little every month to cover the budget you will need for the holidays.

More Holiday Spending Tips

  • Find good deals. Black Friday and Cyber Monday can offer big savings, but you might find better deals at other times. Start researching prices especially on big-ticket items so you know what a good deal is and what “special sale price” or “bargain” to skip.
  • Be frugal with holiday meal shopping. Food is central to most holiday celebrations. Sometimes, purchasing a whole meal can be several hundreds of dollars where you end up with a ton of leftovers. Consider purchasing pre-made meals and packages. Sometimes the packages developed by local restaurants and supermarkets are less expensive than purchasing all the various ingredients you will need to create the meal from scratch. The best part- you will be helping Hawaii’s local businesses.
  • Start planning a year ahead. While planning this year’s holidays, start thinking about how you will save money next year. What can be cut? Where can you find better deals?
  • Try the 52-week savings challenge! You will be surprised how much money you will save. With the 52-week savings challenge, you begin by saving $1 the first week of January, $2 the second week of January, $3 the next week, $4 the last week, $5 the next week, and so on while adding an additional dollar each week. If you do this for one year, you will have $1,378 at the end of the 52 weeks.


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Building trust, nurturing dreams, inspiring hope. From home or car loans to Hawaii’s most innovative banking services, Pearl Hawaii is committed to you. Bank at any of our Oahu locations in Waipahu, Ewa Beach, Waianae, Honolulu, Pearl Harbor, or near the Airport. Additionally, you can bank using PHFCUOnline just like one of our branches. To contact us, call us at 808.737.4328, toll-free at 800.987.5583, or email us at