August 29 marks 100 days until the first December holiday and SunTrust Banks, Inc. is offering financial strategies to help people begin saving now for this expensive time of year.

According to the National Retail Federation, the average American planned to spend about $800 celebrating Hanukkah, Christmas and/or Kwanzaa last year. If spending plans hold steady in 2015, this means people will need to save $8 per day starting Aug. 29 to cover holiday expenses.

To avoid a holiday hangover with finances this year, below are money-saving strategies that consumers can begin now:

• Tuck away $8 a day. Open a separate savings account earmarked for holiday spending. Begin saving $8 per day, or $56 per week, using a mobile app to efficiently move money into the savings account. This ensures that money set aside doesn't get absorbed into your budget and spent. Another option is to set up a portion of your paycheck to go into that account. Just $112 every two week pay period will give you that $8 per day to ensure you have spending money in December.

• Start reducing expenses now. It's easier to trim spending over three months than to take emergency measures when the holiday bills come due. Decide how much you need to cover the holiday expenses, and then look for ways to reduce your current budget. Doing your own lawn care, for example, or cooking more meals at home could save $100 or more every month. 

• Spread out gift purchases. Instead of waiting until December to buy all at once, purchase gifts as you find them – and begin looking now. By spreading out your shopping, you can wait for the best deals and avoid hefty bills in December.  

• Make your credit card work for you. Use credit card rewards to help with holiday expenses. If your credit card offers cash back on grocery and gas purchases, for example, maximize the amount of cash you can earn and then wait until December to request a disbursement. For those with the SunTrust Cash Rewards credit card, the company is currently offering a 10 to 50 percent bonus when clients redeem their cash reward into a SunTrust deposit account, depending on the deposit relationship.

"Swimming pools are still open, so holiday gift-giving may be the furthest thing from your mind," said Brad Dinsmore, consumer banking and private wealth management executive at SunTrust Bank. "No matter which December holiday you celebrate, the countdown is on. Implementing simple strategies over the next few months can ease financial stress so families have more time to focus on the moments that matter during the holiday season."

For more tips on reducing expenses, budgeting and saving money, visit the SunTrust Resource Center at suntrust.com/resourcecenter.