Thanksgiving is just around the corner, and before you know it, Christmas will be here too. Holiday expenses can really add up fast, but planning ahead and saving money now will make it easier to fund all your holiday fun.
National Debt Relief lists 13 easy ways to start saving money for the holidays now, including:
- “Only pay with cash”: Not only will this make budgeting easier, but you can save your leftover change too.
- “Start a change jar”: It may not seem like much, but saving your spare change every day will add up!
- “Use a budgeting app to track all spending”: Take a look at September’s blog post, The Best Personal Finance Apps
- “Sell stuff”: Sell your things on online markets such as Poshmark, eBay, Etsy, etc.
- “Take online surveys”: Get money or gift cards for taking surveys on sites like MySurvey or Swagbucks.
- “Get clipping”: Look for coupons and use them as often as you can. National Debt Relief suggests putting the savings you get from using coupons into a holiday savings account.
An article by U.S. News lists some great tips for how to start a savings plan for the holidays, including:
- “Set up a separate savings account”: Create a savings account specifically for holiday expenses and consider setting it up with automatic deposits.
- “Review last year’s expenditures”: Figure out how much you spent on holiday expenses last year to help you set savings goals this year. U.S. News suggests dividing last year’s holiday spending by the number of weeks left until the holidays to set weekly savings goals.
- “Set a weekly, not monthly, goal”: According to U.S. News, “Setting weekly savings targets can make it much easier to reach your goals and keep track of your successes along the way.”
- “Make your gift list now with prices”: Make a list of all holiday expenses (gifts, decorations, travel, food, etc.) and look up current prices for each item. If the total is too high, look for things you can cut out to stay within your budget.
- “Put a hold on extra spending through the rest of the year”: Cut out “luxury expenses” like expensive lattes, dining out, entertainment, etc. and use those savings for holiday expenses.