7 Tricks For Saving Money During The Holidays
Whether it's parties, presents, or travel, the holiday season can be a difficult time to manage your finances. Saving money during the holidays can feel like a challenge, but with the right techniques, you can create a plan for success.
From budgeting to creative alternatives for gifts, this article will give you seven tips about saving money during the holidays.
7 Holiday Savings Tricks
1. Make A Budget
It’s nearly impossible to commit to saving money during the holidays if you don’t have a comprehensive but achievable budget.
Craft a holiday budget just as you would a normal monthly budget. Don’t forget to include all of your holiday expenses, which likely include not just gifts, but throwing and attending holiday parties, holiday décor, and travel.
Then note truthful estimates of your typical spending habits within each holiday spending category — and then set financial goals for the year.
2. Keep Future Financial Goals In Mind
Sure, most people’s average spending goes way up during the holidays. But one of the keys to saving money during the holidays is to think of the future.
Do you want to take a nice vacation soon? Is it time to save for your first home or a new one? Are you trying to pay off student loans or pay down debt? Keeping these goals in mind can help keep holiday spending in check.
3. Consider Gift Alternatives
About 96% of people say they plan to buy gifts for family members during the holidays, and Americans spend an average of nearly $900 on Christmas gifts alone.
No matter how much you spend on gifts, there are ways to cut back and ensure your plan for saving money during the holidays is a big success. Consider making gifts, like jewelry, art, or personalized options like a framed photograph.
Baking is also a great option. Chances are people will long remember your homemade cookies or other treats compared to a mass-produced scarf.
4. Stick With Cash
The majority of Americans will use credit cards as the primary way to cover expenses during the holidays. Unfortunately, this choice can lead to overspending and additional debt. This year, consider only using cash to cover everything from gifts to home décor.
Take out the amount you plan to spend or separate the cash into corresponding categories. Then, when you head to the grocery store or mall, only bring the amount in cash you plan to spend — and leave all credit cards at home.
5. Take Time To Think About Specific Purchases
It’s tempting to buy big-ticket items for everyone on your list, but a small but impactful step goes a long way in saving money during the holidays. Consider a 24-hour freeze policy on all big purchases this holiday season.
Instead of shelling out hundreds on a new appliance or thousands on the latest laptop, take a day to think about the purchase, especially whether it fits in with your budget or if there are other avenues to take.
The next day, you can make your gift purchase — or not.
6. Spend Less On Entertainment
Going to festivals or seeing that anticipated holiday movie is fun, but there are usually far less expensive (or even free) ways to enjoy the season. Plan a car ride to look at some of the light displays in and around town or watch your favorite movies in the comfort of your own home.
7. Score Cash Back Options
It’s easy to save money every time you spend it during the holidays. With apps such as Ibotta and Rakuten, you can get quick cash back on everything from food and clothes to big technology gifts.
Cover A Financial Emergency With Help From A Payday Advance
If your top goal is saving money during the holidays, a financial emergency can take your plans off the rails. Thankfully, there are options to help, and an emergency payday loan can provide the assistance you need.
When you qualify for a payday advance, you receive a short-term loan that can help with unexpected financial obstacles like home repairs or hospital visits between paychecks.
It’s easy to get started at Carolina Payday Loans, Inc. On our homepage, fill out the short payday advance inquiry form, and one of our representatives will give you a call to help guide you through the remaining steps.
It can take as little as a half-hour to qualify for a payday advance up to $550. And once you qualify, you can get the money you need the same day or the following business day.
Get Started Today
Saving money during the holidays can be tricky, but it can become even more difficult when facing a financial emergency. When an emergency strikes, consider a payday advance from Carolina Payday Loans, Inc. Get started today online, visit a location near you, or just give us a call.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.