The holiday season is right around the corner! And so are the costs. With enough planning and preparation, you can avoid breaking the bank this season and enter 2020 debt-free! Here are 6 tips on how to save money during the holidays.
6 Tips to Saving Money This Holiday Season
“Treat yo self” a little less. Save on everyday expenses by not purchasing that daily latte or daily lunch. Try to limit yourself to just a few a week; it will give you something to look forward to and save you money! According to Discover, if you were to cut out a $3.89 latte each day, while still indulging on the weekends, you would save $933 a year. That $933 financial boost will come in handy when it’s time to do the holiday shopping.
Use cash. Using credit cards makes it much easier to forget how much you have already spent on gifts and goodies. One easy way to remedy this is to use cash! Utilize an envelope budget - store cash in an envelope and only take what you need. Once that amount is gone, resist the temptation to spend money you don’t have. This is a great way to help you save!
Make a shopping list. It’s important to have a shopping strategy laid out when shopping for gifts or holiday groceries. For example, it’s very easy to overspend when you go to the grocery store without a list and on an empty stomach. Holiday shopping can be the same way! Andrew Denny, founder and CEO of Springfield, Missouri-based Prosperity Financial Group says, “If you go with a list and know what you have to buy, it’s proven time after time that you’ll spend less than people who go haphazardly spending.”
Start early. Start holiday shopping early! Now is a great time to start checking off the lists and researching the best deals for gifts. The more time you give yourself to research the best deals, the better your shopping experience will be and the more money you will save. Take a look at early Black Friday ads and see if the deals in stores are really the best on the market. Check out BlackFriday.com, where ads from various stores are posted as soon as they are dropped.
Give something homemade. You don’t always need to buy the latest and greatest gifts! Giving something homemade can still show love and gratitude and is another easy way to save. Bake some cookies or make a cake! Of if you’re good at DIY, craft jewelry, pottery or stained glass. There are countless options – especially if you utilize Pinterest.
Use technology. Save money by utilizing automated tools or apps that track your spending. There are even apps that link to your bank account and round up your purchases to the nearest dollar. That money is then set aside in a separate savings account until you are ready to spend it! This is a great way to help pay for the holiday expenses. You can also make purchases more quickly and securely by using mobile payment options such as Apple Pay. Some retailers even offer discounts for customers that use Apple Pay! Here are a number of locations where you can use Apple Pay.