How to Save Money for the Holidays
The holidays are around the corner! While it’s a festive season, you might feel less than joyful when you see your bank account. If your bank account has more cobwebs than cash, the holidays might fill you with more anxiety than cheer. There’s pressure to give generously to your friends, family and charity.
Buck up—literally. Follow these four tips to save a few bucks in time for the holidays.
1. Set a savings goal
It’s easier to save money if you know how much you need. Whip out a pen and paper and make a list of everyone you want to gift this year.
How much money do you need to give generously to each person? If you have 10 people on your list and set a $20 gift budget per person, your total savings goal will be $200.
If you lack self-control (we aren’t here to judge), try making it harder for you to access your holiday shopping fund. Move your extra cash into a separate account so you aren’t tempted. Set up auto-deposit to meet your savings goal without even thinking about it.
2. Stop overspending
You can’t save money if you’re spending more than you earn. While we aren’t here to tell you what to do with your money, there are a few ways to cut back on discretionary expenses, which makes it easier to save money.
Stop buying takeout: Whether you love a morning latte or happy hour tapas, tone it down while you’re saving money for the holidays. Make it at home!
DIY instead of outsourcing: Are you paying people to do things for you? Do you use a TaskRabbit for dry cleaning or Uber Eats for food delivery? Cut that out while you’re trying to save money.
Potluck parties: Holiday parties are all the rage, but boy, they drain your bank account. Instead of going out to party with your pals, host a holiday potluck.
There’s nothing wrong with a little treat or splurge from time to time, but if you want to save money, these splurges are setting you back!
3. Pick up part-time, seasonal work
Whether it’s retail assistance or delivery, businesses need all hands on deck for the busy holiday season. Use this to your advantage to earn extra money for your savings goal.
Apply to part-time jobs at places like Amazon, Macy’s or Walmart. You’ll help with the Black Friday rush and earn extra cash in your spare time. If your full-time gig isn’t cutting it, chug some coffee and pick up a few shifts in your evenings or weekends. You can do it!
4. Get a side hustle
Not a fan of part-time work? That’s okay! You can take part in the gig economy to earn extra money on your own terms. Become a dog walker, Uber driver or freelance writer—the possibilities are endless.
Hustle during your off-hours doing fun gigs that bulk up your savings account. You’ll save money and create a thriving business. Who knows? This could become a regular source of income for you!
The bottom line
The holidays are supposed to be a festive time of year with friends and family. Don’t spend it stressing about money. Follow these four tips to earn extra money for holiday gifts without the stress. Go into the new year with a full bank account and a smile.
Ready to find a bangin’ seasonal job? Here are our favorite seasonal jobs that include awesome benefits.