Holidays are a wonderful time to eat, drink and be merry. But unfortunately, these final few weeks of the year also come with their fair share of expenses. Just think of all the shopping, lavish dinners, parties, traveling plans and Christmas décor.
Most people don’t plan for these added expenses and end up sinking in debt and owing thousands of dollars to their credit card companies. You don’t want to start the new year with a massive credit card bill that you can’t afford to pay off, do you?
Don’t worry, if you’re reading this article, you’ve found help just in time! We’ve created a list of tips to show you how to save money this holiday season so that your bank account is prepared for what’s to come.
Start Saving for Holidays
Well, duh. If you’re planning to spend more, you better save more. Start saving for the holidays in a separate savings account and opt for the service where a small part of your paycheck is automatically funnelled into the savings account every month without you even knowing. Shhhh, we’re being discreet here!
If you’re a natural shopaholic, you might want to calculate how much you expect to spend over the holidays and set up a savings plan accordingly so that you don’t end up with a pile of credit card debt.
Get a Second Job
It might be too late to start saving for the holidays spending galore, but it’s not too late to get a second job to make some extra cash on the side. Instead of making a smaller budget for Christmas, it’s better to have more money coming in.
And holidays are the perfect opportunity to rake that dough because things get so busy during December that practically any employer will hire you in a heartbeat.
Monitor Your Budget and Expenses
If you’re thinking how to save money this Christmas season, start monitoring your expenses and see where you can make some budget cuts. Sometimes, you might want an item or a service, but it might be sensible to wait until the big Christmas sales which can save you a lot of money.
You often have to give up on a luxury or two in order to get something in return – that’s how compromises work. If you’re planning to buy some Christmas gifts for the family, you might want to skip a pizza night, eat at home for a few weeks or reduce the number of trips you make to the coffee shop in a day.
You’re not giving these luxuries up forever, and your sacrifices will pay off when you see the smiles on your family members’ faces when they receive their presents.