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Smart Strategies to Save Money for the Holidays
Even though it's not even fall yet, the holidays tend to sneak up on you! Here are some smart strategies to save for the holiday season.
With summer coming to an end, the holiday season is just around the corner. This time of the year is a time of joy and celebration, but it can also be a stressful time for our wallets. With gifts, decorations, traveling, and festive activities, expenses can add up quickly. However, with a little planning and discipline, you can enjoy the holidays without breaking the bank. Here are some friendly and simple tips to help you save money for the upcoming festive season.
- Set a Budget: Before you start saving, it's essential to have a clear idea of how much you can afford to spend during the holidays. Create a budget that includes all your anticipated expenses, such as gifts, travel, decorations, and food. (And don’t forget to budget for the necessities like bills.) Having a budget will keep you focused and prevent overspending.
- Start Early: The earlier you begin saving, the better. Don't wait until the last minute to start putting money aside. Even small contributions each week can add up significantly over time. Or even start shopping a few months before to take advantage of off-season discounts.
- Automate Savings: One of the easiest ways to save money for the holidays is by automating your savings. Set up an automatic transfer from your checking account to a dedicated savings account specifically for the holidays. By doing this, you won't have to worry about remembering to save each month, and you'll be less tempted to spend the money on other things. The Plinqit app can do this for you – check us out in your phone’s app store!
- Cut Unnecessary Expenses: Take a closer look at your monthly expenses and identify areas where you can cut back. For instance, consider cooking at home more often, reducing your coffee shop visits, or canceling unused subscriptions. Redirect the money you save into your holiday savings account.
- Shop Smart: When it comes to buying gifts, be a savvy shopper. Look out for sales, discounts, and special offers throughout the year, not just during the holiday season. Buying gifts in advance will not only save you money but also reduce the last-minute stress of shopping.
- Get Creative with Gifts: Consider giving thoughtful, homemade gifts or organizing gift exchanges with family and friends. This can be a fun and budget-friendly way to celebrate the holidays without overspending.
- Avoid Impulse Buys: During the holiday season, it's easy to get caught up in the excitement and make impulse purchases. Before buying anything, ask yourself if it aligns with your budget and if it's truly necessary.
- Redeem Rewards and Points: Check if you have any credit card rewards or loyalty points that you can redeem for gifts or discounts. This can help offset some of your holiday expenses.
- Stay Accountable: Enlist a friend or family member to be your savings buddy. Share your goals with them, and check in regularly to stay accountable to your holiday savings plan.
Remember, the holidays are about cherishing special moments with loved ones, not just the material gifts. By planning ahead and implementing these simple saving strategies, you can enjoy a memorable holiday season without the stress of financial strain.
Crystal Boyer is VP of Client Success at Plinqit, an app for automated savings and financial education where users are rewarded for both saving and learning. Crystal believes financial education has rippling effects leading to brighter outcomes and life-changing opportunities. As a Certified Financial Marketing Professional, Crystal uses her 20+ years of marketing and banking experience to deploy Plinqit’s services to community banks and credit unions across the United States. Crystal is a graduate of the ABA Bank Marketing School and the Missouri Bankers Association School of Bank Management.