Saving For The Holidays - Tips and Tricks

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Nov 26, 2024

Saving For The Holidays - Tips and Tricks

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The holiday season is coming up fast. If you are one of the 7 out of 10 Americans that are worried about overspending this time of year, now is the time to save money for your holiday budget. 46% of Americans are still paying off credit cards from holiday shopping last year. Rather than rely on your credit card this season, let’s talk about how to save money in anticipation of your holiday spending needs, and head into the new year without breaking the bank.

In this article

Re-examine your budget

In preparation for the busiest shopping days of the year, Black Friday and Cyber Monday, it might be worth taking a hard look at your budget. If there are some categories where you’ve padded or a place you like to splurge—like fancy coffee drinks—cutting back on those extras could be the difference between sticking to your savings goal and overspending at the last-minute. Trimming the fat in your budget could be your ticket to stress free gift-giving this year.

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Buy gift cards

Gift cards are an easy gift that are always good to have—but have you thought about using them to save for your holiday expenses? In the months leading up to the holidays, buy gift cards in small dollar increments every time you go to the store. $10 here or $20 there can easily add up to hundreds of dollars. When you’re ready to shop in-store, you already have funds set aside and ready to go. This spreads the cost of holiday spending out over several weeks, rather than one mega shopping trip.

Sell gift cards

The average person value of unused gift cards is $187. Check your wallet, sock drawer, and coat pockets to see if you have any old gift card you forgot about. If you find unused gift cards, you can turn them into cash by selling them online. There are websites where you can sell your unwanted gift cards instead of letting them go to waste. Take that cash and use it to buy holiday gifts for your loved ones.

Cash back credit card

Cash back credit cards are another way to save money specifically for the holidays. If you use your credit card throughout the year for all your purchases, you will likely be sitting on a nice sized stash of cash back rewards. You can often use these points to redeem gift cards or use like cash as a statement credit. Beware overspending though. If you don’t pay your credit card off in full, this could nullify any savings you had received by using the cash back on your credit card.

Mystery shopping

Companies will pay you to go undercover, evaluate their customer service and products. You get paid to shop and companies get unbiased information about how their businesses are running. You simply fill out detailed surveys based on your experience along with submitting any required receipts and pictures. All kinds of retailers use mystery shoppers, fast food restaurants to car dealerships. The best part is that as a mystery shopper, not only do you get reimbursed for whatever you buy, you get paid a fee on top of it.

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Pick up odds jobs

There are likely plenty of places to find extra cash in your own neighborhood and community. Odd jobs like babysitting, dog walking, or other household chores can be any easy way to make some quick cash just in time for the holidays. You can ask friends and neighbors if they have any jobs that you could do. Expand your potential job pool by posting on Facebook marketplace or local classifieds.

Start a side hustle

A side hustle can be a lucrative way to boost your bank account. It can be as structured as driving for a ride share company like Uber or Lyft, or as flexible as selling baked goods on the weekends at your local farmers market. Side hustles are great because you can work them during off hours from other jobs or responsibilities. You can easily fit your extra work in at night or on the weekends.

Open a high-yield savings account

The best high-yield savings accounts offer much higher interest rates than traditional savings. You don’t even have to use the savings account to save for the holidays, you can just use it as a place to store your money. For example, if you put your $5,000 emergency fund in a HYSA, even if you didn’t add to it throughout the year, you could earn $250 with a 5% APY. This is an easy way to make money throughout the year without lifting a finger. You just let your money do the work for you.

Sell unwanted or unused household items

Your household is probably full of things you don’t use anymore. You can sell old toys, clothes, and housewares that are taking up space in your home. Items don’t even need to be in new condition in order to be worth selling You can sell items online through eBay or Poshmark. Alternatively if you want to save on shipping costs, you can try to see through Facebook Marketplace or local classifieds. You could even use items in good condition as part of a gift exchange with family or friends.

The bottom line

There is still time to make a savings plan for your holiday spending. Don’t get overwhelmed by the pressure to overspend or buy something for every person in your life. If you’re looking to do Christmas on a budget, take some time to make a shopping list and figure out who you are buying gifts for. Set spending limits to avoid going overboard playing Santa. From there you can make a savings goal and start working on saving. Resist the urge to let your spending habits this year impact your financial goals for next year.

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Holly is a freelance writer who recognizes that there isn’t a one-size-fits-all approach to personal finance. She is passionate about entrepreneurship, women in business and financial literacy. When she is not working, she is testing out new recipes, tasting the newest Trader Joe’s finds or binging the latest true crime podcast. She resides in Utah with her husband, two daughters and dog, Max.

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