How to Start Saving for the Holidays

It’s never too early to start saving for the holidays, especially if you have a long list of people you want to shop for.

Starting as early as September gives you more time to increase your savings and more wiggle room in your budget.

I’m pretty sure you have a lot of activities planned this fall, then Halloween, then Thanksgiving… the next thing you know, it’s already December.

To avoid panicking over lack of cash when the holiday season kicks in, here are a few ideas to help you start saving today.

Create a budget.

As always, we need to start with a budget. Figure out how much you need to spend not just on gifts, but for decor, events, charitable organizations, food preparations, travel, etc. based on previous holidays. This way, you can already see how much money you need in order to start saving and budgeting accordingly.

Set aside a specific amount each month.

Once you’ve determined your ideal holiday budget, it’s time to start saving.  Set a specific amount for each month and make sure not spend it for anything else other than holiday expenses.  To avoid accidental spending, you can open a bank account solely for your holiday savings or set up automatic deductions from your paychecks.

Consider purchasing some gifts now.

Take advantage of huge discounts offered by online and in-store retailers for more savings.  Also, certain products tend to become more difficult to obtain and more expensive when it’s around November and December because of demand.

Find cheaper forms of entertainment.

Entertainment costs can easily add up so look for cheaper (and even free) ways to have fun.  Take advantage of the fall weather to enjoy the outdoors – visit the local playground with your family, plan a picnic, go on a hike, etc.

Control unnecessary spending.

This last tip is obviously a no-brainer but is definitely a very challenging one.  Know the difference between a want and a need, and just save the “wants” for your holiday whishlist.

Find ways to increase your income.

Whether it’s a part-time job, a freelance job online or a side business, an additional source of income will surely help boost your holiday savings.

The holiday season is supposed to be cheerful and enjoyable, not stressful or filled with pressure – make sure to follow all the tips to save ahead and ensure a fun, memorable and fuss-free Holiday 2017.


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