With back to back Christmas parties, traveling, food, decor and gift shopping, the holidays surely bring you a long list of expenses. And without a holiday budget ready, you’ll be faced with a big amount of debt come January.
If you are one of the many Americans who sink into holiday debt year after year, it’s time to make a change and start saving up this October.
Here’s how to get started:
Create your holiday gift list.
One of the things that you can decide on as early as now, is the people whom you want to buy gifts for. When you have a holiday gift list ready, you can certainly save yourself from the stress of last-minute shopping and avoid going over your budget for holiday gifts. You will have plenty of time to find the perfect but budget-friendly gifts for the important people in your life.
Give up one or two of your little luxuries.
Giving up one of your luxuries would be a great help to boost your holiday savings, whether it’s your daily latte, hump-day Margaritas or Friday night pizza.
Collect coupons from your favorite stores.
Check online and on magazines for coupons and subscribe to your favorite stores’ newsletters to get exclusive deals because these discounts and freebies may come handy when shopping time comes.
Cash in rewards.
Start checking the balances of your credit card reward points or other loyalty cards to redeem the points for gift cards or merchandise that you can use for buying gifts and other things that you will need for the coming holiday.
Start making homemade gifts and DIY decors.
DIY projects take time so now is the perfect time to get your creative mind and hands working. You don’t have to spend thousands on new holiday décor when you can just make your own. As for gifts, personalized gifts are not just inexpensive but very special as well. With a dash of creativity and some inspiration, you don’t need to spend a fortune on gifts and décor.
Consider purchasing some of the gifts now.
Last minute shopping isn’t really a smart decision if you are on a tight budget. If you spot a great deal, it’s okay to buy it now or just wait till Black Friday to take advantage of lots of deals and savings.
Find ways to earn extra money.
Whether it’s getting a part time job or selling preloved items, an extra source of income is a very helpful way to increase your holiday savings .
Don’t worry, we’re still a few months before Christmas… you still have plenty of time to beef up your holiday savings with these ideas.
Remember, it’s never too early to get into the holiday spirit, especially when it comes to your budget.
