5 Ways to Save for the Holidays

5 Ways to Save for the Holidays

5 Ways to Save for the Holidays

The holidays are a time when families should gather and celebrate but the season can be stressful as well. With all the fun comes gifts, parties, and travel; this can add up in not just memories but prices. Here is how you can make your holiday more affordable.

First, you should decide on how much you should save. Planning is an important first step in deciding exactly how much you should save and/or make. Calculating the cost that you will spend in the holiday months can better help you predict what you need to save. Figuring out what events and travel plan you will encounter this holiday can help you estimate the cost of travel, gifts, and food. We recommend overestimating the money you will spend this holiday so you will save enough in the end. When you have a saving plan the savings can become more realistic.

Make sure every purchase is needed to avoid unnecessary purchases. Impulse purchases can be eliminated if you’re motivated to stick to your saving plan. Unnecessary purchases will decrease your savings and you would rather use your savings on the fun holidays than an impulse buy.

Cut back on your budget. For example, spend less on groceries and put the saved money aside. Spending money on food and necessities will always be present but, if you can, try to cut back on your budget. If you spend $100 a week on groceries, try to spend $80. Cutting back on your weekly budget can increase your savings more than you think.

Try a spending-free week or two. Imagine if you did not spend any money on food or supplies for a whole week or two; you would save around $100 or more. Try to use what you already have and live off of that for a couple weeks, the money you don’t spend in that week or two can be put directly in your savings.

Try ways to make extra money. Have you heard of Etsy, Facebook marketplace, Amazon or Ebay? You probably have because they are pretty popular. Do you have stuff laying around that you do not need or are you crafty? You can sell your unneeded things and crafts online! The internet is filled with millions of users that could want what you are selling. Selling your unnecessary items online can increase your earnings. The money you make from selling your things online can be put directly in your savings and used for the holidays!

Hopefully, these tips help you to save money for the holidays. We know you want to make the holidays the most special time for your family and friends. Happy Holidays and happy savings!

Bank of the Lowcountry can help you organize your finances for the holiday season. If you have any questions about opening an account to help you save for the holidays, get in touch with us here.

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