Editor’s Note: This is a guest post by Brooke Niemeyer, Partnerships Manager for Policygenius.
The holiday season seems to sneak up on us every year and that’s just what it’s doing right now. Seeing as it’s already November, you don’t want to wait any longer to get that holiday budget in place and funded. But where to start? Well…
“To accurately estimate how much money you should set aside for the holidays, you should review last year’s spending,” Kendal Perez, a saving expert for Coupon Sherpa, said.
Need ideas on how to get there? We’ve got a dozen right here.
Cut back on spending now
We’ll start with the most obvious one.
“Take a close look at what you spend your money on every week and figure out where you can cut back,” Karen Hoxmeier, founder of MyBargainBuddy.com, said. Of course, you can do things like drink free coffee at work a couple times each week instead of stopping at a local coffee shop, but there are bigger cutbacks to keep in mind.
“Not using your gym membership regularly? How about that streaming music or audio book service? Do you really watch all of the channels on your cable TV? Canceling or cutting back options will keep more money in your wallet,” Hoxmeier said.
Start your winter cleaning
No one said spring is the only time you can clear out space in the garage or your closets to find items you don’t need anymore. You can list items on sites like Poshmark, eBay or Craigslist to make a little extra cash.
Get those refunds
If you live in one of the states where you pay a bottle deposit, tossing those bottles or cans is like throwing money away. Keep them in a separate spot and return them, putting those extra funds aside for the holidays.
Make a list, check it twice
“Before you hit the grocery store, take inventory of what you have and try to build meals around what’s in your fridge and pantry,” Hoxmeier said. “If you won’t be able to use something before it goes bad, freeze it.”
Bonus tip: Don’t stray from your list when you’re shopping. Impulse purchases can really add up.
Choose the free option
Why spend money on things when you can get the exact same product for free? Think of this: Instead of buying new books, head to your local library and check out the new releases at no cost. You can borrow movies and music there, too.
Comparison shop
You can often get better deals on the items you’re paying for on a regular basis, whether it’s your cable subscription or insurance. In fact, it’s currently 2018 Affordable Care Act Open Enrollment, so, if you get a health plan through the federal or state exchanges, browse your health insurance options to see if you could get a better rate and save some money in the long term.
Get a separate account
If you’ll be tempted to spend the money you are saving from cutting back, consider getting a separate savings account you can put your holiday money in. Try to steer clear of having an ATM card or anything else that makes it easy to access the funds so you don’t withdraw the money before you start your holiday shopping.
Once the holidays have passed, you can use this account for any other financial goals, like the big European vacation you want to take next summer.
Bonus tip: Consider setting up automatic transfers of a portion of each paycheck to this account so you don’t even have to think about funnelling funds to it.
Be smart about credit card use
“Review spending bonuses or specials on credit cards to ensure you’re maximizing benefits ahead of the holiday season,” Perez said. “You should also redeem credit card rewards for gift cards to use as currency or as gifts themselves to offset holiday costs.”
Get that side hustle
Whether it’s selling items you make on Etsy or walking the neighborhood dogs, now’s the time to make your free time profitable.
Plan & strategize
You may want to start strategizing now — if you have a list of who you need to shop for and possibly what you want to get each person, you can start looking around to see who carries these items and where you’ll get the best deal.
Subscribe to email blasts
Stores are already rolling out deals for the holidays, so signing up for their newsletters can give you access to coupons, discount alerts and other special deals. You can always unsubscribe after the holidays if your inbox gets too inundated.
Keep an eye out for bargains
You can save on your holiday shopping by starting a bit early if you find the right deal and social media helps spot them. For example, Pinterest has a price drop alert feature that will notify you if any buyable pins you have on your boards are going for less.
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