Financial Tips for Holiday Savings

Financial Tips for Holiday Savings

It’s approaching the most wonderful time of the year! Stress is exploding and money is flowing. There’s so much to buy for this season of giving. It’s very easy to spend money, and it seems even harder to save it. With the help of some knowledgeable sources, I’m hoping to help you bring in more cash flow for the 2021 holiday season.

1) Prepare your own lunch for work. The average fast-food combo ranges from $8 to $14 per meal. Prepare your own lunch for your work break to not only help your wallet feel better but to help you feel better, too! Take that money you spend on lunch at work every day and put it into an envelope. Five days a week, multiplied by approximately 20 workdays in a month leaves you with an extra $160-280! Feeling even more adventurous? Throw $20 in there every day of the week to bring it up to nearly $620 of savings!

2) Make a separate “save to spend” account. This is money that you are saving specifically to spend it on things like vacations or gifts for the holidays. Creating separation helps boast a system in your spending and saving abilities. As a start to significant savings, take five to ten percent of your paycheck and put it in your “save to spend account.” Did you end up with money left in your checking account at the end of your pay period? Throw that into your “save to spend” account, too!

When it comes to numbers, people are scared to reach that higher percentage of money put away. It’s working on efficiencies and creating discomfort. The challenge is, people don’t save; they just spend. Try to save first and spend the rest. Another example, if you know you have additional income coming in from commission or a bonus, 100 percent of those extra funds should go to savings, whether it be your “save to spend” account or your long-term saving account. You’re not used to this extra amount. Remember, if you can give off your base, save the rest!

3) Cut back, and plan ahead. This can be based on our first tip of cutting back on those fast-food lunches. What other spending do you do each week or month that you don’t necessarily need around the holidays? The holidays are a time to embrace being around loved ones. Do you really need that Netflix or Hulu subscription right now? What about Spotify or YouTube? Take a technology break from these things for a month or two to add a little extra back into your pocket.

Planning ahead can time you more time and money than you’d expect. Although we have reached the month of November, there are still plenty of Black Friday sales coming up! Last minute shopping means missing out on the best deals. Fast shipping is also a nightmare, making it even more important to get shopping early. Last, but not least, give every person and occasion a spending limit. Make your friends and family feel equally loved by giving everyone the same ideal spending budget. Homemade gifts are always appreciated, too!

With the holidays right around the corner, it is important to begin your shopping as soon as possible! With these helpful tips, I hope you are able to ease into the holiday season with a heavy wallet and some peace of mind. Happy spending!

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