Have you been trying to save money throughout the year, only to lose it to an unexpected expense? Are you trying to save up for a big-ticket item going on sale during the holidays but are afraid you won’t be able to meet the price?
If so, we’ve got your back.
The truth is, we all struggle to save money, whether it is for a new pair of shoes, graphic designing software, or the holiday shopping season. It just isn’t easy. However, by cutting out that $5 venti Starbucks mocha latte, making smart choices, and planning ahead, you can save enough money to raid the store during the holidays.
6 Methods You Can Use to Save Money for the Holiday Season
1. Try the 30-Day Rule!
If you feel like the product you’re going to buy is an unnecessary purchase, then it probably is. So, rather than buying something the moment you see it, wait for thirty days and consider whether you actually needed the product or not.
But don’t spend those thirty days sitting idly. Go to the Internet and find reviews of whatever you were going to buy. Consider everything, trawl through every opinion, and then make your decision, so you won’t regret it later.
And if you decide not to purchase the product, you end up saving money that you could later spend on a holiday sale.
2. Go Dark! Switch Off Everything in Your House at Night
This might seem insane, but hear us out. Oftentimes, we leave the light fixtures in our houses turned on whenever we’re moving from one room to another. This can result in bills upwards of $500.
Going dark will also reduce phantom flow—the flow of electricity between a cord and an outlet when the device attached to the cord is either powered off or on standby mode. In fact, according to the Environmental Protection Agency (EPA), most Americans have around 20 to 40 devices using phantom flow at any given moment—and they contribute heavily to high electricity bills.
So, rather than paying bills worth more than your rent, try to turn off anything that isn’t vital when you’re going to sleep. This way, you’ll save money that could be used elsewhere.
3. Sell Anything You Don’t Use
Those $80 Levi’s or the $200 Timberland boots sitting at the back of your closet waiting for you to fit into them aren’t doing anything for you. You don’t or can’t wear them, but they’re taking up space that could be used for other things, so why not sell them?
You can use places like Facebook Marketplace, Etsy, eBay, or Amazon to sell anything you don’t use. You can even sell furniture, paintings, clothes, afghans, pillows, and even carpets if you want.
And the newer your things are, the higher you can sell them. In fact, sometimes, you might even be able to earn twice the amount you paid for them, so do your research before you start listing things online.
Also, remember to use a paystub generator to print out invoices that you can keep as a record in your monthly budget. That way, you will never lose track of your income.
4. Delete Your Credit Card Information From Online Sites
Sounds horrible, doesn’t it? After all, you know how convenient it is to have that information on hand. You can buy something and have it shipped to you with just a click. You don’t even need to worry about plugging in those tiny numbers.
So, why should you delete them if they’re so convenient?
For a simple reason.
If you’re prone to shopping sprees, every time you’ll have to reenter your credit card information, you’ll wonder if you need whatever you’re buying. This will easily cut down your impulse buys and help you save money.
On the plus side, if your laptop or phone is stolen, at least your credit card information will be secure.
5. Night in Instead of Night out
Hanging out with friends, showing your moves on the dance floor, and knocking back shots can be fun and all, but it can also be incredibly expensive—both physically and financially.
Spending upwards of $200 on a night out can cut into your budget, especially if you’re trying to save up. So, rather than going to a night out with your girlfriends or for a drink every week, chill at home, read a book, watch a Netflix show, or do whatever you like.
You always have the option of going out next week. As a golden rule, try to spend at least two weekends at home in a month. But if you can spend a few more, go for it! After all, the more time you spend at home, the more you’ll save.
You should also try to keep track of how much you save by using remote tools like PayStubsNow or YNAB, which will help you track everything you save and spend.
6. Try the $5 or $10 Trick
Do you remember the piggy bank that we put pennies into? Well, this trick works something like that—you just don’t use pennies.
To try the $5 or $10 trick, purchase a box and put all the change you have accumulated over the day or the past week into it. Keep the box somewhere it’s easily accessible. This will allow you to notice it immediately when you come back home.
Try to put all change into the box for at least 6 months to get the best savings. For example, when I tried this trick, I put change into the box for 3 months and accumulated $900. I wonder what would’ve happened if I’d kept on for a year.
The Bottom Line
Many times, we question whether we would be able to save money over time. However, the answer lies not in pinching a few pennies here and there, but in making changes that actually work. And the strategies we’ve provided do actually work.
So, if you want to save money for the holidays to buy your family or friends their favorite things, start by trying the $5 and $10 trick—who knows, maybe you’ll accumulate quite the fortune in time?