The most wonderful time of the year doesn’t start at the end of December. It begins a few months earlier when you cut back on spending in an attempt to get your loved ones every gift you can buy. It’s a financial challenge for many people, but somehow we all still buy plenty of holiday gifts. In fact, holiday sales are expected to reach 960.4 billion in 2022.
If you’re like most Americans, how in the world do you factor in extra finances for holiday gifts? What with gas, groceries, housing costs and everything else, putting aside extra money is quite a feat. While everyone’s situation is different, there are some generally helpful ways to give yourself an advantage when it comes to saving money for the holidays.
Compare Prices Using Apps
It may sound tedious, but technology has made this part of bargain shopping much easier. There are plenty of apps and browser extensions that can automatically let you know where the lowest prices are, when certain items go on sale, and other helpful info so you can save as much money as possible.
Take Advantage of Sales
We know the holidays aren’t the only time for sales. If you’re thinking ahead, you can get great deals in advance and store away the gifts until the time comes.
If you have a good sense of the people you’re buying for, sign up for emails from their favorite brands or retailers. You may get a clearance email well before the holidays that will get you a great gift at a great price.Don’t forget to take advantage of Black Friday, Cyber Monday or Small Business Saturday to save on gifts.
Cut Back on Spending
If your holiday savings goals are seemingly out of reach, look for ways to slim your costs and put those savings into holiday gifting. Is there a subscription you’re not using – be it to a gym, Netflix, or otherwise? Cut it. You can always sign up again. Did you get used to going out regularly all summer? Save the dinner dates for warmer weather.
The more you can hold off on spending during the time leading to the holidays, the better. Many purchases seem trivial on their own, but they will add up over weeks or months.
Look for Additional Income
If you’re not making quite enough for what you’ll need during the holidays, consider picking up some extra cash in whatever way is feasible. You might pick up a side job, either working for yourself in the gig economy or taking on part-time or night work. And if you have anything you can sell, from old items to things you make, consider turning that into extra cash.
If you need some help figuring out how to save better for the holidays, then we welcome you to contact Sherburne State Bank or stop by one of our locations in Becker, Monticello or Princeton, MN today.