The holidays are a time of spending on those we love and so we tend to tie our emotions to the gifts we choose and the events we attend. Despite current thinking its easy to save during the holidays by implementing some money management techniques that are simple yet very effective. Here are 5 Money Saving Tips You Can Implement This Holiday Season.
1. Cancel Subscription Services You Don’t Use
If you’re not going to the gym, you don’t have to pay for their services. And do you need Netflix AND Hulu? Think about what subscription services you have, what you really use, and cancel the ones you don’t need. Cancelling two or more monthly subscriptions could save you upwards of $100 per month.
2. Avoid Self-Gifting
This one is easier said than done, especially with the post-holiday sales coming up, but if you want to prioritize your finances, it’s pretty important to try to avoid buying extra things for yourself that aren’t necessities. Scaling back on holiday parties where you need new outfits, jewelry and shoes – is an instant way to cut the pressure and save your budget. Doing this could save you upwards of $500 this holiday season.
3. Download a Money-Saving App
There are plenty of money-saving apps available, so download a few and see which one you like the best. A few recommendations to get you started are: Qapital, Stash, and Acorns. You can connect these to your bank account and set up pre-existing or custom savings goals.
4. Commit to a Money Detox
Decide that you won’t spend any money for a pre-determined amount of days. The days don’t have to be consecutive. You can decide you won’t spend money every Tuesday, for example. It’s a good habit to form, and then you can tack on an additional day each week if you want a new challenge. A money detox challenge could boost your savings and cushion your wallet against financial disaster.
5. Say No but Offer an Alternative
You don’t have to go out to every Christmas party or dinner and drinks with friends every weekend. Offer to host a wine night at your house and ask your friends to bring some appetizers. You can still be social and have a great time without spending a ton of money. Limit the time of your event to two or so hours in order to avoid overspending. That way you know exactly how much you need to spend without worrying if that you have to entertain your guests till midnight.