You may be thinking it’s a little too early to be thinking about squirreling away for the holidays, but you couldn’t be more wrong. Think back to last year when it was around October/November/December time, the holidays and events came flooding in and, as usual, you probably preempted you could cover the cost of Thanksgiving, Halloween, Christmas, etc. without having to draw out chunks of money painfully from your purse or bank account. How wrong were you! But this year it’s going to be different, there are things you can do to ease one of the most expensive times of the year, and that’s by starting to squirrel away now.
Before you dive into throwing all of your money into savings, it’s wise to sit down and work out how much you’ll need to cover the holidays without going overboard, or without cutting your budget off too short. Write down your traditions, and how much food, decor, events, and gifts tend to cost so that you have a precise figure in mind of how much you need to work towards.
The savings option that’s best for you depends on how disciplined you are. If collecting dollars and putting them in a pot in a safe place in your home is what will keep you motivated, do it! If using one of the many savings apps such as Digit and Chime that automatically saves lump sums of cash for you every few weeks or so sounds good, try that. Or perhaps a good old standing order from your debit account to a separate account works best for you (although just make sure it’s an easy access account).
Working out your income, and the amount you want to save in the next few months is crucial to see whether or not you can achieve your ideal sum. Alternatively, if your sum looks a bit too ambitious, you may want to consider cutting down your holiday fund or searching for a payday loan within a couple of months. There are various ways you can cut back, for instance, you could tell your family and friends that you will only be buying for the children this Thanksgiving and Christmas time.
Besides your regular income, this may not be enough to afford your holiday spirit, but likely there is still time to make more with a side income! Here are a few jobs ideas for you to think about taking on over the coming months:
- Uber delivery driver
- Become a freelancer such as a graphics designer or blogger.
- Upcycle and sell furniture
- Work as a virtual assistant
- Create a dropshipping business
- Flip items (buying items cheaply, and sell them on for a profit)
Most budget-conscious people pre-plan ahead of Christmas so that in amongst the most expensive time of the year, they aren’t overwhelmed with a hefty credit card bill within the new year.
This is a great time to start squirreling away your money. Another top tip is to plan what you want to buy in advance and shop the sales over the coming months for gifts ahead of the holidays to find bargain gifts and decor.