As the holiday season rolls around, most people are looking for extra cash to help make the season merry and bright. Whether your traditions include chasing snowflakes, visiting towns that exemplify the holiday spirit, gift-giving, or just sharing a feast with your loved ones, the expenses of each of these can add up quickly. But the memories you will make are worth any dollar amount, so now is the time to look for ways to make your holiday budget stretch.
If funds are a little tight right now, you still have time to boost your holiday budget. Here are some ideas to get started.
Review your monthly budget for savings.
First, review your budget. Are there expenses you can trim temporarily over the holiday months to give you a little extra spending money?
- Look for easy savings. Some areas you may be able to cut costs without significant sacrifice include:
-
- Limiting the number of times you’re eating out.
- Seeking out deals and coupons when shopping.
- Trimming your grocery budget.
- Cut back on extras temporarily. You can also try taking out the “fun” extras for a few months, such as streaming or subscription services. Many subscription services provide the option of “pausing” your subscription for a month or two – allowing you to save a significant amount of money.
- Save on gas. To save money on fuel expenses, look to such options as working from home during the holiday season or even carpooling with coworkers. Or, boost your exercise routine by riding your bike to the store or even walking.
- Explore free entertainment. Keep busy on the weekends by checking out free, local holiday entertainment around your town. Many areas offer free concerts, holiday lighting ceremonies, and much more at parks and shopping centers.
By limiting your spending temporarily, you can free up room in your monthly budget for a more festive holiday season.
Start a side hustle.
Sides hustles and gigs are becoming more and more popular these days because people are experiencing lucrative results. Side hustles provide flexible opportunities that can help supplement your monthly income.
Many options, such as driving for ride-sharing companies or delivering for food apps, allow you to work only when you want. You can also turn your hobbies into money-making opportunities by selling your crafts through online marketplaces or social media or freelancing your business skills.
Take on a seasonal job.
Most retail businesses are eager to hire seasonal workers around the holidays. This could be a great option to work part-time in the evenings to build up your holiday budget. Plus, many retailers offer employee discounts, which could make your holiday funds go even further.
Follow the sales.
Start with making a list of everything you need to purchase during the holidays. Include gifts, food, decorations, travel accommodations, and holiday attire. Then begin to seek out sales for these items.
While Black Friday and Cyber Monday typically offer the most lucrative discounts, many retailers are beginning their holiday events early. Start by following your favorite retailers on social media and subscribing to their promotional emails. This strategy will help you stay on top of flash sales and maximize your holiday budget.
To make your funds go even further, be sure to check your local thrift stores. You can often save significantly on holiday decorations, gifts, and fun seasonal attire.
Consider a holiday loan.
If you find that simply cutting back or taking on an extra job aren’t viable options to help offset some of your expenses, consider a holiday loan. While credit cards are convenient, many bank and store-sponsored credit cards come with hefty interest rates and costly fees.
A holiday loan from the credit union typically offers lower interest rates and helps prevent overspending by providing you with a set dollar amount. Plus, with set repayment terms, you’ll pay the loan off quicker than you would if you were only making minimum payments on a credit card.
We’re Here to Help!
While the holiday season is a time of joy, holiday-related expenses can often leave many feeling overwhelmed. Boost your holiday budget this year by reevaluating your finances, taking on a part-time job, and shopping the sales. If you’re interested in a holiday loan to make this season bright and merry, we’re ready to help.
Please stop by any of our convenient branch locations or call 800-782-4899 to get started today.
Each individual’s financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.