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With the Christmas holidays right around the corner, many of us are looking for ways to save money to make sure we can celebrate without breaking the bank. Here are five effective strategies to help you stash some extra cash for your Christmas celebrations:
1. Embrace the ‘Gig’ Economy
The gig what? Don’t worry, we didn’t know either! The gig economy offers numerous ways to make extra money in your spare time. Driver and food delivery platforms like Uber/Uber Eats see a surge in demand leading up to and during the holidays. The rates can be high, and it’s an easy way to make extra money – you just need a car and a phone! If you prefer something less time-intensive, consider online freelancing in areas like graphic design, writing, or virtual assistance. Websites like Fiverr or Upwork can be great places to start. These short-term ‘gigs’ can quickly add up, providing a nice cushion for the holiday costs.
2. Implement a Spending Freeze
What! Yes, it could be a good idea. Hear me out. Choose one or two categories where you tend to overspend (like eating out, entertainment, alcohol or non-essential online shopping) and implement a spending freeze for the next two months. Use what you already have at home or find free alternatives. For example, instead of buying new books or movies, visit your local library or swap with friends. Bonus: This not only saves money but also helps declutter before receiving new gifts during the holidays. Come on… it’s only 2 months – you got this!
3. Sell Unwanted Items
The pre-holiday months are an excellent time for decluttering, and what's clutter to you might be treasure to someone else. Get on Trademe and list those things now so you’ll have the cash for Christmas gifts. Consider items like electronics, clothes, or even collectables. Or you could old-school it and have a garage sale; it’s a quick way to move things for cash in a day or two. Bonus: This has a dual benefit; you clean your space and make money.
Bonus Tip: Plan Your Holiday Budget Now
Don't wait until the last minute. Plan your holiday spending now. Decide on a realistic budget for gifts, food, travel, and decorations. By knowing exactly how much you need to save, you can adjust your savings plan accordingly. Use the tips above to create extra cash, or perhaps combine this with a top-up loan from Save My Bacon. The thing is, you have options.
Saving for the Christmas holidays doesn't have to be a daunting task. With a bit of creativity, discipline, and planning, you can enjoy Christmas without the financial hangover in January. The key is to start now. It’s not too late.
