articles

Ways to Save Money NOW for a Merrier Holiday Season!

By Jennifer Green October 8, 2015
It’s fall and that means one thing – the holidays will soon be upon us! Does your stomach knot up in fear when you think about the credit card bills you’ll have to pay in January? Here are some things you can do now that will help make your holidays a little merrier.
  • Start with the low-hanging fruit. Review your accounts to see where you might be spending more than you should. Are you paying for more insurance than you need? Is your bank charging you maintenance fees every month? Are you paying an annual fee for your credit cards? Are there any services you pay for every month that you can live without? Add up the amount of money you’re spending in these areas and decide if you really need all the things on your list. As you cross off the things you don’t need, subtract that number from your grand total. You might be surprised at how much you’re shelling out for stuff you don't use!
  • Cut back on needless spending. Are you a latte-a-day type? Do you insist on getting your hair cut every three weeks? Is your gym membership card gathering dust in your wallet? Cutting down on the number of needless purchases really makes a huge difference in your budget. If you can’t live without a stop for coffee every day, try going without for just one week and put the money you would have spent in a jar. At the end of that week, count up how much is there. You might be surprised. That’s cash money you can now use for your holiday shopping! 
  • Save for a rainy day. Set a goal savings number for yourself for one month. Say, you want to save $10 a day. Every day for a month, put ten bucks in a jar. By the end of a 30-day period you will have at least $300! That’s $300 you can now you use for holiday gifts AND that’s $300 you won’t have to put on your credit cards.
  • Cut the cord. Be honest with yourself. How much TV do you really watch? Does Netflix or another streaming service make up the majority of your in-home entertainment? This is an area where you can reap a lot of savings. Know when your cable contract expires. Once it does, that introductory price you've been paying disappears and your monthly bill is sure to rise. Are you already paying way too much for all those channels you never watch? Consider cutting cable and downgrading your package to just internet, and opt for one of the many “set-top” devices on the market such as Apple TV, Roku, or Amazon Fire TV. You may be surprised by how much content you have access to. But do your research before you commit to a device. They vary in their free content offerings and price. I made the switch a few months ago and my cable/internet bill went from $200 a month to $55 a month (if I add in the additional $15 a month for my Netflix subscription, I'm paying $70 a month for entertainment, still well below that $200 I was paying!). You should also be aware that while the set-top device is only a one-time purchase, not all content is free. If you want to subscribe to channels such as HBO or Showtime, you will have to figure that additional monthly fee into your bill. 
  • Is credit card debt weighing you down? Go on a cash diet. If you’re worried about the holidays because you’re already saddled with credit card debt you wish you could erase, start paying with cash for your weekly expenses like groceries and gas. Getting into the habit of paying with cash will help you get out of the habit of always reaching for your credit card.