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5 Tips to Save Money for the Holidays

With the looming expense of the holidays arriving in a few short months, now is a great time to evaluate your finances and see where you could save some money to cushion for this time of year—especially with tax season just around the corner! Saving money is something we all like to think we are good at, but everyone has spent beyond their means at some point.

With the Holidays coming up there will be added expenses and you will be purchasing more than usual. That’s why Colonial Tax Consultants has put together a list of useful tips to help you save your money and make sure you’re able to get through the winter with money in your pocket!

Plan Ahead

The first and most important thing to do to ensure you do, in fact, have the funds you’ll need for the Holidays, is to plan for gifts/budgets ahead of time. Take a second to sit down and make a list of the people you plan to purchase gifts for. After you have your list, go through and write a couple of gift ideas for each person, whether they are store bought gifts, or handmade. By taking the time to plan out the gifts you are going to buy, you will go to the store with a plan in mind. This saves you from wondering stores and picking up items you don’t need, or picking out a last minute, over-priced item. You can also take this time to set a budget for the total amount you want to spend. You can set a total budget for the holidays, or a budget for each person.

Start Looking for Deals

After you’ve made a rough-draft for your shopping list, start looking for deals. There are lots of back-to-school and end-of-summer deals to take advantage of during the Fall season, if you get your shopping on early! However, if you miss those sales, there are plenty of sales to take advantage of before the holidays officially get here. If you’re serious about getting good deals, plan for a Black Friday shopping excursion. This is a chance to potentially get your Holiday shopping done in one swoop.

Consider a DIY Christmas

This is a big money saver! Rather than purchasing gifts from the store, consider making them yourself. Jump onto Pintrest and start looking for some crafty gift ideas. Make one trip to a craft store, and you can create endless gifts for the people on your Holiday shopping list.

Stay Home Instead of Going Out

In effort to save money during the holidays, you can stash those pennies by staying home rather than going out. Instead of wasting gas, spending money at a bar or restaurant, stay home more often to accumulate every dollar possible. Stick to the groceries at home, and cut out those late-night McDonald’s trips, or early morning Starbucks—even though it would mean forsaking the scrumptious Pumpkin Spice Latte. It will all accumulate faster than you think.

Start a Christmas Savings Fund

In addition to all the money you will be saving from the previous four tips mentioned, set aside a container or jar for a “Holidays Savings Fund” throughout the year. This can either be a change jar, or put cash into it also. Throw all your extra change in this jar, and pick a designated amount to donate to the jar each week or each paycheck. Another great option is to check with your bank about additional savings accounts, then automatically transfer money to this account for the Holidays.

Preparing financially for the Holidays is crucial because you don’t want to wait to the last minute and overspend, or put yourself in a negative financial situation after the Holidays are over. If you can get into the habit of financially preparing for the Holidays each year, you will be able to save lots of money and give gifts that everyone can appreciate.

If you need some tax help as the season approaches, Colonial Tax Consultants is here to help. Contact us today to receive a free tax consultation!

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