Christmas is fast approaching. And some people will find themselves scrambling to bring their finances together at the last minute so they can grab gifts. However, we all know Christmas isn’t a surprise. It happens every single year, on the 25th of December. At this point, we should all already know the best way to save for Christmas. So why is it that we keep getting surprised by it and always end up going into debt because of this holiday?
The Best Way to Save For Christmas – Save Up $500!!!
First off, yes, there is a “best way” to save up. But you know what? We don’t always get it right, so we have provided a list of other ways to save as well!
The Masterful Tip: Start Right Away
Here’s the thing, you should already be saving for Christmas. Now, I’m not saying that you have to throw hundreds of dollars in a Christmas savings account. But, the best way to save money and not have to scramble at the last minute is to prepare in advance.
So, for next year, make sure you stash some money away each month for the next holiday season. To save $500 for Christmas, that would mean that you’d only have to save around $42 a month. That’s it!
Of course, if you’re trying to save money for this season (we’re at the end of November now), don’t worry…there’s still time and hope. While the best way to save for Christmas is to start early, there are ways that you can save up to $500 fast!
1) Start Saving Each Paycheck
To save up to $500, you’ll have to save more from each paycheck. But, even if you save just $20-$30 each time, that’ll get you to $500, and it’s still better than no money saved.
If you can, have the money automatically deposited into your savings account. That way, you don’t forget to save it and you know it’s automatically coming out of each check without worry.
2) Get A Side Hustle/Second Job
Another way to save for Christmas is to get a side hustle or second job. It’s not fun working so many hours. But saving up and paying cash is better than going into debt or being worried that you won’t be able to afford gifts.
While the reason for the season shouldn’t revolve only on gifts, I understand that many people love to gift others. It’s a way to show love and celebrate. And if you have kids or younger loved ones (like nieces and nephews, or even friends’ children) it’s hard saying no to them when it comes to gift-giving. So instead, work a few extra hours at a part-time/holiday job, or pick up a quick side hustle.
There are quite a few legitimate side hustles and jobs around the holidays, so you just have to find what works best for you.
Related: 20+ High-Paying Holiday Jobs
3) Save The Change
You’d be surprised on how much change you can save in a short amount of time. Even if you don’t carry cash, you can still save your change when you swipe your debit card by using an account or savings app like Qapital.
Every time you swipe your card, Qapital will automatically round up your purchase and save the change. That way, you aren’t worried about keeping cash or saving your change, and you don’t have to interrupt your day to day living. The money is automatically saved into a savings account, and you can withdraw it at any time, including for Christmas shopping!
4) Cut Back On Other Things
Sometimes, it’s not about how much we make. Sometimes, it’s about how much we can save. If you’re already saving some of your paychecks to go towards Christmas, try to save some of your regular household funds too.
- Can you cut back on eating out?
- Can you try batching tasks and errands so you’re not wasting gas?
- Is it possible to save on your regular bills by making a few calls?
Anything you can do to cut back for the next few weeks can really make a difference in your wallet.
The Best Way To Save For Christmas
The best way to save for Christmas right now is to really just save as much as you can, as quick as you can (duh, right??!!). In the future, you can start preparing early.
- Save from each paycheck
- Get a side hustle/2nd job
- Save your change (maybe even digitally!)
- Cut back on other things
These are the things you can do right now, and if you implement more than one the savings can add up faster than you think!!
Best of luck to you in this upcoming holiday season. It’s a great thing to give, but if you don’t have the money, choose not to! That’s okay! Or, make something that costs nearly nothing!
There are plenty of options out there. Just don’t choose the one that leads to credit card debt…
Do you have a great way of saving for Christmas? Tell us about it below!
AUTHOR Kimberly Studdard
Kim Studdard is a project manager for online entrepreneurs and small businesses. When she isn't spending time with her daughter and husband, or reading her growing pile of horror books, you'll find her working on her HR degree and working towards FIRE.