Your Financial Success Blog

5 Ultimate Holiday Hacks to Make Your Money Go Further

The holidays are here. According to a recent Gallup poll, Americans spend about $1,012 per person on holiday expenses. Those include gifts, travel, food, and more. You can spend less, we promise. We’ve put together 5 tips to help your money go further this holiday season and maybe start the New Year with some added funds. 

1. Make a List
   Making a list can help you avoid overspending and/or buying things you don’t need. Determine who is getting a gift, how much you’re willing to spend on that gift, and where you will shop for it. Additionally, add food, wrapping paper, greeting cards, and anything else related to the holidays to your list.
2. Keep Every Receipt
   When shopping in person, keep the printed receipt and make notes on it (who or what the purchase was for, etc.). If you shop online, print out the receipt and make similar notes. Then, compare your receipts to your overall shopping list. If you accidentally bought too much for one person, shift that gift to someone else on your list to stay on track financially.
3. Set a Firm Budget
   Using cash to ensure you stick to a budget is a good option, but a bit unrealistic in today’s fast-paced, credit and debit card world. And it’s impossible to buy things online with cash. Instead, deposit your total holiday spending budget into a separate “holiday” savings account. Remember those receipts? Use those to determine how much to withdraw from your holiday savings account. Transfer that money to your checking account in order to pay back the debit or credit card.
4. Reduce the Number of Gifts
   It’s okay to send a holiday greeting card instead of a fancy gift. In many cases, a personal note, along with words of affection and holiday cheer, can go a long way.  
5. Start Shopping Now
   If you haven’t already, start shopping. The earlier you start, the better the sale prices and offers will be. This is especially important for holiday travel. Last-minute flights can be costly if the plane is full or you plan to travel to a popular destination.