Savings Hacks for the Holidays

As we all know, the holidays can be an incredibly fun (and expensive) time of year. However, you don’t have to break the bank when the holiday season rolls around. After all, you really shouldn’t be paying off the costs of the holidays several months into the new year. In order to help you run a tighter ship during the holidays this year, we’ve put together four of our favorite holiday saving hacks!

Prepare a Budget

Unfortunately, creating a budget isn’t the most fun thing to do, however, doing so is incredibly important, especially during the holidays. Planning out where you will spend money, and how much money you will spend is key. This will give you a baseline to go off of, and it will keep you from overspending.

When you create your budget, be sure to set aside money for everything that will be purchased during the holiday season, from the gifts you give your loved ones to the food you serve to your family! This will help you put together an accurate representation of what you should expect to spend.

Get Your Shopping Done

During Sales For many people, Black Friday sales are a source of overspending, but they don’t have to be. Savvy shoppers can use holiday sales to get the things they want for great prices, saving them hundreds, sometimes thousands of dollars during the holiday season.

Keep an eye out for big sales at major retailers in the weeks leading up to the holidays, and don’t be afraid to shop around. The deal you see might be great, but there could be a better deal at a different retailer, so be sure to do your due diligence!

Ditch Your Credit Card

Although credit cards are powerful tools, they can also put you in a tough position if not used correctly. Credit card debt comes with an incredibly high-interest rate, meaning it’s a very expensive way to borrow money. When you couple this with the fact that you can purchase practically anything you want with the swipe of a card, they become incredibly dangerous during the holiday season.

This is why we encourage people to do their holiday shopping with a debit card, or good old-fashioned cash. Doing so will keep you from overspending since you can’t go into debt with these methods of payment.

Start Saving for Next Year

It’s never too early to start saving - especially for the holidays! To ensure that your next holiday season goes off without a hitch, start saving now. This will take the financial stress off you and your family when the holiday season comes around next year, and it will also help put you in a better financial position!

Urban Wealth Management Can Help

Whether it’s saving money for the holidays, a vacation, or even your retirement, Urban Wealth Management is here to help. We help clients tailor financial plans and investment strategies that work for them and their families. Urban Wealth Management has been helping families in Southern California with their finances for over a decade.