Simple Ways to Save Money for the Holidays

A year ago, we were used to walking around without masks, not hearing about quarantines, and not wondering if the world will ever be the same again. The same can be said about your budget and your spending.

Most people don’t have a budget, have no idea how much they’re spending, and worst, have no idea how to save money.

But today, the excuses stop here. There are so many stupidly simple ways to save money, ways you probably never even considered.

Here are 3 stupidly simple ways you can save money so you’ll have a lot more in your pocket for ribbons and gift wrapping come this holiday season.

Make Cents?

You know that shiny stuff that sometimes ends up on the ground or in between couch cushions? Those little shiny circular bits of metal? That’s called spare change.

Okay, jokes aside, as the world rapidly adopts credit cards and debit cards for all of their purchases, people have forgotten that cold hard cash still has value. While most folks eschew coin jars and saving spare change, you need to stop being like the crowd and start saving, even if it’s spare change.

We’re not alone in our wisdom. A groundbreaking app called Acorns takes the difference between your individual debit card expenses and the nearest dollar and “rounds up.” So if you spend a $1.89, Acorns will invest the 11 cents difference into an account.

Now, mind you, it would take over a decade to get $401.45 if you pocketed 11 cents every day for a year for a decade, but imagine if you rounded up every single purchase, multiple times a day?

Even better, Acorns will invest the spare change in stocks and bonds, helping you compound the seemingly worthless coins until they’re worth big money. The flexibility means you can keep some in your account and withdraw your accumulated savings to get something special for every special person in your life come this holiday season.

Plan a Gift-Giving Budget

People make budgets for things all of the time, but have you ever considered building a gift-giving budget? Like we said, stupidly simple, right?

Don’t wake up one day and procrastinate your gift-buying; make a budget in advance! Identify all of the items you’re looking to get and for whom, then, determine the total cost of buying all of those items.

Once you complete this part of the master plan, you’ll be able to earmark your funds, taking the stress away from scrounging up your cash at the last second.

Less stress and more money for gifts, told you it was simple!

Make a Hard Spending Cap

Put a cap on your spending when it comes to optional, non-essential items. Blowing lots of money on takeout? Meal prep instead. Spending a lot on clothes or entertainment? Okay, it’s time to rein that in.

A hard spending cap, like our previous tip, is just one more way to earmark funds so you can make sure you can comfortably plan for when it’s time to buy gifts.