How to Save for the Holidays as Early as Possible

17 Apr How to Save for the Holidays as Early as Possible

By: Briana Carlesimo for DynamicHR, Photo by Eugene Zhyvchik on Unsplash

It’s never too early to start planning – and, let’s be honest, the holidays always end up creeping up out of nowhere. One day, you’re laying out by the pool, sipping on a lemonade, and the next you’re eating leftover turkey & wondering how on Earth you’re going to afford all the holiday presents you have to buy.

Don’t get too stressed yet; it’s still early enough to make a plan to keep the jolliness spreading all the way through the new year! Here are 5 ways to start saving for all of your holiday shopping.

  1. Start budgeting now: Figure out how much money you want to have saved by November/December time. Break that up into the amount of months you have until then – that’s going to be your rough monthly savings goal. Create a separate savings account with a good APY (or buy a piggy bank if that’s more your style), and put that money aside each month. Try not to touch the money until you start your shopping.
  2. Look for deals: Need some new outdoor furniture? Or maybe some new clothes? Try looking for those things on major sale – and then put the difference of what you’d be saving aside to put towards your holiday shopping!
  3. Use cash-back browser extensions: Ever heard of Ebates? Or Honey? There are lots of different cash-back plugins you can install into your browser to make sure you’re always getting the best deals. Then, once you collect enough money in your account, you can convert it into gift cards or actual cash and put it aside into your savings.
  4. Start a side hustle: The phrase “side hustle” has become very common in today’s age. It’s a great opportunity to do something on the side and make a little extra money at the same time. There are tons of articles with different ideas for side hustles (like this one and this one), and you can totally put that extra cash to good use in your holiday savings.
  5. Sign up for a holiday savings account with your company: Some companies, like those who partner with DynamicHR, offer a Holiday Club – basically, you can choose a certain amount of your check to come out every pay and be put aside. Your employer then sends you a separate check in November with all the money you’ve collected over the year. As they say, out of sight, out of mind. You’ll never have to physically move the money yourself, and you’ll be pleasantly surprised when that check comes in!

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