An amazing Christmas doesn’t have to mean a mountain of debt or paying off your credit card bill for months into the new year.
By planning ahead, you can pay for your Christmas up front instead of starting the coming year with an unnecessary financial burden.
Keep reading for 7 ways to save 500 dollars (or more) by Christmas so you’ll have the holidays paid in full!
7 Ways to Save 500 Dollars by Christmas
Keep the change
One of the ways my husband and I manage our yearly budget is by designating cash for certain expenditures. When make cash purchases, we set aside the change in a large container. Every six months we cash in those coins, to the tune of $200-300!
Six months worth of coin change could go a long way towards your Christmas budget, and just imagine if you saved an entire year! That could easily be over $500!
Create a weekly Christmas savings plan
This 26-week Christmas savings plan from What Mommy Does will but $1000 in your bank account by December! By saving small amounts (never more than $51), you will hardly notice the money from your budget, but you’ll see huge results!
Free up extra cash by meal planning
Before my husband and I buckled down and started weekly meal planning, we sometimes spent nearly $200 a week on groceries! AFTER we implement our meal planning system, we slashed that number nearly in half!
All of that “extra” money that we used to spend on groceries went a long way towards helping us build our savings account. It could also help fund an amazing Christmas!
Buy gift cards…for yourself
Use a small amount from each paycheck to purchase a gift card. To determine the amount needed from each check to save 500 dollars in time, divide 500 by # of weeks left until Christmas. I’d recommend purchasing Amazon e-gift cards. You can give these as gifts come Christmas, or use the money you’ve saved through these cards to do your Christmas shopping. Shopping online can be a lifesaver, plus with Amazon Prime you can get your items delivered in 2 days…at no charge! CLICK HERE for a free 30-day trial of Amazon Prime!
Cut out a splurge item
Coffee is my “splurge” item, and I thoroughly enjoy my daily cup. However, these so-called “designer coffees” can easily cost $5 or more!
Imagine this: $5 x 7 days = $35/week; $35 x 26 weeks = $910 saved by Christmas!
Even if you still treated yourself a couple days a week, you would save a big chunk of cash to add to your Christmas fund. Maybe coffee isn’t your splurge of choice, but I bet there is something that you could scale back on and save more than you think!
Get a credit card that PAYS you back
Credit cards are not the enemy — if used smartly, they actually have quite a few benefits!
I use a credit card for large purchases, travel, and most bill payments. Aside from building my credit score and being safer than using a debit card, my credit card actually gives me cash back when I spend a certain amount. Over the course of the year, this totals hundreds of dollars! The key is to spend within your means and pay your bill in full every month.
The “$5 Savings Plan”
Perhaps you’ve seen the $5 savings plan shared on social media or heard your friends talking about it. The premise is simple: every $5 bill that makes it into your hands goes straight to your savings. This one is fun because you don’t necessarily know how much you might end up with! However, you could help yourself save faster by requesting $5 bills when you receive change.
Even if your budget is extra tight this year, you can still have a Christmas that you’ll remember forever! Read more about How to Have an Awesome Christmas on a Budget!
For more of the best money saving tips from top financial bloggers, follow my Pinterest board Frugal Living & Saving Money:
Last updated on August 6th, 2016 at 06:37 pm