7 Tips to Save Money During this Holiday Season

The holidays are a time for being thankful and reflecting on the year. One of the most popular traditions during the holiday season is gift giving. Whether they are treating themselves to something nice or buying something special for others, people spend millions of dollars every year on gifts. This year, though, things are different due to the ongoing COVID-19 pandemic. Instead of buying lots of gifts, people are saving money during the pandemic. If you are looking to save money and avoid going into debt this holiday season, there are a few things that you can do.

Here are some money-saving tips to help you maintain your financial independence during the holiday season and these uncertain times.

Start Saving Ahead Of Time

Try to start saving money a few months before the holiday season. If you start managing your expenses during the fall, you’ll have less expenses to cut back as the holiday shopping season approaches. If you start searching for money-saving tips right before the holiday season, you’re likely starting too late to enjoy substantial savings.

Research Deals

The ongoing pandemic has left millions of people out of work and struggling to make ends meet. For that reason, there is pressure on every single purchase that you make. One of the top money-saving tips during the pandemic is to search for deals. Deals and special sales make the holiday shopping process easier and less expensive. By searching for deals throughout the holiday season, you could potentially save hundreds of dollars.

Do Some Early Shopping

If you pinpoint one or two gifts that you would like to purchase, try to buy the gifts ahead of time. Due to the pandemic, you’ll likely have to do all of your shopping online. Doing early shopping will help you avoid expensive shipping fees. The closer it gets to Christmas, the more difficult it becomes to find a great deal that will still ship to arrive on time. One of the most important money-saving tips is to shop early.

Make Another Account

One way to keep saving money during the pandemic while also allowing you to set aside a few dollars for gifts is through opening a new account specifically for your holiday expenses. Opening this account should help keep you focused and ensure that you don’t spend too much money from your regular expenses fund. Any money you put aside for expenses but didn’t use can be saved in your new account to start earning interest. This is one of the more underrated money-saving tips during the pandemic.

Look Into Autosaving

Ask your bank if they have an autosave feature. Many banks use an autosave feature that transfers money after you make a purchase. The money heads from your checking account into a savings account. If you sign up before the holiday season, you can enjoy even more discounts and potential savings.

Ask Around

Speak with some of your friends and family who are also implementing money-saving tips and exchange some ideas. While you may not be able to meet in person because of the pandemic, you can video chat or exchange ideas over the phone. If you are planning a safe holiday dinner with friends and family, consider holding a potluck to reduce your expenses.

Stick to Your Budget

Thousands of people go into debt every year during the holidays because they purchase expensive gifts that they really cannot afford. The ongoing pandemic has tightened budgets as well. The easiest way to save money during this difficult time is to only make necessary purchases. Do not seek to purchase luxurious gifts if you don’t have the means. Avoid getting a loan or a new credit card, as you may end up going into debt. Make a list of two or three gifts that you can realistically afford and stick to those.

The COVID-19 pandemic has been difficult for everyone and saving money is extremely important at the moment. However, if you stay disciplined, you can manage your finances while also enjoying the holiday season. For assistance with all your insurance needs and questions, contact the experts at Miller Carlisle Insurance Services in Carlisle, PA. We look forward to helping you with all your coverage needs.