5 Ways To Start Saving for The 2023 Holiday Season Now

If you're tired of the last-minute financial stress that often comes with the holidays, it's time to start planning and saving now so you're not scrambling this winter. Planning early almost always makes it easier to manage your holiday spending later.

Let's dive into five practical ways to get a head start on saving for the 2023 holiday season.

Consider how much money you want to spend for the holidays this year, then make that amount of money your savings goal. Remember to add all your holiday-related expenses, from gifts to decorations to travel costs.

Use Goals To Keep Focused

Instead of dining out every weekend, try cooking at home more often and putting that restaurant money straight into your savings account. Small sacrifices now can lead to big rewards later.

Curb Unnecessary Spending

For instance, if you want to spend $1,500 this holiday season (the average) with five months left, here's the simple math: 1500 / 5 = 400. You must put $300 monthly aside to achieve your $1,500 spending goal.

Use a Budget Starting Today

For instance, set up a separate savings account. Then, set up an automated bank transfer to move money from your primary checking account into your savings account. This is the money you'll use for the holidays. 

Use The Power of Automation

Do you have a talent for crafting, writing, or graphic design? You could sell your creations online. Don't mind driving around town? Consider becoming a rideshare driver.

Earn Extra Income

Handmade gifts often carry more sentimental value than store-bought ones, and they can be a lot more budget-friendly. Whether you're a baking enthusiast, a knitting master, or a DIY pro, there's a homemade gift idea for you.

Extra Tip: Start a Homemade Gift Tradition

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