How to Keep Growing Your Savings Over the Holidays

The holidays are a time of year that you might lose money or need money from your savings to pay for everything. However, there are some smart ways for you to save money and make money over the holidays. The tips listed below will help you create a budget for the holidays, make more money, and save cash where you can. Ensure that you have tried all these options because each one can vastly improve your holiday experience.

Make and Sell Gifts

You can make and sell gifts for the holiday season. Everyone has a skill that they might use to make gifts, and you could actually do this for every big holiday. When you are selling small gifts over the holidays, you will make extra money that will supplement your budget. Additionally, you can set up a store on an auction site or sales website where global customers can shop with you.

You might even give these gifts to members of your extended family. You are saving money because you made the gifts, and you will make money from the traditional customers you find online or in the community.

Invest Monetary Gifts In Your Savings Account

If you are given cash for the holidays, you should put that money into your savings account. There are times when your savings account might supplement your purchases, and monetary gifts will bring your savings account back to its normal balance. You may be tempted to put that cash in your wallet because that is cash you can use during the day. However, you should stick to your budget, save cash gifts, and plan to use that money wisely.

This is also a good time to teach your kids to do the same thing. If your kids are learning how to save, they might save up for another item that will supplement the gifts they got this year. Plus, this makes it easier for you to save money on the gifts your kids get. Do not buy extra gifts when you can use this opportunity to teach your kids to save money. Show them that you are doing the same thing.

Plan for Emergencies

Holidays come with an increase in traffic accidents, home break-ins, and illnesses like the flu—all things that can rack up unexpected expenses. While you want to grow your savings, sometimes when you have an unexpected emergency, you may find yourself exhausting these funds. For those unexpected yet critical incidents when you don’t have enough savings to handle the expense, you can consider options like direct payday lenders, credit card advances, or borrowing from family or friends.

If you have this plan in place before the holidays start, you will know how to respond. Look up the options that seem good to you, save the information, and talk to your spouse or family about the what you would do in hypothetical situations.

Take Side Gigs to Add to Your Budget

When you take side gigs over the holidays, you can make a bit of extra money to spend on presents. Some people will drive for a ride-sharing service. This is an easy thing to do when you get out of your regular job, and you could drive on the weekends when people are out shopping for the holiday season.

You might offer to babysit for people who are going to holiday events this year, and you could offer to cater holiday parties for friends, family, or your company. You will make a bit of extra money, and you might book several events before the season is over. Plus, you may have skills as a bartender. Working as a bartender at these events will pay an hourly rate plus tips.

Conclusion

Planning for the holidays includes protecting your savings account. You can use all the tips that are listed above to save money and make money over the holidays. Your family can earn more money to spend on presents, and you can save money in your savings account if you are giving cash gifts. Take some side jobs that will help you make more money and capitalize on holiday parties that you can cater or bartend for a fee.

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