The holiday season and the spending that comes with it always seems to catch some of us off-guard. So consider this your wake-up call. Count the days you have to save up, and set your goal.
Write that number down, and keep it visible.
Now, try these ninja money-saving moves; they’re quick, easy and rack up savings.
And remember, your temporary tightwaddery is just for a while, but it’s sure to have long-term benefits.
Daily savings transfers
Especially if your goal is holiday focused, you’ll want to get into your online banking and transfer a small amount daily into your savings. This daily savings technique keeps you close to your banking so you can be hypervigilant about what’s going through your accounts, and also offers loads of motivation as you watch your savings balance rise a little each day. Some people will transfer regular daily amounts like $11, or it could be a changing value depending on whatever savings you can afford that day.
Say you like this saving business? The longer-term version of daily saving is simplified. You’d set up automated savings transactions on a weekly, biweekly or monthly basis.
While you’re in your online banking daily, flag costs that you could trim
Some of the common opportunities are renegotiating internet and phone costs, cancelling recurring subscriptions you’re not really using, noting any unhelpful spending habits. There may even be an opportunity to keep a service, but downgrade your package. If you know you could save on your next grocery shop by moving your order to a discount grocer, make the change. Only when you look regularly at your transactions can you make these changes.
Skip (or drastically reduce) buying lunches, coffees and takeout
The goal is to stop ingesting your savings. Buying food is an extraordinary budget buster. Planning ahead for your meals and making food at home is the way you get around it. Believe me, I know how tempting it is to order in, especially when you’re running a busy household. But when the urge happens, stop, walk away from your phone, wait 15 minutes, transfer the equivalent value of what you were about to order into your savings account, walk back to your phone, and close the app without ordering.
Now, clap your hands because you did it! Grab the makings of your meal from your fridge and cupboard, and get cooking. ChatGPT is super helpful if you’re stumped for recipes. You can tell it the ingredients you have and ask it to suggest a meal.
Delay all larger purchase that aren’t necessary
Cars, TVs, couches and garden upgrades. All of this can be paused until you’ve reached your savings goal.
Post items on Facebook Marketplace or Kijiji
You can supercharge your savings by selling anything you’re not using. Examples are phones, televisions, clothing, kids toys or baby gear, sports equipment and more. You may be pleasantly surprised by how fast these items sell, especially when you price them right (check similar postings to ensure you’re in the right price range).
Skip the fancy cheese
A spending crackdown is an attitude — kind of like Scrooge. This means being mindful with your grocery shopping and meal planning. Fancy foods are probably out for now, but that doesn’t mean healthy eating takes a back seat. You can still buy what’s in season and on sale, and these items can taste amazing.
Free entertainment for the win
What can you do for no cost (or super-low cost)? Movie nights at home with friends? Free concerts in the park? Holiday parades? Make it your mission to turn down costly activities. And, when it comes to fun for kids, hold off on registering for any expensive programs for now. You can revisit these investments in the New Year.
A few other tips to get you to your goal quickly. Take your credit cards out of your wallet and use cash instead and unsubscribe for online deal mailing lists. The theme is laying low.
Try and enjoy how it feels watching your savings grow each day, and celebrate when you hit your goal! You might just carry this frugality into 2024.
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