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11.29.2010 / Five Solutions for Holiday Savings

Holiday spending can put a pretty huge dent in any savings plan. You do not need to give up the mall or start knitting sweaters for your family if you want to save a little cash, though. Here are five ways you can afford great gifts without adding to your debt.

"You do not need to give up the mall or start knitting sweaters for your family if you want to save a little cash."
  1. Get some extra mileage out of your miles. Many frequent-flier programs allow you to use your miles for rewards other than free flights.  Although you can’t turn your miles directly in to cash, you might be able to find the perfect gift in your rewards catalog.
  2. Rummage through your rewards. If you have a credit card with a rewards program, it makes sense to turn those rewards into holiday gifts. Most rewards cards offer things like frequent-flier miles, cash back, points toward travel or merchandise. Some cards even allow you to use rewards for merchant gift cards, which you can give as gifts or use yourself to purchase real items for friends and family.
  3. Break open the piggy bank. The change jar may not be the most innovative source of holiday funds, but it can be an easy source of extra cash. Avoid the fee for change-counting machines by selecting one of their gift card options.
  4. Lose some money suckers. Check your monthly budget for things you don’t use any more. You’ll be surprised by how many things you can cut and never miss -- the gym membership you used once, the landline phone you don’t need, extended cable service you never watch.
  5. Sell your stuff. It might be too cold for a garage sale, but online auction and classified ad sites are always open and waiting for your used gear. This solution cleans out the closet (more space to hide gifts) while bringing in some extra money.

 

Do you have any holiday savings tips or shopping tips that you can share? We’d love to hear them.

Posted at 10:29 AM | Permalink
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