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- Use hidden money in the form of unpaid purchases or old gift cards.
- Earn free shipping or use discount codes to save on your planned purchases.
- Find non-monetary ways to celebrate the holidays with your loved ones.
It’s the most wonderful (and expensive) time of the year. The winter holidays alone cost him $889 billion in US spending.
Many Americans find themselves looking for extra cash to fund their celebrations in the weeks leading up to holiday gift giving, parties, trips and other festivities. Especially true because high inflation was a bit of Scrooge. And in the weeks following these big spendings, he can take cost-cutting steps to keep the holiday cheer from ruining his 2023 financial plans.
If you’re looking for ways to increase your year-end budget, here are some options for saving extra cash during the holidays.
1. Use a gift card.
If you need to increase your budget, we recommend using in-store currency such as gift cards. A new survey found that 47% of U.S. adults have at least one unused voucher, gift card or store credit on her.
This allows you to keep real dollars in your pocket, so check your wallet for old gift cards. You’re already saving, even if it’s only worth a few bucks.
2. Cash back your cashback.
Many credit cards offer cashback as an incentive. This cash adds up quickly if you spend a lot with your card. Most cards allow you to apply rewards directly to your credit card balance, receive paper checks, or deposit funds directly into your account of choice.
If you don’t use a credit card, you can use other apps and web browser extensions to get cash back when you shop online. Rakuten, Honey and TopCashBack are popular and have partnerships with various retailers. Most of these cash back apps pay with PayPal or direct bank deposit.
3. Return unwanted gifts or purchases.
A survey found that 66% of Americans waste money by not returning items they don’t need. A shirt ordered in the wrong size or an appliance that somehow ended up in two can easily be converted into holiday cash.
If you’re worried about not having a receipt, it may not be as much of a problem as you think. Many major retailers let you look up purchases based on the credit or debit card used .
If you ordered online, you can also scan your inbox for a confirmation email with proof of purchase so you can return the item.
If these strategies don’t work, try returning your purchase anyway. Some stores offer store credit or gift cards that can be used to purchase gifts or other items.
4. Sell unwanted items.
There are apps and websites that turn anything you no longer need into cash. Brick-and-mortar stores like Plato’s Closet and Once Upon His Child let you pay for used clothing and accessories with cash.
For less-used name-brand clothes, try apps like Poshmark and Mercari.
Once you’ve cleared out your closet, you can move on to larger items. Sell your books at Half Price Books or Bookscouter.com, then try Decluttr or Swappa for your electronics. Play it Again Sports also buys used sporting goods.
Use Craigslist, OfferUp, or Facebook Marketplace for furniture and home goods. If you have collectible items or anything else, eBay is there.
Selling unwanted items is a win-win-win. It keeps goods out of landfills, gives them to others who use them, and puts money in your pocket.
5. Pick up the gig.
Choosing a full-fledged side job like DoorDash or Postmates may not be the best way to make quick cash, as it requires a review process that can take weeks. But don’t underestimate the need for gig work.
Parents need childcare while attending work parties and social gatherings. Pet owners need dog walkers and sitters to take care of their pets when they travel on vacation. Many homeowners are willing to outsource snow shoveling during this busy season.
Reach out to people you know first to see if they have needs that can be met to make extra money. You can connect with people in need.
6. Earn free shipping.
With inflation dampening the spirit of the season, it’s no surprise that shipping costs have risen. An easy way to keep your spending down during the holiday season is to offer free shipping.
Amazon Prime’s free shipping incentive is very popular, but there are plenty of other options. Many companies allow you to skip shipping costs if you pick up your parcel in store.
Some even offer free shipping when you spend a minimum amount on an order. Please note that this may require an additional coupon code. Otherwise, your savings will be credited automatically.
In certain scenarios, spending $10 to $15 on an extra gift or another item can be just as effective as going over the free shipping limit.
While this strategy requires some skill and planning, excluding shipping from your vacation budget is a great way to save money.
7. Find coupon codes and discounts.
This won’t help you come up with more money, but it can help you spend less. The internet is full of ways to save on holiday shopping, including discounts, coupon codes and sign-up bonuses. I have.
Please do a quick search using the store name and “coupon code” or “promotional code” before hitting the “buy” button.
Sites such as Retailmenot.com and CouponCabin.com have discount codes for many major retailers. It also provides statistics and ratings from users on code correctness and usefulness.
Many sites offer a percentage discount on your order if you sign up by text or email.
If you don’t shop online much, check your weekly mailing or local newspaper for actual coupons. Depending on the issuer, especially grocery stores, physical coupons may be layered with digital coupons.
8. Consider non-monetary gifts.
It may be cliché, but the best gifts come from the heart. Gifts for friends and family don’t have to cost a lot to be meaningful. So look for ways to say “I love you” without opening your wallet.
A heartfelt letter is a great place to start. Paired with homemade bread or a treat from an old-fashioned family recipe, it’s the perfect gift for teachers, neighbors, and co-workers.
Boring or long overdue acts of service are at the top of the list of free gifts. Clean out the garage or storage unit your family was going to organize.
Or try compiling a story, photo, or family history of your parents or grandparents to share with your family. You can even write songs and sing them to your loved ones.
With a little ingenuity, you can send a gift that is just as meaningful and memorable for years to come as a store-bought one.
Conclusion
Going overboard while on vacation is easy. As you recover from the constant reaction to reaching for your credit card this holiday season, make sure you’re also leaving room in your budget for investments.
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