facebook-with-circle google-with-circle linkedin-with-circle twitter-with-circle youtube-with-circle search3 lock question6 plus3 arrow-up6 arrow-right6 arrow-down6 arrow-left6

Belco's Online Banking

How to Save Money During the Holidays

access_time Posted on: November 20th, 2020

As the clock ticks down on 2020, the most wonderful time of the year is here. However, as it feels great to have some holiday cheer, not everything is merry and bright, specifically your wallet. No matter how much you budget, this time of year seems to always put a damper on your bank account. Food, presents, parties, gas, and cards are some of the many things you need to budget for during the holiday season. But what can you do to keep spending to a minimum? Check out these helpful tips on how to save money during the holidays!

Store Apps

Store apps are a great way to save money during the holiday season. Many stores, like Target and Kohl’s, have free apps you can download to your phone to save money. Most of these apps, you can set alerts, so you get notified when your favorite store has deals. Chain restaurants and fast food places also have these awesome savings tools as well. Apps for Fast Foo chains, such as McDonalds and Chipotle, can you save you several dollars per trip. In fact, according to, Money Crashers, the average American Household can save $122 per month, or $1,465 per year with using online mobile apps and codes! Using mobile apps can greatly increase your savings and not put a damper on those holidays!

Coupon Apps

Another way to save money during this busy time of year are coupon apps. These free apps are a great way to save money! Tired of clipping coupons for hours before heading to the store or shopping online? Apps like Honey and Groupon are for you! These apps search the internet for coupons for you. These apps can be downloaded with just a few clicks. This will save you time and money! So save those scissors for wrapping gifts!

Buying Generic

Food can be one of the biggest expenses throughout the year, and can be especially costly during the holiday season. Buying generic food is a great way to save money on items that taste pretty much the same. Some generic food items that can be easily replaced for brand items include sour cream, yogurt, cheese, bottled water, butter, pickles, broth, and pasta. Not only is buying generic food a great way to save money, but buying generic household supplies is also a great way to save money. Plastic bags, food containers, plastic wrap, and trash bags are just a few examples of supplies that can save you some money. Shopping at stores like Aldi’s or Trader Joe’s are great places for finding great deals on food.

Thrifting

Thrifting is officially back and it is becoming a major trend. Stores like Goodwill, Salvation Army and your neighborhood thrift store are great places to get great gifts, at a great price. People can be very hard to buy for, and thrift stores are great in that you never know what you are going to find in them. Clothes, appliances, bikes, books, and pretty much anything you could ever think of can be found at a thrift store. Young people especially are into picking out clothes at thrift stores, and designing them into their own unique fashion piece. Most thrift stores sell clothes by the pound instead of the individual item, so you can load up on shirts, and not break the bank like going to a retail store.

Online Shopping

Online shopping is considered to be one of the best savings tools available and can save you tons of money during the holidays. Besides the convenience of staying home and not waiting in line at a store, you can save some decent money. Online shopping can save you from impulse buying things you do not need. Every year people buy stuff that they see in the store, and end up never using. Online shopping helps reduce impulse buys because you’re not tempted by displays and advertising. People are more selective in the purchases they make. In addition, you can get more specific products you would not find in stores. Specialized gifts from Etsy and other small businesses can help add a personal feel to any gift.

Envelope Method

The envelope method is a great budgeting tool to save money. The envelope method is putting cash into envelopes for different expenses, and when you spend all of the money in the envelope, you can’t spend any more on that item. With expenses increasing in the holiday season, the envelope method is good for keeping costs down. When shopping for food, if you only have a small amount of cash left, maybe you cook something instead of eating out. It helps determine what is really necessary to spend money on.

The Envelope method also helps with creativity. Once you run out of money, or you are close to running out of money for a category, you have to find less expensive options. For example, many people go to see movies during the holiday season, but movie theatres can be very expensive. A cheaper entertainment option, would be to stay home, and find a movie on streaming services. Most streaming services, either have free movies, or give you the first month free, so it will get you through the expensive holiday season. The envelope method also works great with presents. If you budget a price for each person you are buying for it will limit you to finding an item for that price or less. It will keep you from overspending on items, and will force you to look for better deals or making a gift. Using envelopes can save you serious money during the holidays!

There are lots of ways to save money during the holiday season. Simple ways like downloading apps for stores, or buying generic foods can go a long way in saving money. A little effort and time, can result in big savings. You may even have some fun shopping for deals! It feels good to save, and that money can go a long way for your financial future. How much can you save this holiday season?

 

Share this article:

Please be aware of fraudulent text messages targeting Belco members. We have received several reports of members receiving messages that appear to be from Belco. THESE MESSAGES ARE NOT FROM BELCO COMMUNITY CREDIT UNION. If you receive a message claiming to have a hold on your account, DO NOT click the on the link. Delete the message and block the number.