A Not-So-Typical Holiday Savings Challenge

The holidays don’t have to only be about spending. Try this savings challenge to help you get through the season without breaking the bank.

Before Halloween is over, you begin to see gift wrap, holiday décor, and other seasonal items on shelves everywhere. It’s no wonder holiday retail sales are estimated to total upwards of $960.4 billion during the November and December timeframe, according to the National Retail Federation.

Spending for the holidays may increase each year, but this year can be different. Have a plan and follow though. This year, challenge yourself to save one dollar for every dollar spent.

Create A Game Plan

The best way to avoid overspending is to determine in advance what your expenses should be. Look to years prior to get an idea.

Gifts for the family, travel, and sightseeing are just the half of it. Are there office gift exchanges or holiday parties you’re forgetting about? Write it all down to try and get the most accurate figure.

Rework As Needed

If you aren’t content with your projections, feel free to modify your plan. Don’t feel compelled to remove things off your list if you don’t want to. All you need is a little creativity. Can you, for example, pack snacks for the road or make your holiday party a potluck?

You don’t always have to spend as much as you think. Find ways to save.

Be Proactive

Matching a dollar spent for a dollar saved is our way of enjoying today while investing in our tomorrow.

If you find yourself in a situation in which you can no longer afford to save, the real question becomes can you really afford to spend.

Don’t let the holidays leave you with empty pockets. Aim to cut back and prioritize your holiday spending.

Choose Your Savings Strategy

Think about how you will reroute your dollar-for-dollar match to savings. Do you want to review expenses on a weekly basis and make a transfer or do you want to establish an automatic transfer and adjust the balance at a later point?

Find an option that works for you. The important thing is to get it done.

Get creative this season to help you spend less while still showing the people you love that you care. Check out our other holiday blogs for more savings and preparation tips.