The holiday season is a time of joy and celebration, but it can also bring financial stress for many families. With the cost of gifts, travel, food, and other expenses adding up quickly, it’s important to find ways to afford the season without going into debt. According to a recent CNET survey, 72% of US shoppers plan on making sacrifices to cover holiday spending, with 24% leaning on buy now, pay later plans or credit cards. However, adding new debt to your plate can make things harder in the new year.
Fortunately, there are ways to boost your holiday fund and generate extra cash to cover expenses. Whether you’re starting from zero or have already saved a bit, here are some quick and effective strategies to help you afford the holiday season:
Earn some extra income: Consider gig work, seasonal jobs, selling holiday items and services, or providing yard work services to earn extra money to offset holiday expenses.
Sell your unwanted stuff: Take advantage of online marketplaces, consignment sites, and local consignment shops to sell vintage or gently used goods and make some extra cash.
Rent out space: Utilize websites like Airbnb, VRBO, Parqex, Neighbor, and YardYum to rent out a room in your house, a parking space, a garden plot, or storage space to earn extra holiday cash.
Cut back on everyday expenses: Trim expenses from your budget by cutting the cord on cable subscriptions, cooking at home more, saving on groceries, and canceling unnecessary subscriptions to free up funds for the holidays.
Check out your rewards balances: Use cash-back or points earned from rewards credit cards or cash-back apps to put towards holiday expenses like gifts.
Cash in gift cards: Look for unused gift cards with remaining value and sell them on websites like Raise and CardCash for cash.
Look up unclaimed money: Search for unclaimed money you may be owed, such as overpayments or unpaid wages, to boost your holiday fund.
By implementing these strategies, you can generate extra cash to afford the holiday season without going into debt. It’s important to avoid new debt during the holidays and start thinking about saving for next year’s holiday season. Consider putting aside a little cash each month in a high-yield savings account to avoid scrambling for funds next year. With these tips and tools at your disposal, you can enjoy a financially stress-free holiday season.
