As of November, over 20 million Americans are unemployed and receiving some sort of unemployment benefits. Those are harrowing numbers. With this in mind, nobody’s going to blame you for easing up on gifts this year; times are tough. Meanwhile, you may already be concerned about the state of your savings account. An unexpected bill or emergency car repair can always pop up when you’re the least prepared, that’s why it’s important to have your finances in check this holiday season. Whether you’re barely getting by or need some extra cash for the holidays, here are four ways to keep your finances in order this holiday season:
1. Make a List (and Check it Twice)
If you’re strapped for cash, now would be the perfect time to plan out your holiday budget. Calculate your expenses for the month (rent, insurance, etc.) and set realistic expectations for yourself. Next, estimate how much you will get paid for the month of December (Make sure to include holiday pay and any overtime!). It helps to write all of this information down on paper, or, you could always try using a budgeting app like Mint to track your spending. Now, with your finances tracked, plan accordingly. Maybe you’re all caught up on bills and won’t have to reduce your spending after all. Maybe your finances aren’t looking as healthy as you thought and have to take out a holiday loan. Whatever you do, try not to over do it this year. If 2020 has taught us anything, it’s to expect the unexpected, which in this case, could always manifest itself in the form of unanticipated bills.
2. Get Your Credit in Check
Speaking of bills, there’s no need for your credit card debt to skyrocket this holiday season. You may be considering opening a new credit card for the holidays, I mean, why not right? With retail credit cards, merchants offer heavy discounts on initial purchases and can offer cash back on in-store purchases. On the surface, this may seem like a good way to save money, and it can be! Just be mindful of your credit limits — maxing out your credit card could end up negatively affecting your credit score. In addition to a retail credit card, consider switching to a Tomo Credit Card! A Tomo card is a history-free credit card with flexible limits that will give you 1% cashback on all of your holiday purchases. A Tomo card is also interest free, so you won’t have to worry about any outstanding fees!
3. Try a Side Hustle
There is surely a shortage of side holiday hustles this year as a result of the pandemic, but there are still ways you can manage to make some cash on the side from the comfort of your own home!
Try going through your closet or garage and use a selling app like Mercari. You can sell pretty much anything on the app and now is the perfect time to sell any unwanted clothes or knick-knacks you may have lying around. While you’re at it, try shopping around the app yourself for some deals on Christmas gifts!
If you don’t have anything of value laying around to sell, try browsing through the Nextdoor app. Nextdoor is a community app that functions similarly to Craigslist. People in the community tend to request services in exchange for money such as garden work, pet sitting, tutoring, and more. Otherwise, if you’re more of a creative entrepreneur, I’ve seen people advertising homemade holiday treats and gift baskets up for sale on the app. The best part of the app is that you are only limited to buy and sell within your community, so you won’t have to worry about any shady business deals or scammers.
4. Contactless gift ideas
If Thanksgiving was any indication of what to expect for the holidays, then it’s safe to assume that holiday get-togethers will be kept to an absolute minimum this year. You don’t want your family to risk flying in from abroad, nor do you want to risk any chance of getting your eighty-something year old grandmother sick. Sure, you could always send them a gift in the mail, but in the theme of this year, why not go contactless?
Nowadays, it seems like there’s a subscription box for everything. For Grandma, why not give the gift of knowledge (and caffeine) with My Coffee and Book Club? For Mom, help her save on groceries throughout the year with an Imperfect Foods subscription. For Dad, upgrade his swag with a GQ Best Stuff box. And for your siblings? If they’re of age, they might be delighted with a bottle of wine on their doorstep from Winc every month. But if your siblings are years away from the legal drinking age, then try surprising them with some monthly crafts from KiwiCo. Keep in mind, these are just several ideas out of hundreds of subscription boxes. You’re bound to find something both relevant and within your price range out there.
However you choose to spend your holidays this year, make sure you stay safe and keep healthy! Happy Holidays!