Updated: Dec 10, 2019
During the holiday season, most people are focused on buying gifts. But if you really want to maximize your money all year long, there are some strategies you can use during the holidays to stretch your dollars throughout the year. Here are a few ideas to get you started:
Stock Up on Winter Clothing and Shoes
Rather than stocking up on winter clothes, boots and scarves when the weather starts to get chilly in the fall, wait to buy them on Black Friday, Cyber Monday or in the last few days before Christmas when items go on deep discount. Warning though, sometimes sizes sell out before Christmas so don’t wait too long.
Shop for Next Christmas/Hanukkah the Day After Christmas
Holiday decorations, wrapping paper and bows are sold at deep discounts the day after Christmas. Save part of your holiday budget to buy ahead for next year.
Put Money in Your IRA
The end of the year is a great time to put extra money in your IRA to reduce your taxable income.
Buy Birthday Gifts in Advance
If you see a good deal over the holidays, buy it now to save for someone’s birthday later in the year.
Stock up on Food
Watch for bulk specials at your local grocery store. While some food items are perishable, others can be frozen and pulled out for the months ahead.
Donate Money to Charity
While giving to charity is not rewarded as richly as it once was in terms of tax deductions, many people believe that when you give generously, you open up doors for greater blessings. One way or the other, the act of giving will give you a sense of well being that is more valuable than monetary riches.
At this point, some of you may be thinking, “These are great ideas but I don’t even have enough money for the gifts I must buy this year.” This is a common problem, but it can be overcome with some advance planning. Instead of buying things during the year, resist the urge and set aside that money in a savings account to stock up for next year.
Select FCU has a special account that only allows withdrawals during November and December, so it eliminates the temptation to spend it before the holiday season. If it’s not possible to do even that, stop by Select FCU to learn about other resources that can help you improve your financial situation.