Saving for a home is a significant financial commitment, requiring discipline and planning. But when the holidays roll around, it’s easy to get swept up in the spirit of giving — and spending. The good news? You can still enjoy the holiday season without derailing your savings goals. Here are 6 creative ways to stay on track.
1. Oh What Fun it is to Get Cash back
Why spend your hard-earned money when you can leverage the perks of credit card reward points? Many credit cards offer cash back or points for every purchase, which you can redeem for gifts, gift cards, or even travel. To maximize these rewards, plan your gift list around stores that generate the highest cash back. For instance, some cards offer 5% back at select retailers during the holiday season.
Be strategic: if you’ve been accumulating points throughout the year, now’s the time to use them. And remember, this only works if you pay off your balance in full each month—otherwise, interest charges will eat into your savings.
2. Make a List and Check It Twice
Impulse shopping is a budget buster, especially during the holidays. Create a detailed gift list and stick to it. To ensure you’re getting the best deals, use browser extensions like Honey or Rakuten. These tools automatically compare prices across different retailers and apply discount codes at checkout.
You can also track price drops on your gift items by setting up alerts on websites like CamelCamelCamel. By doing a little extra homework, you can avoid overspending and snag the best deals.
3. The Wonderful World of YouTube
Who says holiday gifts have to come from a store? YouTube is a treasure trove of DIY tutorials for creating high-quality home decor, personalized gifts, and more. From hand-painted ornaments to cozy knitted scarves, you can craft thoughtful presents that cost a fraction of store-bought items.
Not only will you save money, but handmade gifts also carry a personal touch that money can’t buy. Set aside a weekend, gather your supplies, and let your creativity flow. Bonus: You might discover a new hobby along the way.
4. Bake It ‘Til You Make It
Skip the expensive stocking stuffers and replace smaller gifts with homemade Christmas cookies and other baked goods. Wrap them in festive packaging like mason jars, holiday tins, or cellophane bags tied with ribbons for an extra-special touch.
5. Beware of the Procrastination Tax
Waiting until the last minute to shop can be costly. From paying for expedited shipping to settling for pricier gifts due to limited options, procrastination can quickly derail your budget. Instead, start early and try to plan your shopping around the sales.
If you find yourself doing last minute shopping here are some great holiday gifts that don’t require shipping. Or you can elimate shipping costs by shopping at local stores for holiday gifts.
6. Make Future Seasons Bright with Holiday Savings Accounts
One of the best ways to avoid holiday debt is to plan ahead. Many banks offer holiday savings accounts that allow you to set aside money throughout the year. By the time the holiday season rolls around, you’ll have a dedicated fund to cover your expenses.
About Metro Detroit Lender, Julie Krumholz
Julie Krumholz, is an FHA lender at Superior National Bank in Rochester, Michigan. With over 35 years in the mortgage industry, Julie’s goal is to provide the best possible mortgage experience and the most competitive rates. Julie has vast experience in FHA loans, VA Loans, USDA loans, portfolio loans, MSHDA loans and more.
