The gift-giving season can sneak up on you if you're not paying attention. So it's never too early to begin saving for the holidays. And while not everyone plans a budget for the holiday season, creating a holiday savings plan and sticking to it is the best way to eliminate surprises.
Here are a few savings tips to help you put away holiday funds this year.
Set up a separate savings account
To keep your holiday money separate, consider opening up a savings account . Companies like Axos Bank™ offer traditional online savings accounts that allow customers to earn as they plan their holiday budgeting. Follow the tips below to find money to put into an online savings account where you’ll be less likely to spend it on regular expenses. That way your money stays safe and you'll earn interest on your savings until you're ready to start shopping.
Skip the Starbucks
One of the easiest and most effective ways to save money is to cut back on regular expenditures. Whether that means skipping your daily caramel macchiato at Starbucks or packing your lunch for a few months, small daily savings can really add up over time. If you skip a $4 cup of coffee five days a week, you could save approximately $480 over the course of six months! Why not put that $20 a week toward your holiday budget?
Seek out a second job
Side jobs are a great way to earn extra money for holiday shopping, and can include anything from picking up a few shifts at a local coffee shop to babysitting for friends and neighbors. Check out retail stores and restaurants in your area that might be looking for part time help. Make sure to put all of your side income into your holiday savings account to reach your holiday budget goal.
Find the right account for your savings
If you don't have the time to get a second job, and already have money on hand that isn't being utilized, consider a short-term savings product as a way to grow your savings before the holidays arrive.
There's no better time than the present to start saving and budgeting for the holiday season. And since opening a savings account is so easy, you'll have plenty of time to save money to put toward your holiday expenses.