You made it a goal for next year to purchase a new home and have been diligently saving all year long. But now that the holidays are here, it can be hard to stay on track as you navigate the parties, gift-giving, and more that come with this time of year.
The holidays can be expensive but that doesn’t mean it has to derail your savings goal. Here are some tips on how you can save money during the holidays without becoming a total grinch.
Set Expectations with Family and Friends
Saving for a house is not done overnight and thankfully people understand the magnitude of this task. Let your family and friends know your priority is saving for a home so you’ll be pulling back financially in order to stay on track. While your adult family and friends will understand without further explanation, you may need to reinforce the message with young children.
Set a Budget
Create a gift budget at an amount you’re comfortable spending without overextending yourself financially and stick to it. You can either set a maximum spending cap or individually set allocations for each person on your list. Our instinct is to pick an arbitrary number only to find out it wasn’t enough; instead, review your gift giving and see where you can trim the numbers.
Look Out for Sales
The best thing about the holidays are the sales. Take advantage of the discounts retailers readily offer this time of year to help purchase gifts. Be strategic with your shopping: sign up for mailing lists to receive discount codes and news on flash sales, redeem rewards points for gift cards or cash, or sign up for rebate sites like Ebates or Mr. Rebates to earn a small percentage of your online purchases (that you can funnel into your home savings account after the holidays!).
Get Creative with Gift Giving
While you may not be able to completely get out of giving gifts this year, you can get creative with what you do give. Instead of splurging on expensive gifts, consider doing a Secret Santa to reduce the number of gifts you’ll need to buy, bake cakes, cookies or make other sweet treats, or save long-forgotten family photos. You can even organize a fun outing that’s free or inexpensive.
These strategies should help you balance the fun of the season with your savings goals so neither one is left out in the cold. When you’re ready to buy your new home, visit HoneyFarmsLiving.com or call 1.833.65HONEY to make an appointment to view our model homes.