As the holidays approach, you might want to find some ways to reduce the financial stress it brings to your family. You may want to save money to buy an assortment of gifts, or alternatively, you might want to have extra money to pay for traveling with a family or making a memorable experience for your kids. Here are five great ways to avoid a financial crisis after the holiday season ends.
Having a Christmas Savings Account
Check with your bank to determine if you can have a special interest rate on a Christmas season savings account. With this type of account, you can have money deposited directly from your paycheck or your checking account each week so that by the time that the holidays arrive, you have extra cash for shopping.
Shop for Gifts throughout the Year
Don’t wait until December to look for holiday gifts because the best bargains occur at other times of the year. Look for clearance sales and special deals on the toys or electronics that your children and other people want for Christmas. Hide the gifts in a safe location where your children won’t find the items so that you won’t spoil the surprises.
Rent a Mother-in-law Apartment during the Holiday Season
To make extra money, you should have a mother-in-law apartment that you can rent to paying guests throughout the busy holidays. You can create an apartment over a home’s garage or in a basement to have a place to rent to tourists who visit your area. There are online vacation rental sites where you can advertise to find short-term renters. You should learn how to make money with Airbnb as there are many experts with experience. Most small businesses have to start with capital. However, if you already have space in your home then you can use that to make money.
Work in a Store during the Holidays
If your kids are in school you may be able to pick up a part-time job during the day. Many stores want to hire extra employees during the holidays, so if you can cope with working a part time job, then you can make additional money for the expenses that occur throughout the holiday season. In addition to a paycheck, you may receive a discount on the purchases that you make. Even if you only work for a couple of weeks, you’ll be able to get your presents without leaning into credit card debt.
Consider a Secret Santa Claus Holiday Season
If you have a larger family and numerous friends, then shopping during the holidays can become expensive. A secret Santa Claus gift exchange involves only needing to buy one gift rather than buying hundreds of gifts, and in addition, you will only receive one gift. This is one of the best ways to save money throughout the holiday season. This way most of the gift budget stays for the kids and teens.
Create a Holiday Budget
Sit down with your family to create a holiday budget that won’t leave you in a dire financial situation. Your children may prefer making memories throughout the holidays rather than receiving additional toys.
Kara is a freelance writer from Utah. She enjoys Tennis and spending time with her family.