8 Ways to Save Money for a Debt-Free Holiday Season

This is a sponsored post. However, all thoughts and opinions are my own.

Every year you see articles about how much credit card debt the average family racks up during the holiday season. Instead of starting the new year off worrying about interest charges and minimum payments, you can use these next few months to save money to cover all those holiday expenses. Not only will your new year be less financially stressful, but you may find yourself sticking to these savings tips beyond the holidays.

1. Go Cash (or Debit) Only

If you find yourself charging things without first determining if they’re in the budget, leave the credit cards at home and pay with cash (or debit card) instead.

2. Keep the Change

If you’re paying with cash, place your change in a savings jar at the end of every day or week. It may seem like a small thing, but even the small savings add up after a while. If you are using a debit card rather than physical cash, try using an app to calculate and save the change.

Don't rack up credit card debt during the upcoming holiday season! Here are 8 ways to save money for a debt-free holiday season! #savemoney Click To Tweet

3. Try a No-Spending Challenge

No-spending challenges are becoming increasingly popular as a way to break the habit of constant purchases. You can choose a timeframe as long or short as you want, and decide between a complete spending restriction, or simply banning certain purchases such as clothes or restaurants.

4. Spend Your Latte Money on Your Savings Account Instead

Make your no-spending challenge even more effective by taking all that money you don’t spend on a daily latte (or other banned expenses) and transferring it to a savings account. You’ll earn a little interest and you’re less likely to spend that money when your challenge ends if it’s in a separate account.

5. Rethink Cable

With so many alternative options to cable television, such as streaming services, do you really watch cable TV enough to justify the monthly cost? If not, cut your subscription.

6. Talk to Your Cell Phone Carrier

Sometimes companies do actually value customer loyalty. You may be able to talk your cell phone provider into a discount or new phone if you ask.

7. Try a DIY Solution

Are there things you pay for that you could do yourself? Maybe you can give your kids haircuts instead of paying salon prices or drop your recycling off at a local collection site instead of paying extra for your trash service to collect it.

8. Consider a New Insurance Provider

You might be able to save a significant amount every month by switching to a different insurance provider and combining home and auto policies with the same company. Contact a local insurance provider to learn more about possible savings.

If you don’t want to worry about building credit card debt to cover the additional expenses of the holidays, start saving money now. There are many things you can do to spend less such as cutting cable and discretionary spending and placing all the extra cash in a savings account. You may be able to save money on your monthly bills by finding a new insurance provider or talking to your cell phone carrier. Cancelling your cable subscription is another way to save money.

Once you get used to spending less, you may even choose to continue this lifestyle.

Tootles,