4. Learn to be a savvy shopper
One of the best ways to save money on holiday shopping is doing it online — and using technology to your advantage. But you don't need to be a tech genius to score extra savings:
- Sign up for promotional emails. One way to find out about exclusive sales and promotions is to sign up for your favorite retailers' newsletters. Once the holidays are over, you can unsubscribe — and remove the temptation to keep jumping on sales throughout the year.
- Add a coupon aggregator to your browser. Instead of scouring the web for coupons — and potentially missing out on hard-to-find codes — install a browser extension2 that does the work for you, like Honey.
- Sign up for cashback sites: In addition to using a rewards card, you can double-up on earnings by signing up for a cashback app3 or site such as Shopkick, Rakuten, or Ibotta. These companies pay you cash for shopping at certain retailers, no strings attached.
5. Setup account alerts
During the excitement and rush of the holidays, it can be easy to lose track of your spending or forget to check in on your accounts. Fortunately, you can set up low-balance alerts and get a heads-up from your bank if your account balance drops below a certain threshold. This can give you a chance to stop swiping and transfer funds to avoid pricey overdraft fees that eat into your holiday budget.
The holidays can be a stressful time, especially if you overspend and end up with a lot of debt to pay off in the new year. But it doesn't have to be that way. By making a plan ahead of time and starting a savings fund now, you can spend less time worrying about your finances and more time soaking up that holiday cheer.