Christmas in July

The Holiday season is just 6 months away and #HELLOBREAKTHROUGH is here to help you start preparing now. Enjoy our Christmas in July series for helpful money saving tips for the holidays season.

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TIP #1: How much are you Going to Spend & Set Your Savings Goal

Take a look at the amount of money you spent last year (or the year before) over the holiday season. How? Pull your bank and credit card statements from October to December of 2019 and 2020. Things you want to remember to consider could include:

travel expenses decorations cleaning supplies

food bedding and toiletries wrapping paper

alcohol stocking stuffers chef, DJ, Santa suit, etc

gifts paper plates, plastic forks, napkins, etc

You’ll want to look at all holiday expenses so you can estimate what you’ll likely spend this year.

Ready to do some math? Let’s say your total Holiday Budget is $1500. Divide your total by the number of paychecks you’ll have between now and the end of November. If you get paid twice a month for the next 5 months, you’ll have at total of (at least) 10 paychecks.

To reach your goal of $1500, you’ll need to start setting aside $150 from each patch check. ($1500/10)

TIP #2: Make Your List of Gift Recipients & Check It Twice

By now, everyone who matters to you should know about your financial goals. If not, tell them now. Now, take a closer look at your gift list and decide who you really want to buy for. Here are some F3 (Financial Freedom Friendly) suggestions to save money this holiday season:

1. Draw names and only buy for that person

2. Establish a spending limit on gifts you plan to purchase (AND STICK TO IT!)

3. Only buy gifts for the kids

The biggest key here is communicating your financial limitations early to set & manage expectations which can also help avoid disappointments.

TIP #3: Look for Deals & Celebrate Not Maxing Out Your Credit Cards

Who doesn't love a good sale?!? The best way to maximize your savings for the holidays is to look for sales. By starting your planning now, you can look for travel deals early, and comparison shop during fall sales. Celebrating after all, is about having fun with family and friends – not maxing out credit cards.

TIP #4: Multiply Your Streams of Income

Now that you've created your budget, you realize you still need some extra cash to meet your savings goals. Try a few of these ideas to add to your streams of income:

1. Pick up a few extra shifts at work

2. Find a part time job (Uber, Favor, Doordash, Lyft, Babysitting)

PRO TIP💡: Don't be embarrassed to get a second job at Walmart, Amazon, Target or Pizza Hut. If it helps you reach your goal, WHO CARES!

TIP #5: Stash Your Cash

If working more isn’t possible, find ways to generate lump sums of cash for your Holiday savings.

*Have a garage sale

*Sell unused furniture or vehicles

*Sell gently used clothes, shoes, handbags

*Save your tax refund, bonus or commission checks

*Ask for gift cards for your birthday or special events to stores you shop at.

Another way to save money is to reevaluate how you're spending it. Try decreasing your entertainment budget or dining out budget by 25% for the next 5 months so you can meet your savings goal.

PRO TIP: Open a savings account for Holiday Expenses and put all of the money you save here. As you start seeing the balance in your savings account grow, you might be tempted to spend a little here or there. Make it hard to access the account so that you don’t sabotage your plan.