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How to Save $1,000 Before Christmas

Give yourself a debt-free holiday this year.
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“We must consult our means rather than our wishes.” ― George Washington.

Christmas is around the corner! If you’re planning to pay cash for holiday gifts, you’ll need to save $330 each month for the next three months. That may seem like a lot of money, but there are plenty of tricks to make it happen. You’ve got this!

One person’s trash, another person’s treasure

There is a massive market for gently used clothes. It just takes a little effort to cash in on the potential. So, tell Alexa to play your favorite playlist and start digging through your wardrobe. Dust off those old riding boots, and pull out the outfit you bought for your high school reunion but never wore.

Once you have chosen what items to sell, it’s time to take some photos and post them. You’ll need to decide where to sell your secondhand items online. We recommend Poshmark because it’s easy to get started. But Facebook Marketplace is also an excellent place to sell gently used clothing. 
With 80 percent of clothing donations going to landfills, finding a new home for your used clothes is also great for the planet.

It isn’t what you earn but how you spend it

Cutting back on your spending is easier said than done. We all enjoy little luxuries that are nearly impossible to give up. Here are a few options for saving money that we suggest. 

  • Buy store brand items when shopping for groceries, and avoid expensive prepared food.
  • Trim your entertainment expense by canceling one subscription.
  • Apply a strict ‘no-buy’ policy for 30 days. In other words, don’t buy a single piece of clothing, electronic gadget, or anything else for 30 days.
  • Order online instead of visiting a Target or Walmart store. Shopping online will reduce your impulse spending (items you don’t need but can’t seem to avoid buying).

Double your rate 

Autumn presents opportunities to make a few extra bucks. Offer to rake your neighbor's leaves in exchange for some cash. Have a (socially distance) garage sale. Start a pet-sitting or dog walking business to help families that are busy juggling extracurricular activities. Or open an Etsy shop to sell your crafty creations.

Start shopping now 

Holiday deals have already begun to surface. Buying a gift on sale now is more helpful to your budget than saving money to buy something full price in December. Getting some of your shopping done now can also help alleviate the pressure to overspend as the holidays get closer. 

Get a jump start on the holidays by saving money.