Money Managing Experts Dish 19 Tips on How To Save After an Expensive Holiday

Lauren Gordon | Jan 17, 2020 Money
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  • Pay with cash.

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    Pay with cash.
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    "People paying with cash spend 20 percent less without feeling deprived, according to research by the National Foundation for Credit Counseling. It’s better than using a check or debit card. Even the sight of a credit card logo on most debit cards excites consumers, studies show. So leave those cards at home under lock and key."

    -- Pamela Yellen, founder of Bank On Yourself, a financial investigator, and the author of The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.

  • Enjoy time with pets. 

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    "Rover.com can connect you with good paying dog-sitting and dog-walking opportunities in your area. (Mom) Sitters are able to work right from home, choose their own rates and have the flexibility of scheduling their work around their availability. Rover sitters/walkers can easily earn over $1,000 per month, which goes a long way when trying to save money."

    --  Andrea Woroch, nationally-recognized consumer and money-saving expert

  • Remember the goal.

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    "This helps you to decide whether or not what you are about to purchase is more important than your goal, and realize that every time you don’t spend money, you’re closer to reaching your goals. You’ll make spending decisions today that not only build happiness for you now, but also ensure a happy future."

    -- Pamela Yellen, founder of Bank On Yourself, a financial investigator, and the author of The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.

  • Save first. 

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    Save first.
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    "Structure your finances around your savings rate (the percent of your income that you want to save). Start by looking at your current monthly spending, and four weeks’ income. Only base your monthly budget on four weeks’ income, because that’s all you can expect to earn in most months. When you get an occasional bonus paycheck, just put it straight toward savings. List your savings rate as your first expense. Then fill in other expenses in your budget, and cut whatever you have to in order to make your savings rate work.

    Next, automate the actual savings, so it’s the first 'expense' paid each time you get paid. Set up automated recurring transfers to take place on the day you get paid, for every single pay cycle. Better yet, have your employer split your paycheck’s direct deposit, with your savings going directly into your savings account.

    The easiest way to not spend money is to simply remove easy access to it."

    -- Deni Supplee, co-founder at SparkRental.com

  • Declutter and sell unused items.

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    "Most moms are probably feeling pretty overwhelmed by all the toys around the house after the holiday haul. Make extra money and declutter your home by selling unused items at consignment shops, or an online marketplace."

    -- Shannon Caims, a family finance and frugal living expert at thefrugalfootdoc.com
  • Ask why, and ask often.

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    "As yourself why you want to buy something -- whether it’s for yourself or as a gift. You may realize that you’re being manipulated into it by advertisements. Just that awareness is often enough to quench the thirst. Another surprising tip: Clench for savings! Making a fist or flexing your biceps has been shown to help people resist at the moment they’re standing in front of a tempting purchase."

    -- Pamela Yellen, founder of Bank On Yourself, a financial investigator, and the author of The Bank On Yourself Revolution: Fire Your Banker, Bypass Wall Street, and Take Control of Your Own Financial Future.

  • Look for freebies.

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    "A new year means a fresh calendar of birthdays, so spend time finding out if your family’s favorite brands and restaurants offer birthday freebies. For example, Olive Garden offers a free appetizer or dessert on your birthday. Best Buy also offers their members a birthday gift to be claimed during their special month. Free birthday treats are perfect for helping you to cover the costs of birthday celebrations. Sign up to your family or friend's favorite brands with their birthday to receive the freebies at the ideal time."

    -- Alice Gerwat,  money-saving expert for Magic Freebies
  • Make a list.

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    "Check your pantry and list down the food items in there. Before doing grocery shopping, make sure to check your pantry first as you may have leftover grocery stuff that you can cook in the next couple of days."

    -- Pratibha Vuppuluri, Chief Blogger, She Started It!

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