The holiday season is upon us, which means additional expenses are ahead. Gifts, travel, food and other costs add up quickly, taking some of the joy out of a season that's supposed to be joy-filled.
Prices are high across the board, and many families are struggling to afford increased holiday costs. Three quarters (72%) of US shoppers plan on making sacrifices to cover holiday spending, according to a recent CNET survey. About a quarter (24%) will lean on buy now, pay later plans or credit cards. But adding new debt to your plate only makes things harder in the new year.
While the holidays are just around the corner, there's still time to put money aside to help you afford the season. Here's how.
How to grow your holiday fund ASAP
Whether you've already saved a bit or you're starting at zero, here are some quick ways to generate more cash for holiday expenses.
💵 Earn some extra income
Any extra money you earn right now can help offset holiday expenses. There are plenty of options to fit your skills and schedule, including:
Gig work: If you have a skill like writing or graphic design, you can use platforms like Fiverr or Upwork to advertise your talents and get paid for them. You can also pick up work delivering food or groceries with an app like Grubhub, DoorDash or Instacart.
Seasonal jobs: As holiday shopping picks up, many companies need extra help to meet the demand. Consider taking advantage of a seasonal job to boost your holiday fund.
Selling holiday items and services: If you like making things, you could sell unique holiday decorations or baked goods at a local holiday market or online. You can also offer services like gift wrapping and house decorating to your friends, family and neighbors.
Yard work: If you're in a warm climate where grass is still growing, consider providing lawn mowing services. If you're in a cooler climate where leaves are falling, offer to rake and remove them. And if the snow is already upon you, digging people out of their driveways can also earn you some cash.
👚 Sell your unwanted stuff
Many people are looking for vintage or gently used goods as prices continue to rise. Take advantage of this trend by selling your unwanted stuff. Places to do so include:
Online marketplaces: Facebook Marketplace, Craiglist and eBay can be a great way to sell a wide variety of things to people near and far.
Consignment sites: Some reselling sites are geared toward specific items. Check out ThredUp, Poshmark and The RealReal for clothing, accessories and luxury items or Kidizen for kids clothes. Sites like Swappa and Decluttr are good for tech items.
Local consignment shops: Consider bringing your clothing and accessories to a consignment shop in your area. When your stuff sells, the shop takes a percentage of the proceeds -- typically 40% to 60% fee -- and gives you the remaining funds. That may sound steep, but it takes the hassle out of dealing with buyers yourself and shipping items.
🏠 Rent out space
Space is valuable. Every extra room, parking spot or square foot of storage space you have could help you boost your holiday fund. Here are a few websites that can help you turn your extra space into extra cash:
A room in your house: Lots of people travel for the holidays. You could list a room in your home -- or your whole home if you'll be away yourself -- on websites like Airbnb or VRBO to make extra holiday cash without committing to a full-time roommate. You can also use websites like Roomi and Roomster if you're interested in a full-time roommate.
A parking space: Do you have extra room in your garage or driveway? You can rent parking spaces through websites like Parqex, Neighbor and Spacer.
A garden plot: Live in a warm climate? Sites like YardYum can help you rent out garden plots to people who don't have the space to grow things at their homes.
Storage space: If you have an extra closet, garage, or shed space, consider renting it out through a site like Store At My House.
✂️ Cut back on everyday expenses
There's a good chance you find expenses you can trim from your budget -- even if you only do so temporarily to boost your holiday fund. Here are a few easy ways to cut costs:
Entertain yourself for less: Cut the cord on your cable subscription or consider suspending some of your streaming services. Find free or cheap events in your community. Host a game or movie night at home and ask friends to bring a dish to pass. There are plenty of ways to have fun without spending a ton.
Cook at home more: Meals prepared by restaurants are significantly more expensive than those you make at home. Stop eating out, and you'll automatically keep more money in your pocket.
Save on groceries: Save even more on those at-home meals by shopping smart for your ingredients. Switch to store brands, shop the sales and create a weekly meal plan to get more strategic about your purchases.
Cancel unwanted subscriptions: Don't pay a monthly fee for a service you don't even use. Whether it's a gym membership or a subscription box, canceling unnecessary subscriptions is a no-brainer.
💳 Check out your rewards balances
If you've earned cash-back or points from a rewards credit card or cash-back app, put them toward holiday expenses like gifts. It's essentially free money.
💰 Cash in gift cards
I recently cleaned out my wallet and found two gift cards I received as a wedding gift six years ago. Those gift cards still have value. If you look around your home, wallet or purse, you may find gift cards with money still on them too. Websites like Raise and CardCash will pay you cash for your unused gift cards.
🔎 Look up unclaimed money
You may be owed money you're unaware of, like an overpayment your utility company never refunded you or unpaid wages from a former employer.
Most unclaimed money is held by the state the money is in. So, you'll need to find your state's directory. Search "find unclaimed money in [your state]" online or use a site like BeenVerified to search for unclaimed money across all states.
There's still time to generate some extra cash for the holidays
It's important to do everything you can to avoid new debt this holiday season. The good news is you have the tools to boost your holiday fund at your fingertips -- even if you haven't started saving yet.
It's also smart to start thinking about how you'll save for next year's holiday season. Consider putting a little cash aside in a high-yield savings account each month so you're not scrambling to find extra funds next holiday season.
