3 Things I'm Doing to Boost My Holiday Cash Reserves
Need more money for the holidays? Here's how I plan to get some.
- Many people spend more money during the holidays.
- I'm hoping to snag more cash by spending less, increasing my workload, and applying for the right credit card.
The holiday season is rapidly approaching, and I'm very excited to celebrate it. Last year, due to the pandemic, we cut down our Thanksgiving guest list and spent the month of December isolated, away from family. This year, I'm hoping to attend more holiday gatherings and possibly even host some myself. But that means I'll need to prepare to spend more than I did last year. And so to gear up for that very distinct possibility, I'm taking these steps to scrounge up more cash.
1. Cutting back on leisure
Although I enjoy dining at restaurants, in the coming weeks, I plan to cut back on that and other leisure spending to drum up more holiday cash. I'm the sort of person who has no problem hanging out at home, so this isn't a huge sacrifice for me -- especially as the weather gets colder and I prefer to hibernate.
2. Working more
Being a freelance writer means I often have an opportunity to take on extra work and boost my income. Now, doing more work is a sacrifice for me. It requires me to put in added time at night and on weekends when I'd rather be relaxing or spending time with my family. But I'm also grateful to have that opportunity.
3. Looking out for the right credit card offer
Though I don't know exactly how much I'll spend on holiday purchases this year, between family members, friends, and gifts for my children's teachers, my total tab could easily near or reach the $1,000 mark. And so I'm hoping the right credit card could offset some of that spending.
There are many cards that are offering sign-up bonuses, where you get a certain amount of cash back for meeting a specific spending threshold within a few months of opening your account. One specific offer I'm looking at involves a $200 bonus cash payday for spending $1,000 within three months of opening a new card. Thanks to the holidays, that's more than doable.
How will you get your hands on more holiday spending money?
The last thing you want to do is close out 2021 with a pile of holiday debt. To avoid that, you may want to employ similar tactics to get your hands on more money.
If you don't want to give up social plans, see if you can cut back on a different expense category in your budget, like cable. And if your job doesn't allow you to pick up extra shifts, look at getting a side hustle. You may be able to boost your cash reserves by driving for a ride-hailing service or working at a local store on weekends.
Finally, see if there's a credit card offer that could put bonus cash in your pocket. As long as you won't have to force yourself to spend extra to snag a sign-up bonus, it's a move worth considering.
No matter what you do to come up with extra holiday cash, do your best to set a spending budget for the holidays and stick to it. After a very different 2020 holiday season, many people can't wait to go all out this year, but it's important to keep your expenses in check so you can end the year on a financially sound note.
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