8 Ways To Save Money Fast and Get Ahead Of Your Post-Holiday Budget Recovery - Forbes

Key Takeaways

• Use the money you have lurking in the form of unreturned purchases or old gift cards.
• Save on purchases you were planning to make by scoring free shipping or using discount codes.
• Find non-monetary ways to celebrate the holidays with loved ones.

It's the most wonderful (and expensive) time of the year. The winter holiday season alone is responsible for $889 billion of spending in the United States.

Many Americans find themselves looking for extra cash to fund their celebrations during the weeks leading up to holiday gift-giving, parties, travel, and other festivities. This is particularly true since high inflation has been a bit of a Scrooge this year. And in the weeks following these big expenditures, you can enact some cost-saving measure to make sure your holiday cheer didn't sink your 2023 financial plans.

If you're looking for ways to boost your end-of-the-year budget, here are several options to save extra cash between the holidays.

1. Use your gift cards

Using in-store currency like gift cards can be an excellent strategy if you need to stretch your budget. According to a new study, 47% of U.S. adults have at least one unused voucher, gift card, or store credit.

This keeps your actual dollars in your pocket, so check your wallet for old gift cards. Even if they're only worth a few dollars, well, you're saving already.

2. Cash in your Cash Back

Many credit cards offer cash back as an incentive. If you do a lot of spending on your cards, this cash can add up quickly. Most cards will let you apply your rewards directly to your credit card balance, receive a paper check, or get a direct deposit into an account of your choosing.

If you don't use credit cards, other apps and web browser extensions allow you to get cash back when you shop online. Rakuten, Honey, and TopCashBack are popular and partner with a variety of retailers. Most of these cash back apps pay via PayPal or direct bank deposit.

3. Return unwanted gifts and purchases

A study found that 66% of Americans waste money by failing to return items they don't need. That shirt you ordered in the wrong size or the appliance you somehow ended up with two of can easily be converted into holiday cash.

If you're worried about not having your receipt, that might be less of an issue than you think. Many major retailers can look up your purchases based on the credit or debit card you used.

You can also scan your inbox for confirmation emails with proof of purchase so that you can return the item if you ordered it online.

If these strategies don't work, try returning the purchase anyway. Some stores will give you store credit or a gift card, which you can use to purchase gifts or other items.

4. Sell unneeded items

There are apps and websites that turn anything and everything you no longer need into cash. Brick-and-mortar stores like Plato's Closet and Once Upon a Child will pay you cash for your used clothing and accessories.

For gently used, name-brand clothing, try apps like Poshmark and Mercari.

Once you've cleaned out your closet, you can move on to bigger items. Sell your books through Half Price Books and Bookscouter.com, then try Decluttr or Swappa for your electronic devices. Play it Again Sports buys used sporting goods as well.

Use Craigslist, OfferUp, or Facebook Marketplace for furniture and household goods. If you have collectible items or anything else, there's eBay.

Selling unwanted items is a win-win-win. It keeps goods out of the landfill, passes them on to others who will use them, and puts money in your pocket.

5. Pick up a gig

Picking up a full-fledged side hustle like DoorDash or Postmates might not be the best way to get quick cash since they require a vetting process that could take a few weeks. However, you shouldn't underestimate the need for gig work.

Parents need childcare while they attend work parties and social gatherings. Pet owners need dog walkers and sitters to care for their animals when they travel for the holidays. Many homeowners are willing to outsource snow shoveling during this busy season.

Reach out to those you know first to see if there's a need you can fill to make some extra money. Beyond that, a quick search for social media groups or apps to connect with those who need your services.

6. Score free shipping

With inflation dampening the spirit of the season, it's no surprise that shipping costs have risen. Shipping rates with most carriers are higher than they were a year ago. An easy way to trim some of your holiday spending is by getting free shipping.

Amazon Prime's free shipping incentive is plenty popular, but there are plenty of other options. Many companies allow you to skip shipping costs if you pick up your parcels in the store.

Some also give you free shipping if you spend a minimum amount on your order. Remember that sometimes this requires an additional coupon code. Other times, the savings are automatically credited.

In certain scenarios, it's as effective to spend the extra $10-$15 on an extra gift or another item to push you over the free shipping limit since you'd pay just as much in shipping anyway.

While this strategy takes some skill and planning, omitting the shipping costs from your holiday budget is a great way to save money.

7. Find coupon codes and discounts

This won't help you come up with more money, but it may help you spend less. The internet is filled with discounts, coupon codes, sign-up bonuses, and more ways to save on holiday purchases.

Before you hit the 'purchase' button, do a quick search using the store's name and 'coupon code' or 'promo code.'

Sites like Retailmenot.com and CouponCabin.com have discount codes for many major retailers. They also offer stats and ratings from users about how accurate and usable the codes are.

Many sites even offer a percentage off your order if you sign up for texts or emails. These are often in banner ads at the top or pop-up ads when you first enter the site.

If you're not a huge online shopper, check your weekly mailers and local newspaper for physical coupons. Depending on the issuer, physical coupons can sometimes be stacked with digital coupons, particularly at grocery stores.

8. Consider non-monetary gift-giving

It may be a cliché, but the best gifts come from the heart. Gifts to your friends and family don't need to cost a lot to be meaningful, so look for ways to say "I love you" that don't involve opening your wallet.

A heartfelt letter is a great place to start. Pair it with a loaf of homemade bread or a treat from an old family recipe, and you've got the perfect present for teachers, neighbors, or coworkers.

Acts of service that are tedious or have been put off for a long time are at the top of the list of free gifts. Cleaning out a garage or storage unit your family member has been meaning to organize.

Or, try compiling stories, photos, or a family history of parents or grandparents to share with the family. You could even write a song and sing it to your significant other.

With a little creativity, you can send gifts that mean as much as the store-bought kind and will be remembered for many years.

Bottom Line

It's easy to go overboard during the holidays. As you recover from the constant reaction of reaching for your credit card this holiday season, ensure that you're also leaving room in your budget for investing.

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