Save $1K before Christmas
Topping up your spending money could be easier than you think
Depending on when you’re reading this, there would be no more than 11 weeks or so until Christmas. The festive season is an expensive time and the costs can certainly add up. Our challenge this month is to save and make an extra $1000 between now and Christmas to help fund the additional spending.
Let’s start with a few simple saving challenges. One that has been making headlines lately is saving every $5 note that you come across. Any time a $5 note hits your wallet, you take it out and put it towards your savings. Surely you’ll come across at least two $5 notes a week between now and Christmas. TOTAL SAVING: $110.
We all know that giving up your daily takeaway coffee and bringing in your own lunch to work is a smart way to save, but if you find it too hard to do every day, why
not simply aim for just one no-spending day each week. Assuming you buy one takeaway coffee and lunch and a few other small extras, you could save $20 a week. TOTAL SAVING: $220.
Take the time to shop around and see if you can score a better deal on anything you are paying for on a regular basis including insurance, mobile phone plan, internet service, gas and electricity as well as any banking products. I’d be surprised if you didn’t save at least $150 by shopping around. TOTAL SAVING: $150.
On the flipside, instead of cutting back, let’s look at simple ways you can make some extra cash.
The most obvious way to make some extra money is to get rid of any unwanted items. As they say, one man’s trash is another’s treasure, so you can declutter and make some extra cash as a result.
October is the perfect month as there is a national Garage Sale Trail on the weekend of October 21-22. Last year the average household sale made $379. TOTAL SAVING: $380.
There are quite a few ways you can make some extra cash by renting out everything from your tools to a room in your house and anything in between. Check out Open Shed, Spacer, Car Next Door and Airbnb to name just a few. Let’s say you can make an extra $50 a week using one of these platforms. TOTAL SAVING: $550.
If you’re happy to put in a bit of extra work, again we turn to the share economy. You can boost your budget by signing up to drive people around in an Uber, pet sit using sites like Mad Paws, or do odd jobs on Airtasker. Let’s say you make $50 a week. TOTAL SAVING: $550.
With these simple ideas, we have put an extra $1960 into our pockets between now and Christmas – almost double the $1000 that was our original goal. You don’t have to do them all to meet the goal of $1000, so pick the suggestions that appeal to you most and you could be $1000 richer by December 25.