Are you sick and tired of money slumps the holidays put on your wallet and ready to make a financial breakthrough? Then get ready to commit to our 6 Day Holiday Money Challenge! Sure, they say it takes 21 days to break a habit, but we’re going to share some information with you that’ll change your spending during this festive time in less than a week. That way you can spend money on gifts and holiday activities you’ll feel good about.
Day 1: Make Money On The Side
To begin this financial breakthrough, let’s consider some ways to make a few extra bucks on the side. Money you make or save from these side hustles can pay for all the gifts without digging into your normal budgets. Consider these options for Day 1 of your Holiday Money Challenge.
Online Surveys
If you enjoy sharing your opinion and would like to get paid for it, then consider taking surveys in your free time. Popular tools like Swagbucks, Survey Junkie, and Opinion City are just a few ways to make money by simply sharing your thoughts. Here’s a quick breakdown of these tools:
i-Say – Take a few surveys and get some extra cash, gift cards, and even travel rewards!
PaidForResearch – This site allows you to search through lots of different free survey opportunities in one place. With the chance to earn freebies and saving on big brands and many surveys to choose from, you can get paid up to $100 in 15 minutes.
PointClub – You’ll earn points for each survey you complete as a member, plus they are always coming up with new ways to help you earn points. When you have enough points, you can redeem them for cash or a gift card. Join the club for free today! This online survey opportunity even offers you $5 just for signing up.
Swagbucks – Earn points and get free gift cards by watching entertaining videos, shopping online, and more! You can use your gift cards at over 1500 popular retailers like Sephora, Target, eBay, Lowe’s, and more.
Survey Junkie – Share your opinions and earn cash and gift cards.
Earn Cash Back When You Shop Online
If you’re already online signing up for all those surveys, why not sign up for a cash back program that will reward you for online shopping. Good Housekeeping recently launched Good Housekeeping Pro Shopper, an online shopping program that offers members consistent, year-round savings on practically everything they buy online.
Good Housekeeping Pro Shopper members get exclusive access to 10% Cash Back and free shipping at 1,000+ online stores, including Target, Macy’s Etsy, QVC, Walmart, Best Buy, Bed Bath & Beyond, and many more.
As a member, the Cash Back you earn is automatic, meaning you won’t waste time digging for savings to slim down your order total. And with shipping rebates and free FedEx Ground® return labels, you’ll never have a reason to abandon your shopping cart again.
Earn $5 For Signing Up
Best Online Survey For Rewards
List Your Space
Do you have a room in your home that you’re not using? Or a property that you let your friends and family stay in occasionally, but is otherwise vacant? If yes, then consider listing your place on Airbnb. Set up some systems and processes, find a house cleaner, maintain supplies, and run your mostly hands-off business!
Ride-sharing is the New Wave
If you don’t have a home to rent out, but you do have a car, then consider doing Lyft in your free time. Once you’re approved, simply turn on the app, wait for the ride requests, and put some money back in your account on the same day!
Day 2: Money Saving Apps
Now that you have some ways to make a little extra money and even begin saving money after your gifts are purchased, you’ll want to know where the money you receive is actually going. Therefore, Day 2 of this Holiday Money Challenge, is dedicated to finding an app that’ll automate your financial life for the rest of the year. If you’re ready to get started, then consider one or more of these apps below:
Trim
Considered a financial assistant in your pocket, Trim is known for helping its users automate their financial life. Trim scans your account for recurring subscriptions and will cancel them upon request. It also has a Bill Negotiator, that negotiates better rates with providers like Comcast and more.
Digit
The app, Digit, is known for its ability to help you save money without even thinking about it. Once your bank accounts are added, Digit will calculate how much you can comfortably save everyday and automatically set it aside for you.
Chime
Where can you find a bank account with no monthly fees, no foreign transaction fees, and no overdraft fees? Look no further than Chime. Every time you spend, a portion will automatically transfer to your savings account.
Day 3: Credit Is A Big Deal
Wow, can you believe the number of tools mentioned so far that can change your financial forecast? While the above tools are complete game changers, this next tip is one of the most important. On Day 3, we’re going to quickly explain why credit is important and provide you with some tools to get started.
Why is credit so important?
Imagine you’re driving around town and you see the house of your dreams. It has everything you could ever want and more, and it’s even for sale! Well, having good credit is important because it not only affects where you live, but how much you pay. Someone with poor credit will be considered risky and will have a much higher mortgage payment. Your mortgage application could even be turned down if you have bad credit. The same goes for buying a car, finding a job, starting a business and more!
Check your credit score
According to a report by the Federal Trade Commission, 1 in 5 Americans reported errors on their credit reports. With that many errors, signing up for a credit monitoring service like Credit Sesame is a smart idea. They offer credit score reports and monitoring, identity theft protections, and insights on your finances.
Sign Up For Credit Sesame HERE, and make sure your credit report is where it should be. ”
Repairing Your Credit
The wonderful thing about credit is that it can be fixed, but it takes a little effort.
- Pull your credit report
- Create an improvement strategy and,
- Remove questionable items from your credit
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Day 4: Auto and House Payments
Are you currently paying a ridiculous amount on auto financing or home insurance? Do you need a vehicle but aren’t trying to spend an arm and a leg? Start saving on these services this year so that next year you’ll have a little leftover funds to spend during the holiday months. On Day 4, we’ll explore ways that you can save on your auto and home payments.
Auto Avenue will take you through a series of questions to determine the most appropriate auto financing plan for you based on the information provided. This is a great option for those that don’t have a perfect credit score but still need options.
Day 5: Creating A Budget
Day 5 of this Holiday Money Challenge is about truly creating a budget that you can stick to. By now you should have done one or more of the following:
- Downloaded a banking app so you know where your money is coming and going
- Picked-up a side hustle that you can do in your free time
- Negotiated better rates on bills or canceled recurring subscriptions, and
- Began working on repairing your credit
If you’ve done any of these steps so far, then hats go off to you, but how will you make sure you stick to it? Here are three budget types that’ll make you want to stay on track.
The Envelope Method
This challenge is great for those who tend to overspend when using their debit or credit cards. After obtaining your envelopes, you’ll label each one with different categories, such as vacation funds or dining out. When you get paid, use your bank account to pay your bills and use the remaining funds to divide in between your envelopes. If you decide to dine out, use the ‘dining out’ envelope and only spend what’s available. Using cash tends to stop us from overspending because we can actually see it leaving our hands.
The 50/30/20 Method
If you’re salaried, then this method may be the easiest and fastest way to accumulate more money. Once you’ve determined your after-tax income, do the following:
Only spend 50% of your earnings on needs (e.g. bills, food, rent)
Only spend 30% of your earnings on wants (e.g. dining out, shopping, etc.)
Spend 20% of your earnings on financial goals (e.g. reducing debt, retirement, etc.)
Just Make A Commitment
One way to stay committed to maximizing your money is by setting up a countdown. For example, if you’d like to save $2000 in 30 days, then create a countdown on your phone where you have to start over each time you spend money unnecessarily. If you really want to stop yourself, then set it up so that every time you overspend, you not only have to restart the clock, but you also have to donate to a cause you absolutely don’t support. The latter has worked wonders for those following fitness challenges.
Day 6: Save Money Around The House
Finally, you’ve made it to Day 6 of Your Holiday Money Challenge! This last step is one that most people overlook, but it actually has a huge impact on your finances. If you’re at home, take a moment to look around and consider how you can save money. Is a lamp on that shouldn’t be? Is everything name brand? Do you really need that expensive candle? We’re going to list just eight ways you can save money by just changing your homely habits:
- Stop impulse buys and follow a grocery list, especially for those big family meals this month
- Make money of your gifts this year, DIY is the way to go
- Drink more water versus sodas, teas, and other beverages
- Buy generic items versus name brand
- Unplug unused appliances and electronics
- Follow meal-plans that require like ingredients and meal prep while you’re at it
- Use baking soda instead of expensive candles and wall scents
- Exercise at the park or at home with your relatives versus getting a gym membership
- Use energy efficient bulb
