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Christmas Clubs, the envelope system, and a good old fashioned budget are some of the ways people save for their holiday spending. If you are looking for a unique way to save the cash you need while still staying in budget, the gift card method may be for you!
This method helps you save the cash you need for the holidays, and it assures you won’t tap into your savings before you spend it. Look below at how to save for Christmas shopping using the gift card method, and see how easy this method can be to implement!
1. Start as soon as you can
The way to be the most successful with this method is to start as soon as possible. The sooner you start, the more money you can save. Ideally you want to start 3 months before the holidays, but even if you start a month before it still gives you time to set cash aside.
2. Set aside a certain percentage of your salary each week
Decide how much of your salary you wish to set aside each week. This can be a dollar amount or a percentage. For example, you can decide to set aside 10% or £50 each week. Choose a figure that works for you. You can always raise it if your budget allows.
3. Turn that cash into gift cards
When you take your allotted amount from your salary each week, take it directly to the store to purchase a gift card. You want to choose a store that you know you will use for your holiday shopping. Options include supermarkets, Amazon etc. If you have taken £25 out of your salary, purchase a £25 gift card.
4. Find ways to make your gift card purchase go further
Buy your gift cards from a grocery store that offers fuel points. This way you are earning points on your purchase that can be redeemed for a fuel discount later. Or, keep an eye out for gift card bonuses. Some restaurants offer a free £5 or £10 gift card when you purchase £50 in gift cards, so this is a great way to get more for your money.
5. Safely stow the gift cards away
Find a safe place to store your gift cards. A family safe is ideal. Keep saving your gift cards until you are ready to kick off your holiday shopping. Since you have your currency in gift cards and not cash, you won’t be able to sneak into it and pick away at it! Some gift cards allow you to register them for safekeeping, so if this is an option, take advantage of it.
6. Start spending!
As Christmas nears, gather up those gift cards and start shopping! You can spend them just like cash to get the items you need. You will still be able to use them on sale items, get gift receipts, and more. Let the gift cards be your currency and budget your shopping around the amount that you have accumulated.
7. Don’t forget to pair the cards with deals
You can use gift cards on coupon purchases and of course, use them for holiday bonus perks. For example, you can use your gift cards on Old Navy purchases and still get the Old Navy Cash Back coupon to use on your next purchase. This is a great way to extend your holiday budget even further.
Are you ready to get your holiday spending on track? Consider these tips on how to save for Christmas shopping using the gift card method and see how helpful they can be!