5 Ways to Increase Your Holiday Spending Budget

holiday piggie bank with presents

You've been diligent all year about saving money and reducing your overall spending. You have successfully adhered to your planned budget and are starting to see results in your bank account. But, as you look towards the upcoming holidays, could your gift-giving spending budget use a little boost? In this article, we'll discuss five genius hacks, to help you save and earn money now, in order to increase your holiday spending budget.

Tap Into Money-Saving Apps

Passive income and cashback apps are everywhere. Make use of some of the free-to-download apps to earn a little extra cash to add to your holiday fund. As you make routine purchases, you can do so via these online resources and score big to your bottom-line savings. Check out Paribus, Receipt Hog, Ebates, or Ibotta for immediate incentives. Most of these are easy to sign up for and download and can produce actual cash you can use for holiday purchases in the weeks to come.

Avoid Convenience Stores & Daily Pit Stops

One of the most effective ways to increase your holiday spending budget is simply to avoid certain stories and daily pit stops. Even if you've budgeted for your morning lattes or coffees before work, consider rerouting those funds to the holiday shopping budget instead. Maybe you don't partake in the morning pit stops, but eat out for lunch once a week. Avoid spending the frivolous bucks and toss those dollars into a jar or envelope at home instead. Veering away from those impulse buys and convenience store trips now can add up to an easy fifty or hundred dollars come December.

Apply Savings to Your Holiday Fund

If you use coupons or discount codes for regular purchases, consider applying that money saved into your holiday budget. For example, if you use a coupon and save five dollars on a shampoo purchase, put five dollars aside for gift-giving later. Chances are, you already had the five dollars budgeted for the original purchase. Taking advantage of a 20% discount is smart. Putting that actual 20% saved aside, is even smarter. Putting it aside now can help beef up your spending capabilities later.

Sell Your Unused Stuff to Increase Your Holiday Spending Budget

Whether you live solo or have a family of six, you probably have items around the house that are no longer in use. Now is an ideal time to sell your unwanted things. Other people are looking to start their holiday shopping now too. That unopened juicer machine you have in the cabinet might be someone else's ideal gift. Post on social media marketplace pages or Craigslist offering your stuff at super-reduced rates. You'll sell your items quickly and give your Christmas budget a much-needed boost.

Activate Your Car for Cash

If you have the extra time, consider taking on a side hustle as a driver. You can explore app-based taxi services like Uber and Lyft, or delivery services like GrubHub. Work when you have time, and as needed by activating your car and doing a little local driving. You may also have local grocery shopping services that you can tap into as well. Shop for the elderly or homebound folks and earn extra cash to increase your holiday spending budget. You'll be surprised how much extra income you can generate in your spare time. You'll meet new people too. And, who knows, you might enjoy yourself so much that you continue the part-time gig long after the holidays are over.

Now is a great time to start shifting your saving and spending, to put aside a little extra spending money. Making a few minor adjustments can have significant cash flow impacts which will help you increase your holiday spending budget. Take advantage of these tips to give your holiday spending budget a boost this year.