10 Debt-free ways to save money for the upcoming festival season
Before you know it, the festivals will be here. If you need a plan to avoid going broke, you aren’t alone. Giving feels amazing, but if you aren’t careful, the financial aftermath of indiscriminate spending can be a disaster.
Here are ten tips to save money and enjoy debt-free festivals this year.
1. Start a Holiday Fund Early: If you know that you are going to spend $2000-$2500 on gifts, food, and travel, start saving for them as early as possible. If you start stashing $250 dollars or so each month into a savings account, you will have all the money you need when the festivals roll around.
2. Clean Out Your Closets: Go through your house and your closets and get out all the items you don’t use anymore. You can make money by selling things at yard sales. You can get rid of clutter and get some extra money to go into your gift fund.
3. Cancel unused subscriptions: Do you keep subscriptions that you never use? If you don’t get time to watch TV, what is the use of keeping a cable connection, cancel it to save money. Also, cancel the magazine subscriptions and read them online for free.
4. Buy in Season fruits and Frozen Veggies: Avoid pricey out-of-season fruits and vegetables or exotic fresh picks at your grocery store and instead buy local, in-season options. Frozen is also cheaper and just as full of nutrients.
5. Lower your bills: Talk to your utility provider for lowering the bills and getting discounts and change utility providers if others are giving lower rates.
Here are some tips to help you reduce your utility bills
Take less time to shower ( If you take 10 minutes for a shower, reduce it to 7 minutes )
Always use a dishwasher when it is full. If you have a few dishes, wash them with your hands
Cover the utensil while cooking or use a cooker to prepare food, with less time and consumption.
Bulk cook the items you can freeze
Switch off lights whenever not using
reduce the thermostat by 1-2 degrees.
6. Lower your Luxury Costs: Cut things that you can live without like your daily latte, dining out frequently, traveling via cab, etc. Make your own coffee, cook food for yourself and use public transport or try carpooling, save a huge amount.
7. Always Use A Shopping List: The most important factor in keeping our grocery bill within budget is using a shopping list. Before heading to the grocery store, walk into your kitchen, and create a grocery list. Once you’re at the grocery store, don’t deviate from your list.
8. Try the 48-hour rule: Instead of dropping a specific “want” into your shopping basket, write down the item's name and price. Give yourself 48-hours to think about a specific purchase decision. This will give you time to shop around and see if you can find a similar item at a cheaper price.
9. Say ‘no’ to your children sometimes and teach them about money: Even if you can afford to buy, it is good to deny your children what they want once in a while. Children need to learn and understand the value of money. Have age-appropriate discussions with your children, ensuring that all conversations about money are framed positively.
10. Earn extra money: Consider picking up a side hustle like blogging, teaching online courses, and freelancing to boost up your savings faster.
These ideas will need some determination and a bit of change in your lifestyle. Even if you are tight on money now, you will be able to save for festivals sooner