We are already starting to see Christmas decorations creeping into stores, and while you may be rolling your eyes, you might want to ask yourself if you’re financially ready for the holiday season.
Christmas is just 77 days away. While that may seem like a long time, think about this: the average person spends about $906! If you haven’t been saving for it, that’s a lot of extra money. And if you think relying on credit cards are the answer, think again.
"Of course in January, it’s not such a happy New Year because you’ve got to figure out how to pay those off," said Morgan Stanley financial planner Steve Overton. "And that then interferes with your ability to pay for the following Christmas. It’s a cycle."
The good news is that there are ways to start making that extra money now. The folks at the money-saving website, the Penny Hoarder, are full of ideas.
They suggest picking up a seasonal retail or restaurant job. Most places are hiring now to get people ready for the rush of Black Friday and holiday shopping.
If you don’t have that kind of time, Jen Smith says to think about the things you are good at and put those skills to use.
"If you like cleaning and organizing, this is the best time to put those skills to use because people need a spotless house for either parties or their in-laws are coming over," Smith said. "So on the weekend,s you can take some time to clean and organize houses and that’s a great way to do things on the side."
You can use social media to advertise your services.
Here are a few other ideas:
*If you have an extra room in your home, rent it out through Airbnb.
*Uber or Lyft Driver
* Personal grocery shopper and delivery driver
*Or simply sell the extra stuff you don’t need on eBay
If none of that works for you then consider cutting your budget. There are many things you can do over the holidays that are free! Smith says take advantage of those experiences.
"Holiday parades too, [are] also free. The kids love them," Smith said. "They have morning parades and night parades. And the tried and true volunteering and serving."
Overton says you don't always have to spend a lot of money to make people happy.
"Most people are looking for gifts that really don't cost any money. They just want time and effort and preparation and consideration," Overton said. "A phone call, a meal, a photograph that's been framed of you and the recipient. Little things like that go a longer way."
Think about the things you cherish the most over the holidays, it's usually time with people you love making new memories.
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