5 Tips for Saving Money During the Holidays

Published on Author Bethany Sims

The most wonderful (and expensive) time of year is quickly approaching. With travel, gifts and parties competing for your wallet this season, your student loan payment can feel more burdensome than ever. We asked our team of thrifty spenders and financial experts to share their best tips for saving money during the holidays.

Kelsey – When gifting on a budget, aim for handmade gifts and cards whenever possible. There are plenty of ideas and tutorials available online for nearly every gift imaginable — even something simple like an ornament is far more personal than a gift card could ever be!

Brian – Re-purpose wrapping paper and bows from the previous year. Save your wrapping paper this year to save the environment and your wallet next year.

Chris – Resist shopping for yourself when buying gifts for others. The deals you find after the holidays when stores are getting rid of their winter inventory are much better than anything you can find during the main shopping period.

Shannon – Many don’t account for the cost of postage and printing for holiday cards. To reduce cost, send ecards to friends and family through a service like Paperless Post. Make sure you start shopping early and create a spending cap to stay in your budget.

Bethany –  Cut down on normal spending in a couple of categories, such as eating out, to make up for spending more during this time of year on other items like gifts and holiday events.

Our best tip is to refinance your student loans. Not only does it save you thousands of dollars, but it also helps you to keep up with your monthly payment by consolidating your loans into one easy monthly payment. Want to focus on earning extra cash instead of cutting your spending? Join our rewards program to earn $200 every time you refer a loan to us that closes. Get started here.

What are your best tips for saving money during the holidays? Tell us on Facebook and Twitter and make sure to tag us so we can respond!

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