11 Tips Toward Saving $500 by the Holidays

11 Tips Toward Saving $500 by the Holidays

By Angela Colley

NEW YORK (MoneyTalksNews) — The holidays are an expensive time of the year. According to the American Research Group, Americans spent an average $646 on holiday gifts last year. Add parties, travel and decorations to the mix and it’s easy to bust the budget.

It would be nice to have a little extra money set aside to relieve the financial strain. If you do, good for you. But if you don’t, Money Talks News founder Stacy Johnson shares six ways to save $500 by Christmas in the video below. Check it out and then read on for lots more.

Now, let’s flesh out Stacy’s ideas and add a bunch more …

1. Make your own Halloween costume

Halloween is just around the corner. The average American will spend $26.52 on a costume. But with a little creativity, you could save that money and make your own costume free at home. Here are a few ideas almost anyone can pull together using what they already own:

2. Brew your own coffee

In my area, a grande cup of fancy coffee at Starbucks costs about $3.50. If you’re in the habit of stopping by every day before work, you’ll spend $17.50 a week. Start making your coffee at home and you’ll save more than 50%, even if you load up on creamer.

Potential savings by Christmas: $65.

3. Wash your car at home

Express car washes cost an average $6.50 each. If you have your car professionally washed, you could spend $20 or more. Do that twice a month, and you’ll spend $13 to $40 a month keeping your car clean. Instead, wash your car at home and save $39 to $120 by Christmas.