4 quick wins for your holiday budget

Small changes to the way you spend your money can really add up. We've pulled together a few tips that will add a minimum of $20 to your savings each time you use them. Here’s the catch; you’ve got to e-transfer that money you save into your savings account … and try to ensure that you’re not paying unnecessary fees on your savings account. Ready to watch your money grow?

1. Restrict holiday drinks to half-price happy hour

How It Works: ‘Tis the season for drinks out with friends, family and co-workers, if you deem it safe to do so. Spiced rum and eggnog. Mulled wine. Baileys and coffee. The challenge, however, is that festive cocktails will set you back by an average of $15 each drink. When you layer five separate social occasions by the end of the year, it adds to $75 … and that’s assuming you limit your quantity of drinks to just one per outing. Taking advantage of happy hour specials, however, can sharply reduce the cost.

What to do: Research which restaurants and bars cut their prices by 50 per cent during the hours of 3 and 7 p.m.

Take Action: This holiday season, plan drinks with friends during half-priced happy hour evenings. Then, e-transfer $35 - 40 into your savings account.

Pro-tip! Combine your social gatherings with compatible friend groups so that you reduce the number of times you go out.

2. Save and lessen the burden on the environment with holiday eCards

How It Works: No, we are not trying to be The Grinch this holiday season. We’re trying to save you money and reduce environmental waste. Rather than “batch” the eCards to everyone in your contact list, take the time to write personalized messages to your friends and family in each one of your eCards. This tip will save you about $30 because you won’t have to buy the physical cards ($10); nor will you have to spend money on postage ($20). And don’t forget that there is a priceless environmental value when you choose an eCard.

Take Action: Spread holiday cheer in a cheap and environmentally friendly way through eCards. Then, etransfer $30 directly into your savings account.

Pro tip! Want your e-cards to stand apart in a friend’s Inbox? Choose a unique and FREE design.

3. Who says you shouldn't re-gift? Spread holiday cheer and bank the savings

How It Works: We all have many people to buy for during the holidays — friends, siblings, parents, grandparents, colleagues, bosses, staff members and more. According to recent data, the average household will spend approximately $1,100 on holiday gifts. The challenge is that the more people you have to buy for, the more money you’ll likely spend.

Re-gifting is an excellent way to reduce your costs and waste. Take an inventory of items that you’ve been gifted, but have never used, especially if they are duplicates. For example: board games, yoga mats, boxes of chocolates and mittens. Then choose at least one item that would make an excellent re-gift for someone else.

Take Action: Choose one item valued at $20 (or higher) that you can re-gift. Once it’s wrapped, etransfer $20 into your savings account.

Pro tip! Avoid these regifting faux pas. There are some gifts you should NEVER regift like sentimental items, personal hygiene products and undergarments.

4. To save money, buy gift cards with your leftover gift cards

How It Works: On the top of the list of what adults love to receive is gift cards or money. Not surprisingly, people simply don’t want things they don’t get to pick themselves. The exception to this trend is teens and children who are gunning for electronics and toys linked to their favourite flick from this past year.

According to a recent Ipsos poll, the average person in North America has approximately $5 remaining on EACH gift card they received throughout the year for a whooping total of $47 across multiple cards.

Rather than recycling the cards, you can use them this holiday season to buy new cards that can be given out as gifts to the special people in your life.

Take Action: This week, gather up all of your leftover gift cards. Pair up the brands that are the same and combine them. Then visit the store online or in-person and use all those leftover bits of gift cards to buy new gift cards of even values. NOTE, not all retailers allow for this, so you may have to combine it with a super small purchase. Once complete, e-transfer $47 into your savings account (or the equivalent value of the remaining balances).

Pro tip! Never give an odd-valued, or physically damaged, gift card. You’ll look like a cheapskate.