If you’re concerned about affording gifts this holiday season, you’re not alone. According to one consumer survey, nearly 60% say their budgets are too tight and they’ll likely have to rely on credit cards or Buy Now Pay Later plans to get through the holidays.
NBC4's I-Team worked with a money saving expert to create a plan to help you save up to $1,000 before Black Friday.
Everybody’s feeling the financial pinch right now.
“Everything’s a lot more expensive these days,” said consumer Corey Martin Craig.
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But there are some small tweaks you can make to save big money.
First, cut back back on your DoorDash and Grubhub orders. It’s estimated the average family spends $2,700 a year on takeout. Money saving expert Andrea Woroch says cutting your orders in half can save you $160 by Black Friday.
She says you can limit the temptation to order out by cooking in bulk and freezing the extra portions.
“Try to prepare enough food for a few days, so if you come home from work or school or sports practice and there's not time to cook, you’re not tempted to pick up the phone and order takeout,” said Woroch.
While you’re cooking, Woroch notes that we waste about 40% of the food we buy at the grocery store – it either goes bad or leftovers go to waste. She says you can save $260 over the next several weeks if you make efficient shopping lists and stick with them.
“I actually like to look for recipes that use the same ingredients so you know that you’ll use everything in its entirety,” said Woroch.
She also says you can save about $70 by Black Friday if you switch cellular data plans. According to a recent study, 90% of cellphone users are wasting money on unlimited data plans when they don’t need them. Woroch says online only carriers, like Mint Mobile, are great money saving options.
“They just launched an unlimited data plan where you can pay just $30 a month for unlimited data,” she said.
Another tip: consider getting a different credit card. One recent study found that many of us miss out on $1,000 a year in rewards because we’re using the wrong card. Woroch says a card with cash back benefits could put $130 back in your pocket for holiday shopping.
“If you’ve been using the same credit card for the last few years, chances are you’ve been missing out on more robust rewards,” she said.
This statistic might surprise you, another study says consumers spend more than $300 a month on impulse buys. Woroch has simple advice for taming those purchases.
“Delete any payment or shipping information that’s stored in an online retail account, because you know when it’s a one-click purchase it’s easy to make it without thought,” she said.
Also, remember to cancel streaming subscriptions that you’re not using. Consider boosting the deductible on your insurance, which Woroch says can save you up to 20% on your bill. Finally, if you can arrange carpools, you’ll see big savings on gas.
