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Holiday shopping this year is squaring off against rising costs of living and inflation. If you started saving right now, it is possible to save up to $500 by Black Friday — and just from using six simple steps.
If you want to save up to $500 by Black Friday, money saving expert Andrea Woroch recommends making the following six money moves. Utilize these savings approaches now to build a shopping fund for the holidays.
Reduce Takeout Orders
Over the course of four weeks, those who frequently order takeout may be able to save up to $100. This amounts to $25 a week if one cuts back on eating out.
Woroch recommends making this adjustment easier on yourself by cooking meals in bulk and freezing single portion leftovers that are easy to reheat after work. Pack lunch for work and school the night before so the hectic morning doesn’t derail your savings plans.
Start Meal Planning
As mentioned above, reducing takeout orders means learning how to meal prep. Starting meal planning right now can help you save $38 a week, or $150 by Black Friday. Woroch said it’s also a great way to reduce food waste and limit the amount of fresh food you buy in bulk.
Set Up a Carpool
If you started carpooling right now, even half the time leading up to Black Friday, you could save $144 over the next four weeks. It may even be financially beneficial to other co-workers and parents who are looking to stash extra cash for the purposes of Black Friday spending.
“The average U.S. household dishes out around $5,000 a year on gasoline, according to Yardeni Research,” Woroch said. “However, setting up carpools with co-workers and parents with kids who attend the same school or sports team can reduce gas spending significantly.”
Cancel Premium Movie Channels
This kind of cancellation can save consumers up to $50 a month. Use your library’s digital platform to stream movies for free instead.
If you don’t have premium movie channels, Woroch recommends canceling your Audible subscription. This runs for either $7.95 to $14.95 per month. Like utilizing the library to stream movies for free, Woroch said you can borrow audio books from your local library. If your car still has a CD player, take out books on CDs and listen to them on long drives.
For those without premium movie channels or an Audible subscription, go cold turkey on all your streaming subscriptions. Subscribers to video and music streaming services can cut them out for a month and utilize their local library’s digital platform to help boost holiday savings.
Change Mobile Carriers
Woroch said big wireless carriers such as AT&T, Verizon and T-Mobile charge anywhere from $70 to $90 per month for unlimited data.
You can save tremendously, up to $60, by switching to an online-only wireless carrier such as Mint Mobile. Woroch said Mint Mobile charges just $30 per month for unlimited data when you buy in bulk or pay up front. As an added bonus, Mint Mobile uses T-Mobile towers, so you can receive quality service for less.
Do Not Make Impulse Purchases
Those who do not make any impulse purchases between now and Black Friday have the ability to save about $84 over the next four weeks.
It’s tough to resist good deals in the weeks leading up to Black Friday, but you’re almost at the Black Friday fund finish line. Don’t give up or give into impulse temptation. You can take the impulse away by turning off push notifications for stores, taking a few days away from social media — especially if you often impulse buy because of what you see on Instagram or TikTok — and deleting your payment information stored in online retail accounts.
Remember: You always can restore this information once it’s Black Friday and you’re ready to make your purchases.
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