As fast as the holidays are coming, it’s also the perfect time to stop and get serious about saving and growing your wealth. Maybe you want to cover gifts without stress, or perhaps you want to start the new year on firm financial footing—both result from taking small, intentional steps.
This article will take you through practical ways to create wealth in less than a few weeks. They aren’t steps that cost you the earth or involve tearing everything up and starting again. They’re also not about figuring out how to pay cash for everything this holiday season.
Invest in High-Yield Savings
If you’ve saved some money, don’t just let that money sit idly in a low-interest account. Traditional high-yield savings accounts can provide up to 10 times the interest of a standard savings account. You can make it easy on yourself and start earning more on your hard-earned cash by banking online.
Learn a New Skill
Investing time to learn a skill which can provide income is probably the best move. If you want to learn to code, or start copywriting or crafting, there are hundreds of online courses out there to get you started. That’s why as Benjamin Franklin famously said, ‘An investment in knowledge pays best interest.’
Plan for Tax Savings
Year end tax strategies shouldn’t be ignored. Making contributions to a retirement account or donating to a charity can potentially help lower your taxable income, and give you a jump start towards financial success over time. If any of the above sounds just a tad familiar, it’s because the holidays are all about giving, and this strategy lets you give to yourself in the process.
Maximize Cash-Back Rewards
Use credit cards with cash-back rewards to make the most of holiday shopping. For every purchase, whether it’s groceries, gifts, or travel, you earn a percentage back that can quickly start to add up. If you do charge your balance be sure to pay it off in full to avoid interest charges.
Start With a Budget
Budgeting is the first step to building wealth fast. List incomes, payables, and expense items, and make a list of where we can adjust—no payments for subscriptions and impulse purchases. Knowing where you stand financially is the same as shining a flashlight in a dark room — now you can see where you are going. The good news is that tools like Mint or YNAB can help you take this into your stride and actually even have some fun with this process.
Sell Unused Items
You might be sitting on a goldmine of wealth in your home. You can get cash quickly by selling unused items, even old electronics, clothes, or furniture, through local consignment stores or online. Additionally, hosting a garage sale can help declutter and turn overlooked items into quick cash.
Create Digital Products
Maybe, you have a little writing, design, or photography knack. Think about developing a digital product such as an ebook, templates or stock photos selling online. If you have skills, platforms like Etsy or Gumroad give you a quick way to turn them into passive income. It might require a little upfront effort, but beauty is, once it’s up, it can continue to earn infinitely.
Take on a Seasonal Side Gig
The holidays are full of temporary, well-paying jobs. There are high demand for delivery services, retail work, or freelance gigs. A few extra hours per week can pay for itself, literally, providing a decent bump to your income you can use for saving or investing. It’s hard work, but it helps to make your holiday season so much brighter.
Cut Down on Daily Luxuries
There are ways for small changes to add up, which is pretty amazing. That $5 latte you skip or packing a lunch instead of eating out could save you hundreds before Christmas. However, as financial expert Dave Ramsey says, ‘Small leaks sink great ships,’ so these sacrifices might not seem big, but they can add up. But if you plug those leaks, you’ll have extra cash to hide away.
Sign up for a Holiday Savings Challenge
Sometimes, it takes a little bit of competition to help you save. Get together with friends or family to join or create a savings challenge where everyone agrees to save a set amount into a pot each week. By turning it into a game, saving doesn’t feel like a chore anymore but helps you realize that saving part of it up is not a job but something that should be done by you and your siblings for your own future.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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