If you’re like most people who are celebrating the winter holiday season, you’re parting with more cash than you normally do from now until New Year’s.
According to a 2023 National Retail Federation report, Americans plan on spending an average of $875 during the holidays. If you’ve only saved a partial sum or you want to reduce your holiday spending by half, take action to close the gap.
Below are seven creative but practical ideas that can add about $500 to your budget. You can use it directly for holiday spending or to pay off the credit card balance you acquire while shopping by the time the bills come in.
[Related:Tips to Avoid Overspending on Gifts This Holiday Season]
1. Work Overtime
The easiest way to earn more money is to look at what is immediately available, says Mark Balog, a CPA in Long Island, New York. “This is the time to hustle. Before walking into other retailers, asking if they need extra assistance, you may be able to work longer hours at your job.”
If you get paid by the hour, this can be the best option. “Depending on your wage, working another five to 10 hours a week or on the weekends can help you earn the $500 you want,” he adds.
2. Rent Your Vehicle
If you aren’t using your car or truck or have a second vehicle that you’re not driving, consider signing up with a car sharing company. Depending on your area, one may be available to you.
For example, Getaround operates in 30 states. It’s fast to onboard, which is what you need. You’ll have a couple upfront fees ($99 to set up and $20 per month) but as soon as your car is available, people can book it. It can be an impressive passive income stream. According to company information, a 2003 Toyota Yaris in Seattle can provide $1,425.39 in monthly earnings.
3. Sell Old Electronics
Some of the most lucrative but unnecessary things you may have are electronics that you have already upgraded. These include older versions of cellphones, tablets, laptops and gaming equipment that may be doing nothing but sitting in your drawers and closets. This is the perfect time to clear them out. It’s amazing how much money you can earn this way. Have an iPhone 14 Pro in good condition? Resell it though apple.com trade-in and you can clear as much as $570.
4. Babysit
If you like children and are qualified to take care of them, put the word out that you are free for holiday babysitting jobs. People in your circle or area may be going to holiday parties and need a responsible person to take care of the children, especially when everyone else is booked.
UrbanSitter data from 2023 shows that the national hourly rate, on average, is $22.68 for one child, but can be significantly higher if you take care of several children at once — or if you live in an expensive neighborhood. And if you offer your services on New Year’s Eve, you can expect to earn 1.5 to 2 times the normal rate.
5. Gig the Most Lucrative Way
Increase your chances of earning enough for the holidays by finding a company that has particularly high rates for the things that you are willing to do. For example, at Airtasker, you can offer your services — such as bike repair copy editing or furniture assembly — for a fixed amount. The platform will connect you with people who need you and accept your price.
[READ: 7 Things to Know Before Starting Your Side Hustle]
6. Become a Shift Filler
Many restaurants are especially busy during the holidays, and workers are at a premium. The National Restaurant Association reported a country-wide staffing crisis, with labor falling to 3.6% below pre-pandemic levels at the start of 2023.
You can ask around your local eateries if they need assistance for a few weeks, or sign up for a company that acts as an intermediary, like FrontHouz. You can pick up shifts on the fly at a variety of places with no long-term commitment.
7. Provide Pet Care for People Going Away for the Holidays
If you like animals, put an ad up on neighborhood platforms offering to take care of pets while people go on vacation. According to the website Care., you may be able to charge $20 per visit or more. Secure a few of those arrangements and you can easily rack up $500. Or, take care of someone’s fur baby in your home and make hundreds a week.
[Related:Spent Too Much on the Holidays? Here’s How to Manage a Holiday Debt Hangover]
Budget Down for Increased Spending
Don’t neglect your budget, Balog says. There are many categories of overspending that you can slash by hundreds of dollars or more in a few weeks. Review your spending carefully and start making extreme changes.
For example, outside food and drink can be very expensive. So, you may consider reducing or eliminating those purchases. Not only will this help you meet your $500 goal, it sets you up for success for the new year.
“The holidays are for financial forecasting, not just for businesses but on a personal level.” If you can save, or earn this much with effort for a short while, imagine what you can do over a longer period of time,” Balog says.
More from U.S. News
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Inside the Psychology of Overspending and How to Stop
Ways to Make an Extra $500 for the Holidays originally appeared on usnews.com
