Tips to Save Cash for Your Mortgage Payments This Holiday Season

If you’ve been trying to save for your mortgage, the holidays can be a very stressful time for both you and your finances. It’s hard to stay on track when you have a list full of family and friends to buy for. But it doesn’t have to be doom and gloom for your savings. You can still enjoy Christmas without the stress or guilt factor by following these tips to save cash for your mortgage payment this holiday season.

Spend Less On Gifts

The easiest way to save more cash for your mortgage payments is to spend less on gifts. To make sure you follow through, create a budget and get the whole family involved. You could even pick a theme like hats, socks or something else with a set amount that everyone can follow too.

Secret Santa Exchange

If you have a large family, you can cut your costs (and stress) significantly by having a Secret Santa exchange for the older kids and adults. All you need to do is get each person to pull a name from a hat and then buy their Secret Santa a gift for Christmas based on the budget. Everyone still gets to enjoy the holiday spirit of gift giving but without the extra cost of buying for several people.

Friend Potluck

It’s hard enough to save for your family during the holidays when you have a mortgage to save for, never mind all your friends. So talk to your friend group about skipping out on gifts this year and instead, suggest having everyone over for a potluck celebration. It’s the perfect way to save money while still being able to get together and spend time with each other during the holidays.

Single Gifts For Families

Another straightforward way to save is to suggest that each family buy one single gift for each other. For instance, you can buy your parents that wine glass set they always wanted, and your sister and brother-in-law tickets to a show they’ve been dying to see. Having more meaningful and cost-effective gifts will keep you in line with your budget while still giving your family something they’ll love.

Cook The Holiday Basics

Many families go overboard on their holiday spread. But why not keep it simple and avoid having a week’s worth of leftovers instead? You still get all the classic Christmas favourites, without having to spend on all the extra items that are really unnecessary.

These are just some of the ways you can save more for your mortgage payments this holiday season, while still getting the most out of Christmas. For more guidance on how to achieve your financial goals, The Mortgage Advisors can help. Talk to us today!