I’m a Self-Made Millionaire: 3 Ways I Save Money During the Holidays
Written by
Heather Taylor
Edited by
Ashleigh Ray
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No matter how carefully you budget, it does seem as though the holiday season has a way of quickly becoming more expensive than you might have anticipated.
After you’ve implemented all the strategies you know of to save money, sometimes the next best approach is to consult someone who has proven to be good with money. What do they do differently you might be able to try out with your own budget?
GOBankingRates spoke to Melea Johnston-Avrach, a real estate agent in Los Angeles and a self-made millionaire, who shared the top three strategies she swears by for consistently saving money during the holidays.
Strategic, Thoughtful Gift Planning
Throughout the year, Johnston-Avrach said she practices what she calls “Long-Term Listening.” She listens attentively during casual conversations with loved ones, friends and clients and notes any desires or needs they may mention. These specific items or experiences are then kept in a running list saved in her smartphone.
When it’s time to buy gifts, Johnston-Avrach is able to refer back to this list and its captured information. Doing so makes all the difference between buying a thoughtful gift versus one which might be more hastily procured and less thought out.
By planning ahead, however, Johnston-Avrach is able to do a little more than give meaningful gifts. She’s able to reduce overspending, which might have otherwise happened without the power of using her long-term listening technique.
Bulk Buying
The more loved ones, friends and acquaintances enter our orbit, the more the dollar signs do tend to tick upwards on the holiday gifting list. Luckily, Johnston-Avrach has a solution for mitigating costs. She tries to opt for bulk purchases whenever it’s possible.
“Whether buying wholesale or through auctions, securing items in bulk can be incredibly cost-effective,” said Johnston-Avrach.
One example Johnston-Avrach uses of successful bulk buying was how she obtained Italian sparkling wine on distributor closeout earlier this year. Not only did this save her money, but she was able to provide a delightful gift to her clients, neighbors and colleagues.
Reuse, or DIY, Holiday Décor
There are several approaches you can take to saving money on holiday décor spending which won’t leave your home any less festive.
Johnston-Avrach likes to create a lot of her own decorations and will often engage in DIY projects alongside members of her family. Not only do they get to collectively craft unique décor, like garlands, together but they’re also able to create a lasting memory to remember for years to come.
She has also been in the habit of reusing an artificial Christmas tree. This tree was a hand-me-down from friends discarding it during a move and has a special place in her heart.
As Johnston-Avrach told GOBankingRates, having this artificial Christmas tree has helped reduce expenses on a new tree while holding sentimental value to remind her of the good people who gifted it to her.
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