What is the 30-day rule to save money?

The 30-day savings rule is when you see something you're interested in purchasing, you wait 30 days before you buy it. If you still want it at the end, you can buy it, but you may often find that you won't want that item and can save that money.

What is the 50/30/20 rule?

The 50/30/20 budget rule is where you break your monthly budget into percentages. Essentially, it is where you allocate 50% of your paycheck to needs, 30% to wants and 20% to savings.

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9 Money-Saving Tips To Rebuild Your Finances After Holiday Spending

January 7, 2024

6 min Read

Written by Caitlyn Moorhead

Edited by Elizabeth Constantineau

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After the dust settles from all the whirlwind holiday shopping, traveling and cheer, you may get a slight heart palpitation when you catch a glimpse of your credit card bill. The beginning of the year is a great time to analyze your spending habits to help you focus on what you can save each month. It may be time to put down the debit card so you can quit subtracting from your checking account and start adding to your high-yield savings account.

See: Pocket an Extra $403 Per Month With This Simple Hack

9 Tips for Saving Money After the Holidays

Whether you make a small adjustment like downloading a budgeting app or have a long-term goal like improving your credit score, there are many ways to save, especially after taking a financial hit caused by all of your holiday spending. Here are tips for you to rebuild your savings:

Make a weekly meal plan
Cancel any unused subscriptions
Set savings goals and stick to your budget
Renegotiate your bills
Sell your stuff online
Start a side hustle
Cut back on gas
Refinance your mortgage
Start automating your savings for the next holiday season

1. Make a Weekly Meal Plan

The holiday season is often packed with the caloric intake that would make Santa blush, and dining out all the time is a quick way to deplete your finances. The beginning of the year is a great time to start meal planning, not only to help you save money but also to stick to any health and wellness resolutions you make. Don’t veer from your grocery list, and only get ingredients for what you plan to put together each week.

2. Cancel Any Unused Subscriptions

It can be easy to overlook or even forget all of the subscriptions you automatically pay for each month, specifically when it comes to apps or streaming services. It may seem like they are each a small fee individually, but those can add up altogether in the confines of your monthly budget. Evaluate which ones you use and which ones you can do without, and you may surprise yourself with how much you can trim from your spending immediately.

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3. Set Savings Goals and Stick To Your Budget

Though savings can be adjusted monthly, the start of the year is a great time to set goals on an annual scale. Here are a few budgeting tricks that will help you not only set savings goals but also achieve them:

30-day savings rule: Though your spending may have been supercharged in the last few weeks, this rule can help you curtail impulsive spending and other shopping habits. When you see something you’re interested in purchasing, simply wait 30 days before you buy it. Often, the temptation will have waned by the waiting, and you’ll realize you’re glad you didn’t spend that money.
50/30/20 budget rule: A great way to get a handle on your budget and reach your savings goals is to break it into percentages. The 50/30/20 rule is when you allocate 50% of your paycheck to needs, 30% to wants and 20% to savings.

4. Renegotiate Your Bills

It turns out that many of your bills may not be as set in stone as you think. Whether it’s your insurance, utility, credit card, cable or electric bill, you may be able to call a representative of the company and negotiate your bill down. One example of this would be calling your credit card issuer and renegotiating to a lower APR or waiving your late payment fees — which could also help lower the interest rates you’re paying.

5. Sell Your Stuff Online

With the influx of new things you may have received over the holiday season, it’s a good time to edit down your current inventory of clothing, home decor, kitchenware or appliances. It’s a quick way to replenish your finances, and there are many websites you can use to help expedite the process. Here are a few examples of where and how you can sell your stuff:

Garage or yard sale
Amazon
Bonanza
eBay
Etsy
Facebook Marketplace
Mercari
Nextdoor
Poshmark
Ruby Lane

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6. Start a Side Hustle

Some extra income always helps pad a depleted bank account, and one way to earn some quick cash is by picking up a side gig. Many options include a flexible schedule, so you can work around your full-time job. Here are some potential side hustles where you can make real money:

Complete online surveys
Delivery driver
Ride-share driver
Drop-shipping
Online focus groups
Open an e-commerce store
Social media manager
Start a blog
Teach online courses
Virtual assistant

7. Cut Back on Gas

You’ve probably noticed that your credit card is getting much more of a workout at the pump nowadays, so by trying to skim back on your gas usage, you could save rather than spend. Gas prices are unpredictable, but there are certain factors you can control. One step to take in the new year is to download a gas app that can help you save every time you fill up, such as the following:

GasBuddy
Upside
Checkout 51
Google Maps

8. Refinance Your Mortgage

A big step you can take to rebuild your finances after some holiday splurging is to refinance your mortgage. Though you generally pay closing costs and fees, refinancing helps you replace your old mortgage with a new one. This means you could potentially pay off your loan faster, lower your interest rate or even cash in some home equity.

9. Start Automating Your Savings for the Next Holiday Season

Automating your savings, or transferring money from your paycheck automatically to a designated savings account, can go a long way to help you reach your financial goals. When you know you tend to spend more money during the holiday season, starting a separate savings account now specifically for next year can keep you from tapping into other funds or going into debt. Here are some key takeaways about automating your savings:

Putting your money into a high-interest savings or money market account can earn you a better interest rate.
Download a free budgeting app to take advantage of the automatic savings tools and other financial tools and advice.
Direct deposit is a great way to allocate funds from your paycheck. For example, you could have a certain percentage deposited into an account specifically for necessities like rent, electricity bills, car insurance or phone bills.

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Final Take To GO

No matter your plan of attack, the bottom line is there are many ways to save money, edit your spending habits and rebuild your finances. With the holiday season behind you and the new year in front of you, now is the perfect time to set some financial goals and, better yet, achieve them.

FAQ

What is the 30-day rule to save money?
- The 30-day savings rule is when you see something you're interested in purchasing, you wait 30 days before you buy it. If you still want it at the end, you can buy it, but you may often find that you won't want that item and can save that money.
What is the 50/30/20 rule?
- The 50/30/20 budget rule is where you break your monthly budget into percentages. Essentially, it is where you allocate 50% of your paycheck to needs, 30% to wants and 20% to savings.