Fri, 12 Oct 2012 07:45:00 GMT | By Stefania Moretti, MoneySense
The $8-a-day holiday savings challenge

Start now and you can save the $600 Canadians tend to budget for gifts long before Santa comes to town.



Budgeting for the holidays. (© Aaron Tait/Creative Commons)
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  • Budgeting for the holidays. (© Aaron Tait/Creative Commons)
  • Save money by raising your deductible. (© Danielle Scott/Creative Commons)
  • Walk, bike or take public transit to save on commuting costs. (© Richard Masoner/Cyclelicious/Creative Commons)
  • Ask others to buy you music for the holidays. (© Dennis Tang/Creative Commons)
  • Save money by brewing your own coffee. (© waferboard/Creative Commons)
  • Make your own food to save money. (© jules:stonesoup/Creative Commons)
  • Pack your own lunch to save about $8 per day. (© Lara604/Creative Commons)
  • Cancel your gym membership and exercise at home instead to save money. (© John Loo/Creative Commons)
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Think you can set aside an extra $8 a day for the next 75 days or so? If you do, you’ll have amassed $600 — roughly the same amount the average Canadian budgeted for gifts last year.

Imagine how good it will feel to wake up on Boxing Day without that all-too-common credit card bill hangover.

Here are some ideas from around the MoneySense office that will either help you save, or earn, the extra $56 a week for the next 11 weeks or so.

* Video: How to feel more financially secure

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