Wintertime is a financially challenging season for many. Between gift-giving, hosting dinners, and navigating extreme weather, it’s no wonder why people are constantly seeking financial tips during winter.
The problem? It’s hard to make the right moves if you’re engaged in habits that are actively draining your bank account. Once you are in the downward spiral of overspending, it is hard to take back control.
We’ll look at 18 winter habits, some of which could save you money and others that may be unknowingly costing you thousands. We chose these items because they are easy to do, which means immediately putting money back into your pocket!
1. Making Your Holiday Get-Togethers Potlucks
I love potlucks. They reduce your overall winter grocery spending, ensure some variety regarding the types of foods you see at your gatherings, and make certain guests more comfortable if they want to bring something.
If you’re accustomed to stressing out about hosting parties and doing all of the shopping and prep, try out a potluck-style holiday dinner this year.
2. Utilizing the Features of Your Smart Thermostat
Smart thermostats are a bit of an investment, but they’re well worth it. Modern thermostats are equipped with a host of features, like adjusting temps based on your presence in the home, being able to be controlled remotely, and so much more.
Using the features of your smart thermostat will help you save money and help you heat your home more efficiently.
3. Double-Checking Store “Deals”
The problem with major sales events like Black Friday and Cyber Monday is that looks can be deceiving when it comes to price tags. Many companies will raise prices above what products normally cost and then lower them so that it looks like you’re getting a deal when they go on sale.
Shopping with your phone so you can price-check deals before you buy can save you a ton when gift shopping or even shopping for yourself. Don’t fall victim to marketing tactics!
4. Setting Limits for Gift-Giving
I always find the best way to avoid spending too much money and avoid having someone feel ashamed for not spending as much as someone else is to send gift limits.
It might be awkward at first, but it will make it easier for everyone to stay within their budgets. Not everyone might chime in about struggling during winter, so this can be helpful for everyone. This goes for work events, too.
5. Conducting Home Inspections and Maintenance
Winter weather can be a major source of anxiety for homeowners. Approximately 78 percent of homeowners dealt with unexpected repairs in 2023, largely due to damage caused by weather.
Taking the time to conduct regular home inspections in early winter and dealing with any necessary maintenance can save you thousands of dollars in repairs. Remember, if you need something repaired during winter, costs will likely be higher as labor costs more when conditions are more challenging.
6. Using Appliances During Off-Peak Hours
I find that certain activities are harder to take care of during off-peak hours. For example, cooking outside of a certain time of day can be challenging since most people are all cooking at the same time.
But you might be able to get away with managing other tasks like laundry during off-peak hours. Off-peak hours are hours when electricity is used the least. Many utility providers offer reduced rates and other incentives to get homeowners and renters to use electricity more during these hours.
7. Wearing More Layers in the House
Turning on a heater isn’t the only way to stay warm. If you don’t already, make it a point to wear more layers inside the home. This can mean thin socks under thick socks, thicker underwear, and sweaters on top of thick shirts.
More layers keep you warmer without needing to spend extra cash to keep your home as warm as possible.
8. Leveraging Certain Appliances As Dual-Purpose Heaters
One strategy that I never thought of was using certain appliances as dual-purpose heaters.
For example, preparing food in a slow cooker or an oven or drying your clothes will heat your home without using a ton of electricity compared to your home heating system (if you have energy-efficient appliances). When it comes to staying warm in the winter, work smarter, not harder.
9. Thrifting for Vintage Gifts
Vintage gifts are popular gifts for those who collect certain things or like to decorate their home with things that have been gently loved. However, trying to buy some vintage goods outright can be expensive.
Saving money by thrifting and searching for certain items at consignment stores can help you get the gifts you’re looking for without breaking the bank.
10. Using Space Heaters to Stay Comfortable
As someone who has used space heaters in the past, I can tell you that they don’t work nearly as well as advertised. Space heaters blow out hot air, which is disbursed fairly unevenly. This results in warm air only directly in front of where you place it. Worse yet, even the most energy-efficient options can use a ton of electricity.
If you primarily use space heaters, chances are you’re raising your electric bill by a lot. You could end up spending more if your space heater happens to set something on fire.
11. Eating Out Regularly
Eating out is especially compelling during the winter. It’s hard enough to get motivated to cook when it’s comfortable out. When it’s winter, we crave comforting foods and want to move around even less.
Restaurants are also getting smart at luring customers in and running promotions that can make you feel like you’re saving money. Eating out regularly, even when promotions are offered, will always cost you more than you need to pay for food.
12. Paying Mostly With Your Credit Card
Paying with your credit card isn’t a bad idea. I’ve had more than one occasion where my bank information was stolen during winter. If you’re not watching expenses carefully, you could end up with charges you can’t reverse because you used your debit card.
But paying with just your credit card could cost you as well. If you spend solely using your credit card, you could hit your max fast and end up with a credit score hit and crazy high interest that traps you in a cycle of debt.
13. Jumping at Every Deal You See
You’re not alone if you feel like you should be taking advantage of every deal you see during the holidays. I frequently like to take a closer look at reported deals or even specials like BOGO sales to see if I could get things I regularly buy for cheaper.
However, it’s easy to make the mistake of springing for every deal you see. This means spending a ton of money at once, thinking you’re getting a deal when you’re really spending too much and losing track.
14. Running Your Heater on High All Day
No one likes being uncomfortable during the winter months. But nothing is quite as uncomfortable as an uncomfortably high electric bill.
Running your heater on high all day seems like the only way to evade the winter chill. However, it’s not the best strategy. Running your heater at the highest temperature will undoubtedly cause your electric bill to skyrocket.
Keep your heater at a reasonable temperature and keep it a bit lower at night when you’re bundled up and using other heating techniques. Find ways to stay warm inside your home so that you don’t have to sacrifice your budget in the process.
15. Continuing to Buy Out-of-Season Produce
Some regions will notice much higher produce costs if they live in an area where it’s hard to get fresh produce.
Continuing to buy out-of-season produce will just make it harder for you to keep plenty of room in your budget for other winter necessities. More often than not, frozen alternatives are just as good and will probably cost less. If all else fails, consider canned fruits and vegetables.
16. Ignoring Car Maintenance and Safety Guidance
Besides a home, a vehicle is one of the larger investments that you’re going to make throughout your lifetime. When you’re tired or don’t want to spend money on certain things, it’s easy to assume that you’re safe on the road when you go out to do anything during winter. This can be a costly mistake.
Get routine maintenance on your car, use winter tires and chains, and utilize best practices for ensuring your car will run throughout the winter. If you don’t adhere to this advice, you could spend a ton of money to get your vehicle in working order.
17. Replacing Perfectly Good Things With the Newest Models
I get excited by the prospect of new technology and all the features that go with it. Fortunately, I’m also a person who can wait until I need to buy something before I get the most recent release.
Not everyone’s like that. When something new comes out and is available to purchase around the holidays, they may impulsively buy it despite the fact that they have an older but perfectly usable model at home.
Don’t buy into FOMO. Wait until your old electronics need to be replaced before piling on more devices that you need to use.
18. Heating Your Home Without Insulating
Pumping air into a home that can’t retain it leads to thousands of wasted dollars in electricity bills.
Poor insulation can be due to any number of things. If the problem is the structure itself, you can use strategies like placing blankets on certain walls or even blocking off the upstairs areas when the heat is on to keep your space warm.
If there are issues like cracks around doorways or windows where air is escaping, this will need to be addressed quickly to make sure that no more hot air escapes and no more outside air is making its way in when it’s cold outside.
