7 Tips to Help You Save During the Holidays

Dec 19, 2022

Gifts, food, guests, and fun—with all the spending that goes on during the holidays, it’s easy to see why Scrooge and the Grinch had a problem with this time of year. Many people find themselves strapped for cash during the holidays, others spend much more than they’d intended to in their search for the perfect present.

It may be the season of giving, but it is possible to spend responsibly and not give more than you can afford, while still enjoying meaningful time with your loved ones. Here are a few cost-saving tips for celebrating and gift giving over the holidays.

  1. Set limits to your spending

It’s all too easy to overspend during the holidays, whether that’s on gifts, food, or entertaining. It doesn’t help that every store and business is trying to get you to hand over your cash during this time of year. But you don’t have to part with your hard-earned savings, even if it is the season for spending.

Before getting too deep into the holiday craziness, check your budget to see how much you can afford to spend, then set limits on your own spending ahead of time. Having a set amount you can spend on presents and preparations will help you resist the urge to splurge.

  1. Plan ahead to avoid shopping sprees

If you walk into a store with no idea what you’re looking for, you may end up spending much more than you planned on. Instead, think ahead and make a list of specific things you want to buy. If you don’t find the items on your list, don’t buy anything. It’s as simple as that.

  1. DIY

It may be tempting to overspend on presents for the people you love, but the truth is, thoughtful DIY gifts are often more meaningful than fancy, expensive presents. Need some ideas? Here are a few DIY gifts you could give:

  • Baked goods
  • Recipe jars
  • Photo albums
  • Soap, body wash, or bath salts
  • Jewelry
  • Fleece tie blankets
  • Home-made puzzles

If you’re artistic, consider gifting a piece of art you’ve created. The same goes for sewing or writing or any other talents you may have. Something you’ve created will be much more meaningful than a store-bought gift—and much more affordable.

  1. Thrift your gifts

Another option to save on your gift giving is to buy second-hand. You can often find a wide variety of possible gifts at thrift and second-hand stores, and shopping there is a lot cheaper than buying brand new.

  1. Spend time, not money

Contrary to what all the ads and commercials may tell you, the reason for the season isn’t money. Chances are you’ll have a much more enjoyable and much less expensive holiday season if you prioritize spending time instead.

And spending time doesn’t have to mean spending money. After all, you can often have a much more relaxing, meaningful chat with someone on a walk, over a picnic, or even in your own living room than at a noisy restaurant.

  1. Get creative

Lots of people like to go out during the holidays, but movies, dining out, and other events can drain your wallet fast. Instead, get creative with how you spend your time. Read a book, do a craft or home project, go for a hike, or hit up your favorite park or beach. The holidays are also a great time to explore new places in your area.

Instead of dining out, cook a fun meal for your family or friends. Instead of going to the movies, turn your house into a movie theater and have people over to watch your favorite holiday film (with popcorn, of course).

  1. Take advantage of free activities

The best things in life are free. Often, you can find plenty of free events going on around the holidays—from community parades to concerts in the park. Visit an art gallery or free museum, take part in a neighborhood potluck, and check out events at your local park, library, or other public venue.

Following these tips can help cut back on holiday stress by relieving some of the financial pressure you may experience around this time of year. Open your heart, not your wallet, and have a happy holiday season!

All of the material published on this web site is for information purposes only and does not constitute advice. This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a Financial Adviser, whether the information is appropriate in light of your particular needs and circumstances

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