The holiday season can be a time of joy and generosity, but it’s also a time of year that can put a serious strain on your budget. Between gifts, parties, decorations, dinners and travel, the fall months can lead to an increase in spending for many people.
The good news is that there are ways to keep your holiday expenses to a minimum while still enjoying the festive spirit of the season. By planning ahead and making smart decisions with your money, you can reduce stress around this time of year and focus instead on the true meaning of the holiday season. Read on for helpful tips on how you can save money this holiday season without sacrificing fun or giving.
1. Research and plan before you shop
If you’re looking to cut back on gift-giving expenses this year, start by researching the items on your gift list. Take the time to find out what each person on your list already has or already wants. This will help you avoid buying duplicate items, and will make your gift-giving budget stretch much farther. If you’re shopping for food gifts or baked goods, use the internet to find recipes and ideas for how to spruce up your packaging. Many times, simple additions like a ribbon or a stencilled design can make your gift stand out from the crowd. If you’re shopping online, be sure to set several reminders to ensure that you don’t end up missing an important delivery date.
2. Don’t go to the mall to shop
If you can help it, avoid shopping at the mall this holiday season. While you may have fond memories of holiday shopping with your friends and family, the cost of doing so can really add up. Instead, try shopping at stores like Winners and Marshalls. While you may not find the same selection as you would at your local shopping centre, you can often find name-brand items at great prices. If you do decide to shop at a mall, be sure to bring a list of gift ideas and a budget with you. This way, you can avoid impulse purchases and keep your holiday shopping expenses as low as possible.
3. Try out free events in your area
If you’re hosting a holiday party, consider hosting it as a potluck rather than out at a restaurant. While this may not be something you’ve done in the past, it can save you a significant amount of money compared to eating out. Even if you’re hosting a dinner party for friends, you can save money by avoiding pricey decorations and a full-course meal. Instead, try finding free local holiday events that you can attend as a group. These events are a great way to enjoy the holiday season without breaking the bank. If you’re not sure where to find free holiday events in your area, try searching online. Many local governments have calendars that list free and low-cost events year-round. You can also ask your friends and family members if they know of any events going on around town that don’t cost anything to attend.
4. Have a holiday meal plan
If you like hosting dinners and parties, consider planning them well in advance and saving money by hosting them at home. You can also save money by planning your holiday meal plan carefully. Depending on the size of your family, you may be able to save considerable amounts of money by purchasing frozen turkeys or ham for your holiday meal instead of a fresh turkey or ham. For many families, it can also be cheaper to make a dessert from scratch as opposed to buying a store-bought dessert. By doing your research and planning ahead, you can find affordable ways to prepare and spruce up traditional holiday dishes.
5. Limit your alcohol
Alcoholic drinks can quickly add up during the holiday season. While it’s fun to enjoy a drink or two with friends, you may be surprised at how much money you can save by limiting your alcohol consumption. If you host a party or have dinner, you may be tempted to fully stock your bar. However, this can be a costly proposition. Instead, plan to only buy as much alcohol as your guests will drink. If you’re attending a party, you can also avoid the temptation to drink too much by bringing a non-alcoholic drink.
6. Make your own gifts and decorations
If you’re creative, you can save a lot of money by making your own gifts and decorations for the holidays. This is especially true if you have an artistic friend or family member who likes to create their own gifts. You can save even more money by shopping around for supplies during end-of-the-year sales. By making your own decorations and gifts, you can avoid the need to buy them at all. This is especially beneficial if you have a tight budget and are looking to save money.
7. Get people gift cards instead of merchandise
If you’re shopping for a person who seems to have everything or someone who is particularly difficult to shop for, consider getting them a gift card rather than a physical gift. You can get gift cards for almost any store or restaurant, and they are a great way to give a gift that will be appreciated by almost anyone. You can often find gift cards for a reduced price during the holiday season, which will help you save money on your holiday shopping. If you can’t find a discounted gift card, consider buying a gift card for the amount you would have spent on a present. This will help you avoid the temptation to overspend and will help you stick to your holiday budget.
8. Turn your favourite foods into festive dishes
If you’re hosting a party, consider turning your favourite dishes into festive foods. You can use colourful plates and cups to spruce up your dining table without having to purchase decorations. You can also spruce up your drinks by using holiday-themed mugs and garnishes. You can also use festive herbs and spices to make your favourite dishes really stand out. By making a few small changes to your dining table or drinks, you can save money by not having to purchase decorations.
9. Create a budget and stick to it
If you don’t already have one, now is the time to create a holiday budget. This will help you keep track of how much you’re spending and prevent you from overspending. If you’ve already created a budget for the holiday season, follow it closely. Try to avoid shopping for items that are outside of your budget. If you do find yourself with an unexpected gift for someone, consider getting a gift card instead. Don’t know how to start your own budget? Allevia’s got you covered. Allevia’s online budgeting tool allows you to input all of your sources of income as well as all of your expenses. It’ll even come up with solutions that are perfectly tailored to your financial goals! The best part? It’s totally free!
The holiday season is a great time to spend time with family and friends and enjoy the spirit of giving. However, you don’t have to spend a fortune to enjoy the holiday season. By planning ahead, avoiding expensive shopping centres, and being creative, you can save money while still enjoying the season. By using these tips, you can save money while still enjoying the holiday season.
