It’s that time of the year again… Yes, the most Wonderful time of the Year! We all know how wonderful but financially draining it can be, so I’m here to give you five effective ways to save money during the Holiday season.
The Holiday season is a time for joy, gratitude, and togetherness, but it can also be a season of excess when it comes to spending. From gift-giving to holiday parties and decorations, the costs can quickly add up. But I’ve got your back and today I’m talking about 5 tips to save money this Christmas season. So, let’s get to it! If you prefer to listen, you can do so HERE!
- Set a Budget and Stick to It
You have no idea how many times I’ve heard people say, “I don’t have a budget, I make a lot of money so I don’t really need to pay attention to my spending” and they keep going on about how many credit cards they have, because they have amazing credit and credit scores and immediately, they go on to explain that they are going to work with a financial advisor or coach so that they can start investing… I mean you either have a lot of money and really don’t need to worry about your spending or you really need to know where your money is going so that you can start making wiser decisions!!! Like investing. But what do I know? Right?! Well, I know that each time I don’t stick to my budget I dip into my Get Rich Fund! Do I have the money? Yes, but just because I can spend doesn’t mean I should. Choices my friends, it all comes down to choices. I don’t judge those that feel they don’t need to budget, but at least stay consistent with your actions and your words, that’s all I ask. But moving on.
- Create a Budget and stick to it
The first step to saving money during the holiday season is to create a budget. It’s easy to get carried away with the festive spirit and splurge on gifts and decorations, but having a clear budget can help you reign in your spending. Make a list of all your holiday expenses, including gifts, travel, decorations, and food, and set a realistic spending limit for each category. Then, make a commitment to stick to your budget. The only way you are “allowed” to do is move funds around within the categories, but not put more money into it. What I mean is, you set aside 300 dollars for travel, and 200 for gifts but you’ll be travelling with a friend, your splitting the cost, so you’ll only need 150 and in that case it’s perfectly fine to allocate the other 150 dollars to another category in your Holiday or Christmas budget. It will be challenging, but it will save you from the financial headache come January.
- DIY Gifts and Decorations
Homemade gifts and decorations can be not only more meaningful but also more affordable. Take this tip with a grain of salt, though. Only you can know if you are that person that is going to spend 70 bucks to buy all the supplies so that you save 20 on that decoration piece or gift. I know I am… it is what it is, no use telling yourself you are going to make all the gifts only to buy the supplies and two days before the gift exchange you are racing to the store to buy gifts because life happened and you didn’t make the gifts… If you are actually the person who will do as they say, then get creative and crafty this Holiday Season. You can make personalised gifts like homemade candles, knitted scarves, or even baked goods. Creating your own decorations, like ornaments or wreaths, can be a fun and cost-effective way to add a personal touch to your Holiday decor. Plus, it’s a great way to spend quality time with family and friends. I know we love to go into the woods to look for moss, branches and pine cones to make wreaths or to just put them in a nice platter on the table and call it a Christmas decoration… but that’s us!
- Take Advantage of Sales and Discounts
The Holiday Season is known for its sales and discounts. Keep an eye out for Black Friday and Cyber Monday deals, and that’s the reason this blog post is out today! But don’t stop there. Many retailers offer discounts throughout the season. Use price comparison apps and websites to find the best deals, and consider signing up for retailer newsletters to receive exclusive offers and discounts. You can save a significant amount of money by being a savvy shopper. If you want to avoid the shopping altogether because this year has been particularly difficult (because of recession and stuff!) how about making a beautiful card and gifting time? I mean, how many times do we say to our friends or even family members, “we need to make plans to meet outside the Holiday Season!” But we never do? Well, how about gifting a coffee date? Or a dinner at your house with game night? You might even start a whole new tradition!
- Secret Santa and White Elephant Gift Exchanges
Gift-giving is a wonderful tradition during the holidays, but it can also be expensive, especially if you have a large circle of family and friends. Consider suggesting a Secret Santa or White Elephant gift exchange. In Secret Santa, each person in the group draws a name and buys a gift for that person, while in White Elephant, participants exchange quirky and fun gifts. These methods not only reduce the number of gifts you need to buy but also add an element of surprise and excitement to the festivities. We are trying this in our family this year. We have drawn the names and we set a limit amount to be spent. We are a family that goes overboard with gift giving and so we agreed on a higher limit to spend and within that limit we choose to buy one or more gifts for the person we are buying for. Is it going to be fun? The jury is still out, I will let you know how it went…
And last but not least
- Plan and Cook Your Own Meals
Holiday feasts can be a significant part of your holiday expenses. Dining out and ordering takeout can quickly drain your wallet. Especially because it’s a family Holiday, you have to pay more to the staff for working on Christmas day, also it’s usually a typical meal, like turkey or roast with chestnuts and whatnot, so the price is always higher than during any other time of the year. This year, consider planning and cooking your own meals. You can save money by shopping for ingredients on sale, preparing traditional family recipes, and sharing the cooking responsibilities with everyone else who is participating in the festivities. Potluck-style gatherings are not only cost-effective but also a great way to bond with friends and family over a shared love for food.
So there you have it, five effective ways to save money during this Christmas Season. Remember, it’s not about how much you spend, but the joy and love you share with your loved ones that truly matter during this time of year. By following these tips, you can enjoy the holidays without breaking the bank. And the best part is, you can enjoy yourself without the anxiety of having to pay for it all come January.
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