This post was originally published on 12/1/2017 and updated on 12/13/2018.
The Holiday Season (Thanksgiving through the New Year) is a time of excitement, joy, laughter, and relaxation. It can also be a time of anxiety, stress, and frustration, particularly for those who are on a tight budget, those who tend to splurge and feel guilty later, or those who simply feel uncomfortable watching their checking/savings account dwindle below a certain amount.
While it is tempting to spend lots of money on gifts for friends and family, or bottles of pricey wine and champagne for holiday dinners, there is a way to enjoy the season without needing to check in to the poorhouse on Jan 2nd! Read on for 10 fabulous tips to help you hold on to the majority of your pocket change and peace of mind during the holiday season!
Create your holiday budget early…and stick to it!
A budget is truly personal, and only you know how much you can comfortably spend without feeling the pinch. For some, a holiday budget may be $200, for others $2000! No matter the amount, create your budget early in the season. If you select your target amount, say…$500, and divide it by 12, you’ll need to save about $42 a month to meet that goal. Much less overwhelming! I find that it works well to create 3 budgets: one for gifts; one for holiday parties (including food and outfit); and one for holiday decor. Stick to your allotted amount-no exceptions! The Chime mobile banking app makes it simple to track your spending and stick to your allotted budget
Subscribe to store and coupon websites
If you haven’t already, now is the time to sign up for emails from all of your favorite stores. During the holiday season, stores generally email a different promo code everyday, with offers in the 20%-40% off range. That’s a pretty good deal if you ask me! Also, most stores offer free shipping. Socialite Tip: a lot of people hate to sign up for store emails because they don’t want all the junk or surplus emails. An easy fix is to create a new email address just for all your coupon and promo offers!
Stick to one store
Some stores are a one-stop shop for everything, with clothing, housewares, home goods, toys for the kids, and appliances! Shopping for everything in one location can save you hundreds of dollars, and help you stay on track with your holiday budget, especially when using one of those 40% coupons mentioned in #2!
Don’t go overboard
You don’t have to buy gifts for everyone! You may love your Coworker’s best friend’s dog, but the dog doesn’t need a pricey stainless steel dish. Make a list of the people nearest and dearest to your heart, and purchase gifts for them only. Stick to the list!
Keep it simple
This isn’t so much of a gift-giving tip, as it is a decor and holiday party tip. If you have friends who are fine with light hors d’oeuvres, simply serve budget friendly finger foods. Lil’ Smokies brand cocktail wieners, catered chicken nugget trays, and domestic cheese trays are wallet friendly, and still crowd pleasing. Don’t stress out about serving caviar, or Ace of Spades if it’s not an affordable option! With regard to decor…you don’t need a tree in every room. Choose one area to be your holiday theme focal point, and try not to go over your allotted budget.
Take Advantage of holiday planning apps
Use apps like Santa’s Bag – Christmas Gift List by Clay Pot Software; The Christmas Gift List Lite by Denys Yevenko; and Gift It – Christmas List App by Switchback Media LLC to help you budget, plan, and check off items on your gift list.
Create new (cheaper) family traditions
If there is nothing in your pocket except the proverbial lint, and your family has always been the type to take exotic holiday vacations, or spend tons on gifts for the kids, it might be time to explore new activities that can turn into traditions. Riding around to see Christmas lights, having a gingerbread house competition, going caroling, and showing A Christmas Story on repeat are free or low cost activities that are fun for the entire family, and won’t break your holiday budget!
Save on travel
Choosing budget minded websites like CheapOair or Travelocity can help with finding reasonably priced flights. Honestly, most airlines and hotels charge out the wazoo for holiday travel, so it’s best to plan ahead, book early, and take advantage of frequent flier miles and comped stays! If you’re really struggling financially, offer to host family and friends at your home, as opposed to traveling to see them.
Get what’s needed
Holidays are a magical time for children, and as parents, there is nothing we love more than seeing the rapt expression of joy on a child’s face when they open up their presents! However, small children (and even teens) do not require the latest iPhone, expensive headphones, huge TV’s, new game systems etc. If you’re able to purchase those things, that’s fine! But if money is tight, and your child could use a better winter coat as opposed to a MacBook, it makes much more fiscal sense to buy the coat! Try to stick with what your children need, and then sprinkle in a few (affordable) wants as well.
Give Back instead of Gifting
It’s really easy to get caught up in all of the excess that surrounds the holiday season. It seems as though everyone has endless amounts of money to spend, and it’s easy to become consumed with buying gifts, because we just want to make our loved ones happy. It’s important to remember that some gifts are simply free! Volunteer your time handing out blankets to the homeless, or working in a soup kitchen. Ring bells for the Salvation Army or visit nursing homes and spend time with the elderly. You can be a source of holiday cheer for someone, without spending a dime!
It’s all too easy to get caught up in the mindless consumerism of the holiday season. However, if you get a good plan in place and carefully stick to your budget, you won’t have to fear your bank statement when it’s all said and done! Sticking with these 10 sensible spending tips will free you up to focus on your family, friends, and loved ones without breaking the bank!
Do you have a holiday budget? How do you save money during the Christmas season? Leave me (and my readers) your best tips below!
Thank you to Chime for collaborating on this post!
See ya next time!