So many people are going through tough times financially now. This year the holidays will be looking a bit different. Here's some ways to lower the cost of this time, from a reader.
The holidays can be tough when you’re on a budget. From expensive gifts to pricey dinners, it’s hard to make it to January without burning a hole in your wallet.
Fortunately, there are some ways to cut down on seasonal spending. If you’re looking to do your checking account a festive favor this year, read on for four ways to save during the holidays!
#1 Cut Back on Costs with Secret Santa
No matter what gift-giving holiday you’re celebrating, “Santa” can come in handy when you’re on a budget. If you’re worried about buying gifts for a large group of family or friends, try suggesting a more affordable option instead.
Secret Santa is a great way to cut down holiday costs by only having to purchase one gift. Other options for budget-friendly gift exchanges include:
- Yankee Swap
- Grab-bag
- Pooling money for a large group gift (like a holiday trip)
#2 Give Non-Traditional Gifts
Rather than spending a ton of money on traditional presents, try getting creative with gift-giving with a more budget-friendly approach. This may include:
- Suggesting homemade gifts this year
- Avoiding surprising price tags by giving gift cards within your budget
- Offering an act of service, like cooking or cleaning, instead of a physical present
#3 Do Your Shopping Ahead of Time
Planning your holiday shopping ahead of time will help you avoid last-minute splurging. When you wait until the end of December to start buying presents, you risk empty shelves and marked-up prices—the perfect recipe for financial disaster.
To save money on presents, use some of these handy tips when braving the mall this season:
- Take advantage of sales when you see them
- Cash in on Black Friday
- Browse online stores on Cyber Monday
- Use a shopping tool, like Honey, for coupon codes
#4 Throw Potluck Gatherings
Supplying all the food and beverages for a holiday get together can rack up a receipt that’s longer than Santa’s naughty list.
Instead of spending your entire holiday bonus trying to feed an entire family, opt for a potluck dinner instead. Having people bring appetizers, sides, and their own bottles of booze is a great way to cut down on costs without sacrificing a food-filled holiday.
Holiday Tip #4: If you want to offer a festive holiday cocktail on a budget, make a big batch of spiked eggnog instead of stocking a full bar. One bottle of rum should be enough to go around and it doesn’t have to be top shelf if it’s masked by the sweetness of eggnog.
Give Your Bank Account a Break This Year
Saving money during the holidays doesn’t have to be miserable. With some careful budgeting, creative gift ideas, and a little help from friends and family, you’ll be able to get through this season without breaking the bank.
Don’t let budgeting get in the way of enjoying festivities. Remember that the most important part of the holiday season is spending time with loved ones, not spending money on material items.