Does it feel like you’re spending more than you’re comfortable with this month, between gifts, parties, and holiday activities? You may have missed our Holiday Loans that were available during November, but there are still great ways to save money during the holidays, no matter how many gifts are on your shopping list.
1. Set a Budget
You’ve heard it a thousand times, but there’s a reason for that. Whether you set your total budget for all expenses, or you decide the maximum you want to spend gift-by-gift, it’s smartest to go in with a plan. The key to sticking to a budget? Keep track of your spending throughout the month so you know when you’re overdoing it.
2. Trim the List with Gift Exchanges
If you were to make a list of all of the people you give gifts to, are there people on the outskirts who probably don’t need a box of chocolates or another ornament? If you like to give gifts to all of your extended family, every person in the entire office, or all the 24 nieces and nephews, consider a gift exchange, where each giver pulls the name of another so you only need to buy (and thereby only receive) one gift.3. Coupons
The Black Friday deals trickled into Cyber Monday, which bled into Cyber Week, which is now becoming an entire month of savings to various degrees. Get on newsletter email lists for all your favorite stores, especially the ones you’re keeping an eye on, and you will get daily sales and promo codes sent to your inbox. Watch carefully, and remember your budget, and you will save on gifts across the board.
4. Homemade Gifts
Taking the time to make your gifts and putting your own personal touch and love into it can mean the world to someone. Create personalized gifts for others based on your favorite creative hobby, whether it’s woodworking, baking, jam-making, knitting, or even writing poetry. Take this tip from livingonthecheap.com: “Wrap your gift in a gift. A homemade loaf of bread wrapped in foil and tied up with a fresh new dishtowel and ribbon is the perfect gift. The wrapping is part of the gift.” Looking for ideas? Create a Pinterest account and find countless brilliant gift ideas that you can “pin” or save for later.5. Focus on Gratitude and Togetherness
It seems like just yesterday we were going around the Thanksgiving table sharing what we were most thankful for. Did anyone over the age of 5 name something that gets put under the tree? Most people are thankful for family, spending time together, and experiencing new things. Focus on quality time and experiences instead of expensive gifts this year! The memories will stick with you, and your budget will remain intact.
6. Curb Kids’ Expectations
Wanting to create a magical Christmas for your kids can cause your spending—and their expectations to quickly get out of control. When it comes to a wish list for kids, have them choose 5-6 gifts instead of scrolls of 20+ have-to-have-it gifts. Ask them to choose their very top wishes, and remind them (again and again) that Christmas is not about what you receive under the tree.For budgeting and saving advice, contact First Choice Credit Union and have a Happy Holiday season!
