The holiday season is here! While it is a time of joy and celebration, it can quickly become the most expensive time of the year. Between gift-giving, decorations and feasts, it’s easy for your budget to go out the window, especially with rising costs.
Still, none of this means you can’t have a good time. Here are some easy ways to make the festivities less of a strain on your wallet while you indulge in the spirit of the season!
1. Stick to your budget
This would be the most fundamental step to help you save money. Determine how much you are able to spend on gifts, decorations, and other holiday expenses.
Once you have a budget in place, make sure to stick to it. Tracking your expenses with a spreadsheet or by using an app will help you avoid impulsive spending, and ensure you don’t start the new year with a financial hangover.
2. Create a gift list
It’s easy to get overwhelmed by all the gift possibilities, especially when shopping for multiple people. To avoid overspending, take some time to make a list of everyone you need to buy for, and set a limit for each gift.
3. Go for gift exchanges or Secret Santas
Instead of buying presents for every friend and family member, suggest a Secret Santa or similar gift exchange where each person only has to buy one item, making it more budget-friendly for all involved.
Set a reasonable spending limit to ensure everyone can participate without feeling financially strained. As a bonus, a Secret Santa can be exciting as everyone tries to guess who gave them their gift.
4. Do it yourself
Get crafty by making your own decorations and gifts. Handmade items not only add a personal touch to the festivities but also save you money, and the effort you put in will be appreciated more than a store-bought item.
Consider creating ornaments, wreaths, or personalised gifts for your loved ones. A simple Google search will yield hundreds of terrific ideas and tutorials!
5. Limit travel expenses
If your year-end plans involve travelling, look for ways to reduce expenses. Consider holidaymaking as a group, using public transportation, or making your travel arrangements well in advance to secure the best deals.
6. Plan potlucks
Hosting a holiday feast can be expensive, so why not organise a potluck dinner? Ask each guest to bring a dish, appetiser, or dessert to share. Not only does this lighten the load on your wallet, it also adds variety to the menu and allows everyone to contribute to the celebration.
7. Shop smart
Finally, keep your eye out for holiday sales, whether in-store or online. Compare prices before making purchases, and shop at discount stores or use coupons to stretch your budget further.
Take advantage of cashback points and the various promotions offered by e-wallets and shopping platforms during this time of year. Certain apps also allow you to accumulate points every time you make a festive purchase, which can later be redeemed for rewards such as free gifts or discounts.
This holiday season, let financial responsibility complement your festive joy!