Seven Easy Ways to Save Money During The Holidays
Natasha Herleman • November 8, 2020
Looking for ways to avoid post-holiday debt? This year, take control of your spending with these seven tips.
1. Make A Budget (and Stick To It)
It's easy to get lost in the moment and overspend when buying the perfect gift for a loved one. But not having a budget can quickly take a toll on your pocketbook. Before your shopping trip, determine the amount of money you plan to spend for each person on your list.
As an added tip, consider placing your allotted funds into an envelope rather than using a credit or debit card. Once the envelope is empty, you know you've reached your max budget.
2. Plan Ahead and Avoid Last-Minute
Shopping
Are you a last-minute shopper? If yes, you may be overspending. Start making a list a few months in advance so you can compare price points on products. Plus, you'll avoid grabbing a gift that may be out of your price range because you're short on time.
3. Create Homemade Gifts
Have you recently started a new hobby such as knitting or needlepoint? Or maybe you've perfected your sourdough bread or pizzelle recipe? How about scrapbooking and capturing moments from the past few years? Make your your leisure-time activity into gifts for friends and family. These DIY presents may take a little extra time but they'll be much easier on the wallet.
4. Find Inexpensive Activities
The holidays don't have to be centered around spending money. There are plenty of free or inexpensive activities right at your fingertips. Take a drive around the neighborhood to admire the decorations and lights. Make hot cocoa and watch your favorite holiday movie. Go sledding in a friend's backyard. You may even establish a new tradition or two.
5. Suggest A Potluck Dinner
Preparing a meal for your aunts, uncles, nieces, nephews and maybe even a cousin twice removed can get pricey. Try suggesting a potluck meal where everyone brings something; yes, even the paper plates and plasticware. It gives everyone the opportunity to let their culinary skills shine while lessening the burden on your wallet.
If you proceed with this option, remember to keep track of who's making what. You don't want everyone to show up with a dip or dessert. You can even assign the kids to fun activities or games.
6. Use Discount Codes & Cash-Back Apps
Saving money is even easier now with mobile apps and browser extensions including Honey, SnipSnap, Dosh and Rakuten. Be sure to check these platforms before making your next purchase. Don't just limit yourself to retailers; you can also use some of these platforms to save on groceries.
7. Earn Points On Gift Cards
Many grocery stores offer perks or points on all purchases, which means you can also earn rewards when purchasing gift cards.
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