The holiday season puts a strain on finances even when the economy is booming. Between gifts to buy, meals to prepare and events to attend, it is hard not to go overboard. To keep spending on track, start with a plan of action. Then, get creative with gift giving and other seasonal responsibilities.
Plan Ahead to Save Money for the Holidays
The best way to save money at Christmas is to plan in advance what to spend. This means starting several weeks before the big day and before the holiday rush begins. Sit down with other members of your family and talk about how much to spend on gifts and what experiences are most important. Then, make a list and assign an expense limit to everything.
- Start with a total amount of money to spend the entire season. This might come from savings throughout the year or from taking out a percentage from income leading up to Christmas.
- Divide the budget according to activities: gifts, decorations, food, events, etc.
- Spend only cash.
Ideas for Inexpensive Christmas Gifts
- Make Something The internet is full of how-to’s and tutorials for making everything from kids' toys to men’s slippers. Search magazine websites and craft blogs for ideas to please everyone on your list.
- Draw Names Buying a present for every cousin, niece and nephew gets very expensive. For people with large families, consider drawing names. Everyone will get one nice gift instead of lots of little things.
- Buy Group Gifts Shorten a lengthy gift list by combining names. Group families and coworkers together, and then buy a single present they can enjoy together. For example, make a game night basket for your sister’s family or take a selection of healthy snacks to work everyone gets to choose from.
Ways to Save on Party Food
- Buy in Bulk Don’t take a separate dish to every party or dinner. Instead, choose one that fits in at every event and save money on buying bulk ingredients.
- Go Potluck For Christmas dinner at home, consider a potluck. Have other family members bring sides, desserts and drinks while the host provides the main dish.
Inexpensive Christmas Decorating
- Reuse and Reinvent The best way to save money on decorations is to use last year’s supply. Just get creative with them. Hang wreaths in a different spot and pile ornaments in bowls to get more mileage out of them.
- Make Your Own Make new decorations instead of buying them. Many craft stores have special Christmas sections with supplies for everything from wreaths to cards.
With these tips saving money around the holidays, Christmas will still be merry and you won’t miss the money you save.
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