Ways to Save Money During the Christmas Holidays

Avoiding Holiday Debt is Best Way to Start the New Year

Nov 8, 2009 Mary King

There is no joy in paying for things one cannot afford. Start the New Year without added holiday debt. Set a budget, be wary of shopping gimmicks & avoid credit card use.

The strategy is simple: Don't overspend. Imagine starting the New Year with no more added debt than one already had prior to the holidays. Think it's impossible to have a nice holiday without all the added extras and expense? It's not impossible at all. All it takes is a reasonable plan of action and willpower. What's the result of staying within a holiday budget? A wonderful feeling on January 1st, knowing there will be fewer bills to pay.

Avoid Spending Too Much Money during the Holidays

The holidays aside, a lot of people will be "doing without" until the economy gets better – which could take quite a few years. It makes no sense to make matters worse by going into more debt. Avoid the stress and depression that comes from overspending, not to mention the fighting that often results when bills can't be paid later on.

Set a budget and stick to it. The first part is easy; it's the second part that gets most people into trouble.
Don't become victims of mail order catalogue companies.
Toss mail order catalogues that have already approved a set amount of credit. This kind of shopping is the easiest trap to fall into. Choose now and pay later – the consumer pays dearly for months afterward.
Avoid layaway. Many stores charge at least a 5.00 (USD) layaway fee and up to a 10.00 fee if the layaway is canceled. Customers routinely place hundreds of dollars worth of merchandise in layaway and then fall behind in payments.
Make do with last year's decorations. Or, recycle pieces from old decorations to make something new.
Go green for Christmas and use recycled holiday paper or get down to real old-fashioned basics and wrap presents in magazine pages, Sunday comic pages, and paper leftover from last year.
Avoid the extras: pretty or cute package decorations, fancy ribbon, and glossy gift bags. Most times this stuff gets thrown out after the holidays.
Stay away from the mall when Christmas shopping. Prices in specialty stores can eat through a budget in no time.
Shop at thrift stores, outlet malls, dollar stores, flea markets, and discount stores for some great gift bargains.
Leave the plastic at home when Christmas shopping. Record all expenses and stay mindful of the budget.
Send gift cards or checks (not cash) as presents to friends and family out of town. Mailing packages is way too expensive. Make sure the gift card can be used in the recipient's area.

Tips to Save Money during the Holidays

There are more ways to save money during the holidays. Some suggestions may sound a bit miserly, but when times are hard no one has reason to gripe about being thrifty.

Instead of buying a Christmas music CD, find an online radio station or local area station that's playing continuous holiday music.
Save cute and pretty package decorations received on this year's presents and use them for decorating next year!
Take advantage of rebates and use coupons whenever possible.
Save paper, ribbon and bows from this year's gifts (received) and use wrappings next year.
Make sure a sale is really a sale and not a gimmick to get consumers into the store.
Avoid "Midnight Madness" sales events and "Black Friday" shopping where stores lure thousands of customers with only limited amounts of discounted merchandise.
Shopping online makes it easy for people who can't leave home or have no other means to buy items. Immediately put the cash aside when items are purchased online. Add the amount to the regular credit card payment when the bill arrives in January.

Responsible Holiday Spending Has Rewards

There is a great sense of accomplishment in staying within a budget and not overspending during the holidays. There are hundreds of ways to save money and still have a fabulous Christmas.

Get together with neighbors and share cookies. Collaborate with other parents for baby-sitting services then go shopping and complete holiday errands. Try good old-fashioned bartering for services. The ideas for saving money during the holidays are many. One only needs the right attitude and a little willpower to make a joyous and inexpensive holiday.

HOL101

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