Christmas Money Saving Tips

Every year we promise ourselves that this will be the season that we start early, stay organized, keep costs down, and avoid the last-minute rush – yet December still sneaks up on us.

The good news is that it is not too late to save. We’re sharing some practical, money-saving (and stress-saving) tips so you can celebrate Christmas without fearing the dreaded debt hangover that January can bring.

‍

1. SET YOUR BUDGET

The very first step in preparing for the holiday is to set a budget. Decide on an amount you can comfortably spend and remember to account for more than just gifts. Include food, gift-wrapping supplies, travel expenses, and any other holiday-related costs. Even small expenses add up, so include everything.

It’s smart to include a small contingency line in your budget for unexpected expenses, last-minute needs, or replacements.

When it comes to gifts, set a spending limit with your family and friends. Another fun way to keep costs down is to organize a Secret Santa or group gift exchange. Simply set a price limit and draw names. Be creative – the best gifts do not always come with the highest price tag.

Not a fan of spreadsheets or budget apps? Keep it simple. Label envelopes for each category and put the cash you’ve allocated into each of them. When the money’s gone, it’s gone – no overspending and no January surprises. Your credit card can stay safely tucked away in your wallet.

‍

2. MAKE A LIST AND STAY ORGANIZED

Just like your budget, it helps to make a list of everyone you plan to shop for this year, along with how much you want to spend on each person. You have already budgeted the amount you want to spend on each category – these detailed lists will keep you on track.

As you buy gifts, make a note of what you’ve purchased, who it was for, and how much you’ve spent. This keeps your spending in check and ensures you won’t forget anyone or end up with duplicate gifts.

Don’t stop with gifts – expand your to-do lists to cover every aspect of the season. Make an itemized grocery list for holiday meals and gatherings, and a shopping list for decorations, supplies, and festive attire based on your budget. As you buy things, cross them off the list.

Don’t stop with your expenses – create a task list as well. This can include cleaning, organizing, wrapping, and other prep tasks that will help your holiday celebrations run smoothly. Make sure you delegate as well.

‍

3. SHOP SMART

Whether you’re searching for a toy, an electronic, or a must-have appliance, take the time to shop around. Compare prices, read consumer reviews, and watch for sales or coupons – you might be surprised by how much you can save.

If buying a new gift is not in the budget, consider shopping at second-hand stores or online marketplaces. Just be vigilant for scams when buying online.

Not sure what to get someone? Instead of a physical gift, give them an experience. Rather than buying individual gifts for each family member, consider combining that money into an outing, a local membership, or a subscription for everyone to enjoy.

‍

4. TIME WITH LOVED ONES

The one thing money cannot buy is time. This season, make it a priority to create or continue traditions with your family and friends. These moments do not need to cost much, and some will cost nothing at all.

They can be fun game nights, movies in your pajamas, or breakfast with friends. During the holiday hustle and bustle, make sure you take time to truly enjoy the season and the people around you. Some of the best gifts are the moments and memories that you share, not the material gifts that you buy.

‍

5. DIY WHEN YOU CAN

You don’t have to break the bank to celebrate the holidays. Get a little crafty. There are great ideas on Pinterest, social media, and YouTube, from festive décor to delicious recipes. They offer step-by-step directions so you can do it yourself or include family and friends to help.

If you love to bake, consider giving your loved ones a festive tin or bag of your favourite baked goods. If you are a crafter, create a special gift for each name on your list. Handmade gifts are not only cost-effective, but also heartfelt and meaningful.

A simple coupon book filled with offers for house cleaning, dog walking, snow removal, etc., is another option. Giving someone your time is often better than any physical item.

‍

6. PLAN FOR NEXT YEAR

It is never too early to start planning next year’s holiday season. Consider opening a separate savings account and setting aside money each month. Building a small, consistent habit now will save you stress and cash when the holidays come around again.

When planning for next year, try to spread out your Christmas expenses by starting early. Stay mindful of your Christmas shopping list throughout the year so you can take advantage of seasonal sales and avoid last-minute, impulsive purchases.

When you shop throughout the year, designate a cupboard or closet to store your Christmas supplies and gifts so you don’t forget where they are when Christmas comes.

Don’t forget, when you are out shopping and use your Sunrise Credit Union MemberCard, you have buyer protection. This coverage offers protection on most retail items, including gifts, for 120 days after the purchase.

‍

FINAL THOUGHTS

While the holiday season can be costly, with a few cost-saving tips and a realistic budget, you can stay on track. Most of all, remember that this time of year isn’t about overspending. It’s about slowing down and enjoying time with the people who matter most.

By staying mindful of your financial limits, you can enjoy a more stress-free holiday season and avoid the financial strain that often follows in January.

‍