The holidays are notoriously the worst time for saving money. If anything, we all tend to overspend during this time.
From the entertaining to the food and gifts, it all starts to add up pretty quickly.
But there are a few things you can do to make sure you don’t go overboard this season, and maybe even save a few dollars instead!
- Have a list and stick to it. Don’t make impulse purchases. You are definitely more susceptible to them during this time of year, and retailers often take advantage of that with their marketing tactics. Whether it’s party planning or gift giving, make a list before you begin buying, and go over the list again and again to make sure everything you need is there and everything you don’t is eliminated.
- Watch for sales. Although this slightly contradicts the previous advice, sales are your best friend during the holidays. But you can do your research beforehand to stay away from impulse purchases. Look up only what you already know you need to buy to see if there will be any good deals on it, and when’s the right time to buy it.
- Realize eating out may be cheaper. It’s no surprise that everyone expects a lovely home cooked meal for Christmas and Thanksgiving, but making that happen takes a lot of time and effort and can cost a lot of money. Figure out where you can compromise and buy some prepared foods. For example, a frozen pie is super convenient and may cost less than buying all the individual ingredients.
- Don’t treat yourself. You drink a little too much egg nog and think you deserve the latest and greatest, but now is not the time. If you are trying to save money, treat yourself on a different occasion, such as your birthday. The holiday season is all about helping others anyway, you can put yourself first after the New Year. 😉
- Thrifting and Re-gifting While those practices may have negative connotations, they are essentially recycling and re-purposing, which are not negative things at all. The first step in not spending or accumulating more is to make use of what you have. There are bound to be a few perfectly good items in perfectly good condition lying around your house that could use a new home. If not, you can check thrift stores for a bargain on stuff that people found lying around their homes. Despite what you may have heard or thought about thrift stores, they often have brand new or never used items donated from the community or local retailers.
‘Tis the season to save money if you approach it the right way. Good luck and I hope you found these tips helpful!