Save Money This Holiday Season
There is something magical about the holiday season.
It seems to get us carried away with spending and leads us to believe that our money is infinite. Sadly, it’s not infinite. However, that doesn’t mean we can’t have a very special holiday season and not break the bank!
Here are some practical ways to save money this holiday season:
1. Shop during sales: Retailers often have special sales and discounts during the holidays. Take advantage of these sales and buy gifts at a lower price.
2. Make your own gifts: Homemade gifts are often much less expensive than store-bought gifts, and they can be just as meaningful.
3. Buy generic brands: Whenever possible, buy generic. Generic brands are often much more affordable than name-brand items.
4. Buy a joint gift: Getting together with some siblings or cousins for a particular person can significantly reduce the cost of a particularly expensive gift. This is because one can split the cost of said gift. This can help save a lot of money for a big expense, such as helping to pay for a used car for someone’s child or sending parents to a beautiful week-end get away. Gifts such as this can be able to be a reality without breaking the bank if we work together.
5. Use cash: Using an envelope with a set amount of cash instead of the debit card, can help us stay within our budget and reduce the temptation to overspend. Because, once the money is gone, we will not physically have any more money to spend. Leave the debit card at home this season and use a cash envelope instead.
6. Set a budget: To help keep your spending in check, set a budget for gifts and stick to it. Also, select a price range for each person and search for gifts within that price range only.
7. Avoid impulse buys: It’s easy to get carried away when shopping for gifts. Avoid impulse buys by making a list of what you need and sticking to it.
8. Have a secret santa (gift exchange): If you have a large family or friend group, Instead of buying gifts for every person, gift exchange. Each person will select a name out of a hat (or a mobile app). No one will know who got who until the very end! It is a super fun way to celebrate with our loved ones and not break the bank. Make sure you set a price limit so that everyone gets the same value of gift.
These tips will help you save a ton this holiday season. This will cause us to enter the new year without any debt and many wonderful memories instead!
