7 Effective Ways To Save Money During The Holiday Season
The holidays are here with us yet again. A time full of cheer and happiness to spend with our loved ones.
The Christmas decorations are already up in most malls and houses to remind us of the magic in the holidays.
As beautiful as the holiday season is, however, it can cause severe damage to our financial lives if it is not handled with care. This is due to the traditions of gift-giving, party hosting and attending, traveling plans among many others usually associated with the holiday time.
Many people usually find themselves in a bad financial position come January, after indulging in all the festivities.
To avoid a bad financial start to the new year, here are 7 ways you can save money and survive the holiday season.
1. Lifestyle Changes
Many people get to the holiday season and wonder where all their money went to. I’ll tell you exactly where it’s on those take-out meals you have been treating yourself to.
While its good to treat yourself once in a while, saving that extra cash would go a long way in saving up for holiday plans and gifts. So cut back on expenses in order to enjoy the holidays.
It is also important to ensure your family remembers the reason for the season. That the holidays are not about the gifts you give but spending quality time together.
In accordance with this, instead of balling out and breaking the bank on expensive gifts and exclusive trips, you can choose more cost-efficient things to do together.
These include going to the mall with the kids to see Santa and taking a drive around the neighborhood to see the magical Christmas lights.
2. Budget For Everything
When I say everything, I mean just that. From the gifts to the trips to the splurging, budget for it all.
Splurging is an inevitable part of the holidays, so when budgeting, it’s important to keep a realistic and flexible plan which has some wiggle room.
3. Make Use Of The Sales/Deals
Another pro tip on how to save money during the festive season is to take absolute advantage of the black Friday sales around. But do so with caution and ensure it is actually a discount and you’re not just paying the same amount.
4. DIY Gifts
Gift-giving is part of the festivities involved with the holiday season. The temptation to please everyone with everything they ever wished for is rife for many people.
This is the easiest and fastest way to empty out your bank account. While gift-giving is essential for a successful holiday season, it is important to form a gifting list way before.
After this, it is important to adhere to your gifting budget and stay within those limits.
The easiest way to do this is to opt for more gifts handmade with love, as opposed to going big. Handmade gifts leave the same lasting impression on a person, if not even more.
These may include gifts like baking a pie to your friend’s party instead of buying a bottle of wine.
5. Use Cash Instead Of A Card
The best way to ensure you don’t overspend is to withdraw only the amount set aside for the holidays and live within the budget.
As tempting, the plastic card is, avoid the urge to swipe. This is how many people end up broke after the festivities.
6. Embrace Potluck Traditions
Many people host parties and gatherings at their houses during the holidays. This is usually not an endeavor for the weak because of all the food, drinks and decoration expenses involved.
Instead of taking up all the costs involved, more and more families and friends are embracing the potluck tradition.
This is where the host prepares the main meal but the guests chip in by showing up with other ready parts of the meal. These include soups, dessert and anything else.
7. Buy Decorations In Advance
The colorful nature of the holiday season adds a lot of warmth and love in the air. Some people live for the colorful and bright lights.
To be able to comfortably partake in these beautiful decorations, it is necessary to buy the decorations in advance, before the holiday season. This is because, during the holiday season, the prices of decorations are hiked because of their demand.
It would be a financially wise decision to shop for them around August, ahead of the rush.