A Thrifty Person’s Holiday Handbook

The Holiday Season is an exciting time filled with gift giving, food, family, travel, and tons of fun, but it can get expensive. The thing is, you don’t need to spend all of that money to have a good time, give awesome gifts, and throw a memorable party. Here are a few simple savings strategies to help you and your family have an incredible Holiday without putting yourself into debt along the way.

Set a budget

This can be a total budget or a per person budget. Either way, don’t forget to include the cost of the extra items beyond the gift itself. For example, wrapping paper, tape, postage, cards, envelopes, etc. Those small items can really add up if you’re not planning for it ahead of time.

Formulate a plan

Before you set out to shop, come up with a plan of attack. Know exactly which stores you’re going to and what you plan to buy there. Make a list to avoid impulse buys; if it’s not on the list, it doesn’t go in the cart!

Pack snacks

You can really work up an appetite when scouring stores and fighting through packed parking lots, but that convenient mall food is expensive. Whether you’re shopping alone, with friends, or with your family, pack a lunch or snacks to help you avoid hunger-driven splurges and increase your savings.

Give yourself the gift of time

We’ve all found ourselves paying top dollar just to cross something of the to-do list as the Holiday draws closer. Do yourself a favor and start shopping as early as possible to give yourself time to shop around and find opportunities for savings.

Have wish-list limit

Ask your kids to give you 1-2 items they REALLY want and you can always get them a few more small gifts. This way you can focus on finding savings on what they really want and avoid giving them things that will just sit gathering dust until you get rid of them.

Skip wrapping paper

Instead of spending money on wrapping paper just to have it torn to pieces and thrown away, use newspaper! Newspaper comics are always a fun alternative.

Send e-cards

In our digital world most people would not be at all offended by receiving your annual Holiday card or family newsletter via email. Of course you’ll have people like Great Aunt Sally who will need a hard copy mailed to her but most of the people on your list will have an email address and the savings you’ll see in the cost of cards, postage, and time will be huge!

Savings with do-it-yourself

The internet is full of easy and impressive DIY projects for everyone. Pick your project wisely though as expensive materials can wind up costing you more than if you had bought something at the store.

Lock up the credit cards

You can see significant savings by leaving the plastic at home. Many people have a harder time parting with cash than they do swiping a credit card through a machine, so if you’re shopping with cash you may think twice about adding that extra $5 item to your basket. Further, if you walk into a store with only $50 in your hand, you can’t spend any more than that!

Clip Coupons

Don’t just throw out all of those Holiday mailers you’re getting; take the time to look at the ads, clip coupons, and see what savings you can take advantage of. Just avoid situations where you have to buy more to save since that can often push you over your budget.

Decorate strategically

Rather than ‘Decking the Halls’ with gobs of expensive decorations, pick a few spots in your house and make them beautiful. For example, your dining room table, front door, stairs, fireplace, or other standout areas of the house.

Start a gift exchange

You’re surely not the only one looking for Holiday savings this year, and this is a great savings opportunity for large families and groups of friends. This works because everyone only needs to buy one gift each. Draw names from a hat and set a spending limit.

Try a potluck

Hosting the Holiday party this year? Don’t put the financial burden on yourself to provide food for everyone. Make it a potluck and ask everyone to bring a dish to pass and consider making it a BYOB night since alcohol can erode any savings plan.

Hunt out free holiday activities.

Take a look at your local community calendar and you’ll be surprise at how much is going on right down the road that won’t cost you a thing.

Remember that Holidays are about family and friends, not expensive gifts or extravagant parties. Armed with the tips above you can see significant savings and still have a blast this Holiday season.