8 smart ways to save this holiday season

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It’s the most wonderful time of the year!

Whatever you celebrate, be it Christmas, Hanukkah, Kwanzaa and others, this season is all about sharing the moment with loved-ones and bonding with your family and friends. It is also the time for gift-giving, parties, and merry-making – all of which can get expensive.

If you don’t want to make a big dent on your settlement funds, try these tips to save money during the holiday season:

  1. Make a budget and track your spending

    Budgeting can be tedious but it’s the most effective way to track spending. First, make a list of all your expected expenses. This could include gifts (list down each person and how much you intend to spend for each one), food, activities, amount of money to send home, etc. Leave wiggle room for emergency expenses. Looking at this list, you can already imagine how much you will need to set aside. Review and cut-back on certain things. For instance, instead of buying more gadgets for your kids, maybe you can opt for less expensive toys. Make sure that your budget is realistic but not so tight that you fail to enjoy the holidays.

  2. Use smart ways of spreading cheer

    • Secret Santa/Kris Kringle/”Monito-Monita” – Try this if you have a big family or circle of friends. Instead of buying each one person a gift, you just need to buy one item. To do this, write each person’s name on a sheet of paper, fold, and place in a box. Each member of the group pulls out a name and keeps it a secret. That’s the person you will buy a gift for. This activity adds more excitement to gift-giving and makes it more likely that every person will receive high-quality gifts.
    • The best things in life are free– Choose practical (cheap or free) activities. Enjoy hot chocolate while watching a movie at home, baking together, creating holiday crafts, and sledding or tobogganing at the park.
    • New charitable traditions – Create meaningful traditions that emphasize giving rather than receiving. Volunteer with your family at a soup kitchen to serve meals, or at a shelter to prepare care packages. Your family could sponsor a hamper for the Christmas Cheer Board. Ask your kids to check their closets for coats they don’t use anymore and donate to a coat drive. Join your own ethnocultural organization and donate or participate in activities that help out the less fortunate in your home country. These are new holiday traditions that your children can continue until they are adults.
  3. Don’t use credit

    If you can’t control yourself when you’re shopping, use cash for your purchases. Experts advise withdrawing cash, as you have budgeted, to make you aware of just how much you are spending. An empty wallet is the best sign that you should stop shopping.

  4. Make gifts

    Do you bake, knit or do arts and crafts? Consider giving homemade gifts this year. Your gifts will be more personal and heartfelt, it can cost less too.

  5. Maintain your home country’s holiday traditions

    Are there simple traditions you can do in Manitoba to remind you of home? These can be simple things like making a holiday lantern or an advent wreath, going to mass, or cooking traditional food. These are inexpensive and meaningful activities that help you and your family stay in touch with your heritage.

  6. Do post-holiday online shopping

    If your family or friends do not mind getting their gifts after the holidays, try post-holiday online shopping. You will notice that prices of goods are slashed considerably during or after the first week of January. Shop safely online. Don’t forget to take advantage of free shipping when you buy more items.

  7. Don’t make the holidays about things

    Resist the urge to splurge on material things. Instead, invest on having quality time with your family. Make the holidays more about the experience.

  8. Think ahead to next year

    Save money, budget, and shop early for next year so that you don’t spend more during the holiday rush. Start a separate holiday account. Put in money every month (depending on the holiday budget you set) starting in January. Take advantage of off-season sales so that you don’t have to worry when the holidays grow near.

Enjoy the holidays!
 
Article updated November 22, 2023.
 
Sources: 9 best ways to save money during the holiday season, Jacqueline Curtis, Money Crashers; 11 ways to save during the holiday season, The Everygirl.com. All accessed December 4, 2017.

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