It’s the season for gift-giving, parties, and parties. It can cost a lot! Read these tips to save money but still have fun this season:

1. Make a budget

   Budgeting will help you spend only what you can afford.

   • Step one: Make a list of all your expected expenses. For example: Gifts, food, activities, clothes, money to send back home, and others.
   • Step two: Estimate how much each item would cost.
   • Step three: Review the list and see where you can cut-back. For example, instead of the latest gadgets for your kids, choose less expensive toys.
   • Step four: Make sure that your budget is realistic.

2. Smart ways of spreading cheer

   • Secret Santa – Don’t buy gifts for everyone in your office. Do a Secret Santa. Write each person’s name on a sheet of paper, fold, and place in a box. Each one pulls out a name and keeps it a secret. You buy a gift for that one person.
   • Free activities – Choose cheap or free bonding moments during the holidays. Enjoy hot chocolate while watching a movie at home. Bake together, create holiday crafts, or go sledding or tobogganing at the park.
   • New charitable traditions – Volunteer 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). Donate to a clothes drive. Join your ethnocultural organization’s program for the less fortunate in your home country. Make new holiday traditions focusing on giving not receiving.

3. Don’t use credit

   Use cash as much as possible. It will make you more aware of how much you are spending. When your dollar bills run out, you will stop shopping.

4. Make gifts

   Make homemade gifts this year. Your gifts will be more personal and heartfelt.

5. Practise your home country’s holiday traditions

   Do simple traditions to remind you of home. Examples: Make a holiday lantern or an advent wreath, go to mass, or cook traditional food. Choose inexpensive and meaningful activities to teach your kids about their heritage.

6. Do post-holiday online shopping

   Do online shopping after the holidays or on Boxing day. Enjoy discounts, lower prices and even free delivery. Shop safely online.

7. Don’t make the holidays about things

   The holidays are not about toys, gadgets and other things. It is about being with family and friends. Make it more about the experience.

8. Think ahead to next year

   Save and budget for next year. Start a holiday account to save money every month. Buy from off-season sales for presents.

Enjoy the holidays!
 
Article updated November 18, 2020.
 
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.