The holidays are a joyful time!

We celebrate Christmas, Hanukkah, Kwanzaa, and more. This season is about spending time with loved ones. It is also for giving presents, having parties, and enjoying yourself. It can get costly.

If you want to save money, here are some tips for the holiday season:

1. Make a budget

   List down everything you need to buy. This includes presents, food, fun things to do, and money for family. Look at your list to see how much money you need. Check items you spend less on. For example, choose less expensive toys instead of electronics for your kids. Make a plan but still have a fun holiday.

2. Simple ways to have fun

   • Secret Santa – Try this with a big group of family or friends. You only buy one present, not one for each person. Put everyone’s name on paper, fold each one, and place them in a box. Each person picks a name (they keep it a secret). You get a present for the person you pick. This makes gift-giving exciting. It also ensures everyone receives a nice present.
   • Free activities – Enjoy activities that are low-cost or free. Have hot chocolate and watch a movie at home. Bake with others. Create holiday crafts. Play in the snow at the park.
   • New charitable traditions – Volunteer with your family. Help at a shelter. Your family can also donate to the Christmas Cheer Board. Encourage your kids to give away clothes they do not use. Give to people in need in your home country. These can become traditions. Your kids might continue them as they grow.

3. Don’t use credit

   If it’s hard to stop shopping, pay with cash. Experts suggest withdrawing the cash you budgeted. This lets you see what you spend.

4. Make gifts

   If you like to bake, knit, or craft, give these as gifts. They are more meaningful. It’s cheaper too.

5. Keep your own holiday traditions

   Do things from your country. Make a holiday light or a wreath. Attend church. Cook traditional dishes. These do not cost a lot. They are meaningful and connect you to your culture.

6. Shop after the holidays

   If it’s okay to give late presents, buy them online later. Prices drop in January. Shop safely online. Look for deals with free delivery when you buy more.

7. Focus on family, not things

   Do not spend too much on items. Instead, spend time with your family. Make the holidays about being together.

8. Prepare for the next year

   Save money and plan ahead for the next holidays. Start saving for the holidays each month. Look for deals all year. Then you will not worry when the holidays arrive.

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.