Seven ways to save money during the holidays

Between gifts, parties, decorations, meals and more, ‘tis the season for increased spending! In fact, the overall increase in holiday spending is estimated to be 5% this year, at $862 per household compared with $819 in 2018. The good news is, by spending wisely and sticking to a budget, you can easily cut costs without sacrificing any of the holiday spirit! Here are seven ways to save money during the holidays:

1. Budget for everything

Remember that the holidays have a heftier price tag than just gifts. If you’re expecting guests, you’ll likely pay more in groceries and utilities, and frequent holiday shopping trips mean more gas guzzled. Calculate just how much holiday cheer will cost and budget appropriately.

2. Pick up a side hustle

If your budget makes you balk, consider taking on a side gig. Many retail stores need additional support during the busy holiday season, and event staff and pet sitters are in high demand. If you’re able, sell goods as gifts, do some freelance work or even just shovel some driveways.

3. Make a list and check it twice

Research, determine and record the price of each gift you plan to purchase. Only shop when armed with your list and don’t deviate, no matter how tempting those holiday displays may be! Try an Excel spreadsheet, budgeting app or plain old pen and paper.

4. Pay with cash

The physical action of handing over paper money makes a purchase more concrete than simply swiping a card. It’s easy to budge on the budget when convinced you’ll just pay it off later, but the last thing you want to drag into the new year is holiday credit card debt!

5. Get creative to save money during the holidays

Explore low- or no-cost gift alternatives like crafts, free labor certificates or even simple, homemade Christmas cookies. You can also implement a family gift lottery, where each person draws just one name to shop for!

6. Determine Santa’s Return Policy

After all the spending, you may have an opportunity to make some money back. Keep track of any rebate offers and take note of return policies, in case anything doesn’t fit or function after the big day.

7. Keep the Holiday Spirit Alive

Through all the shopping, wrapping and gifting, remember what the holiday season is really about. Quality time with loved ones is worth so much more than any fancy electronic or pricey peanut brittle!