The holiday season is known for lavish food, gifts and time spent with friends and family. Of course this does come at a price, and sometime after New Year’s Day rolls around we find ourselves resolving to keep our finances in check in the coming year, and perhaps to work off some of the holiday weight too.
The best way to tackle this resolution is to start immediately. Not after December is over, not after New Year’s Day, but today is the best day to start.
With all the hysteria of that the holidays bring, even the most frugal of us can be affected. This time of year is meant for making memories with friends and family, but we normally can get sucked into spending a bundle in the process. However, you don’t have to spend a lot of money to enjoy the season. Conscientious giving, combined with willpower and creativity, can and will make a significant difference for people trying to keep their costs in check.
24/7 Wall Street has compiled a list the top five tips and tricks that you can use to save money during this holiday season.
First of all, make a list and then check it twice. Holiday giving can be very expensive, and it’s hard to stick to a budget if you’re scrambling to find gifts at the last minute. Determine the right present for each person on your list ahead of time, and avoid the frantic overspending resulting from poor planning.
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Second is subscribing to the do-it-yourself (DIY) movement. If you have the time and inclination, making gifts for those in your life can be cost effective and especially thoughtful. For grandparents, this could mean framing a child’s artwork, while coworkers might enjoy a hand-stamped mug and homemade hot cocoa. It’s an opportunity to give a fun and meaningful present without spending a fortune.
Next is to put aside a small fund for incidental expenses. Often it’s the little things that can blow the budget. Things that come to mind are buying batteries for toys and electronics, picking up last-minute supplies for a holiday party or buying a gift for someone you accidentally left off your list. Unfortunately, these expenses are tough to avoid, so set aside a slush fund to cover the costs.
Fourth, instead of purchasing gifts for every last niece, nephew and cousin, draw names and find the perfect present for just one person. Ultimately this reduces the stress both financially and personally.
The last piece of advice we have on our list is to be careful how much you’re saving. It’s simple to justify purchases when every last retailer is offering holiday discounts, and it’s easy to get swept up in the fun and excitement of scoring good deals. However, you’re not really saving money when you buy things you don’t really need or even want. Second-guess every unplanned purchase to root out and avoid unwise spending.
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