Tips to save money this holiday season

The holidays are supposed to be the most wonderful time of year, but for many, it can be downright stressful.

Not only is there a huge checklist of things to do to prepare, but it can also be expensive. Add to this the current cost-of-living crisis and your holiday costs just got more expensive than last year.

While we all want to have a festive and celebratory season, it’s important not to get caught up in the consumerism around Christmas. Remember, the holidays should be focused on who’s around the tree, not what’s under it.

With inflation continuing to soar across the country, don’t be shy about reining in your spending this year. The last thing you want to deal with in January is a stack of hefty credit card bills.

Here are a few tips on how to save money this holiday season:

Make a budget — Be sure you have a solid spending plan before you go out shopping. If you don’t, you’re likely to overspend. Figure out how much you can afford to spend this year and divide it amongst the people on your list to see your budget per person. This is a great way to understand what you can afford and will give you more incentive to stick with your budget and not go over.

Don’t forget there are a lot more expenses to the holidays than just gifts, such as decorations for the home, dinners with friends and family and

charitable donations. You’ll need to budget for these too.

Get creative with giftgiving — Gifts will likely eat up the bulk of your holiday budget, so try to cut back by opting for homemade gifts that are not only more meaningful, but are also free or very inexpensive. Why not try baking sweets for a friend or creating a coupon book of favours for a spouse? Odds are these types of gifts will be a lot more well-received than products that the person will

likely never use.

Go digital with your holiday cards

— While it may be 2022, people still love to send out a traditional holiday card by mail. Not only can this add up in the form of postage, it also can take a lot of time to write out personalized cards. Try sending out e-cards to your list this year. There are many free websites that allow you to create cute, personalized cards for everyone on your list.

Prepare a grocery list

— Whether it’s for the big dinner or for entertaining friends, extra groceries will have to be factored into your budget. Take stock of supplies you already have, check the flyers for deals and always go shopping with a list. Without one, you will ultimately end up buying things you didn’t account for.

Budget decorations

— Many dollar stores have extensive decorations that are inexpensive. Try to use the same decorations over from previous years, and if you’re really a planner, buy next year’s decorations on Boxing Day when they’re all on sale.

Ultimately, the best way to prepare for the holidays is to set a realistic budget, plan for extra expenses and try not to get caught up in the hype. This is a time to enjoy with loves ones. By having a proper plan you’ll ensure that you enjoy the moment and not worry about how you will pay for it all come January.

Susan Eisner is the CEO of Solveyourdebts.com. For over 25 years, she and her team have been helping Atlantic Canadian families learn how to manage credit wisely, reduce debt and live debt free. For more information, go to solveyourdebts.com.