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Save money during the holidays – these simple tips will teach you how!
What do the holidays have to do with personal finance? Plenty, it turns out. It’s easy to spend a little more than expected with the hope creating special memories with family and friends.
In fact, it’s not uncommon to overspend during the holidays. Christmas has become very commercialized, with decorations popping up in stores earlier every year. Clever marketing often entices shoppers to spend more than planned. Once January rolls around and credit card bills start piling up, you may feel pressured to put a hold on retirement savings in order to cover your bills.
However, there’s nothing wrong with saving money during the holidays. You can learn to avoid the stress of overspending and protect your retirement savings by following simple ways to save money during the holidays.
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Holiday Spending Can Add Up Quickly
If you’re behind in saving for retirement, one of the best things you can give yourself is the gift of sticking to a budget. Whether you are purchasing candles, small gifts and special foods for Hanukkah; buying decorations, food, and presents for Christmas; or planning a Kwanzaa feast, the expenses can add up quickly!
In order to make sure you can enjoy the holidays with your friends and family without worrying about whether you’ll still be paying for everything in January, figure out how much money you can spend and look for creative ways to reduce costs.
You may find yourself inspired by creative gift giving ideas that are sure to save money and keep your retirement accounts growing.
If you’re a fan of online content about Blogmas or holiday crafts, you know these topics can be a goldmine for creative gift ideas. You’ll find DIY Christmas decoration instructions and low-cost ideas for festive holiday entertaining that save money.
I’ve written about Blogmas before, it’s a great source of fun and low-cost Christmas ideas. In addition, I’ve reviewed suggestions from the crafting community, herbalists and herbal enthusiasts, as well as personal finance experts on inexpensive gift giving. Let me introduce you to some of my favorite ways to save money during the holidays.
5 Simple Ways To Save Money During The Holidays
Bloggers from around the world are sharing their best tips and most inspiring Christmas ideas during Blogmas, and many of these money saving ideas come in handy during the days leading up to Christmas.
Create And Follow A Holiday Spending Plan
Creating a holiday budget, or a spending plan, is the first step to take for avoiding overspending. Suggesting that you create a budget to save money at Christmas may not be a surprise, but not having a budget makes it easy to spend without thinking about where your money is going. Adding up the bills after the holidays can be surprising or even shocking!
Lots of bloggers offer free Holiday Budget Templates that are designed to help you save money. It’s pretty easy to find free budget printables online, too. Many books are available for purchase (or free from the library) to help you develop a budget that fits your lifestyle.
If you’re not using Excel spreadsheets or online budgeting apps like Personal Capital, Mint, or YNAB, you may not be aware that planning and tracking what you spend is the key to saving money. It’s easy to overspend during the holidays, so creating a plan will help you keep those retirement dollars going where they should (instead of on last minute gifts, snacks, or drinks).
Once your holiday spending plan is in place, make your money go as far as possible by taking advantage of sales and coupons. I’m a big fan of Rakuten, a free online shopping portal. Rakuten gives you cash back for joining – did I mention it’s free to join? Plus, Rakuten offers discounts and cash back on purchases at your favorite stores!
Discover Alternatives To Costly Holiday Traditions
Every year we used to purchase an Advent calendar, the kind with little cardboard doors that reveal a piece of chocolate each day leading up to Christmas. Although it was a fun family activity, it generated a lot of waste because it was something that had to be replaced every year.
Ideas for creating alternative Advent calendars are abundant online. Making an alternative Advent calendar can be an inexpensive but meaningful holiday activity to do with your children. Here’s an idea I really liked with instructions for making your own advent calendar:
A beautiful Advent Memory Calendar to Capture the Magic of the Holidays from Sara Laughed.
Make Gifts From The Heart (Instead Of Buying Stuff)
You can still give generously to others while saving money, by crafting lovely homemade gifts. One of the best things about gifts from the heart and home is that they can be customized for each person on your list. Often, homemade gifts include consumable items that you know will be used and enjoyed (instead of more stuff taking up space).
Throughout this site, you can find creative ideas and step-by-step instructions for homemade herbal gifts like fragrant herbal lotions, luscious homemade lip balms, relaxing bath salts and more. Check the “Save More Money” category to search for additional posts.
Another easy homemade gift idea that comes straight from the garden or spice cabinet is herbal vinegars. Although expensive in stores, you can save money by making your own beautiful and delicious herbal vinegars. Herbal vinegars make perfect gifts for all the foodies on your holiday gift list!
How about creating a “Movie Night Gift Basket” filled with a few movies, fuzzy socks or slippers, a cozy blanket, and homemade snacks? Herbal popcorn is delicious and perfect for a fun evening watching holiday movies. Get my free recipe for herbal popcorn seasoning mix.
Host A Holiday Get-Together Instead Of Going Out
Update – Keep in mind the realities of the post-pandemic world we’re currently living in. COVID is still around, and as we move into colder weather people are spending more time indoors for holiday celebrations. Think about ways to keep everyone safe and healthy while saving money, too.
In the past, we’ve hosted festive Christmas dinners and had everyone bring side dishes. During the pandemic, we stayed home. However, we checked in on family and friends online using Zoom and Facetime. It’s better to be safe than sorry when it comes to your health, and the health of your loved ones. A virtual happy hour can be just as festive and fun!
Herbal mead or botanical cocktails, anyone? If you want instant access to an online course for making homemade herbal drinks like festive beers, ales and meads, you can sign up for a “go at your own pace” online course from the Herbal Academy. Learn to create your own herbal gifts through online classes at the Herbal Academy!
Access The Library For Money Saving Holiday Entertainment
Did you know the library offers much more than books? Check out holiday books for the kids, and pick up Christmas music CDs or movies at the same time. Why buy Christmas music CDs that you only listen to for a few weeks each year, when you can get them from the library for free?
Many libraries also offer free holiday craft classes, live holiday music events and more. Our library has a 3D printer – how about printing your own Christmas tree ornaments or cards? The library is a great place to save money!
Summary
There are many simple ways to save money during the holidays. The most important things often do not cost much at all. Spending time with loved ones and friends may not require a lot of money, yet it is priceless when you consider that our time is limited in this life.
So go ahead and surprise someone with a lovely gift of your time and attention this holiday season. If you wish to do more without breaking the piggy bank, use some of these simple tips to save money during the holidays.
Share Your Tips For Saving Money During The Holidays
Please share the ways you’ve found to save money during the holidays. I look forward to hearing from you! Drop an idea or two in the comment section – it’s where the magic happens.
Great post Kathy! I was hoping to find some DIY beauty gifts to give this year so I will be keeping an eye on your blog. The library is such a good idea, the first place I look for when I got to a new place is a library and I hadn’t even thought about what great things they will be offering over Christmas. Thanks so much for mentioning my advent too!
Jen x
Thank you, Jen! I will be sharing lots of DIY beauty gift ideas and recipes for lotions, lip balms, etc., so hopefully you’ll find a few you want to try to make. Your alternative advent calendar was wonderful!
This is such a good idea. This year, I am making full use of the thrift shop that we have at our work. People donate items they no longer need and the profits go towards scholarships for people who need them.
This year, there were tons of Christmas items. My best find was Christmas cards for $0.10 a piece. Yes, the same cards that regularly go for $5.00 easily. So I bought a few years worth! I can’t even begin to calculate the savings.
Being smart with your money this time of year is something most people don’t think about so I’m glad you wrote this post!
Thanks, Dave!
A workplace “thrift store” for employees that benefits a cause is fantastic! I love that.
Yes, we have to be a little more aware of our money during the holidays, as spending can easily get out of control. You definitely found some great deals, thanks for sharing!
I think following a holiday spending plan is so important. Creating a budget and plan for yourself is such a great idea, especially if you want to save money at this time of year. Thank you for sharing x
Great ideas, looking for alternatives can help when trying, and something we did last holiday. Thank you for sharing!
Very timely with the cost of living crisis and pressure on families to spend at this time of year!
These are really great tips! We tried to stick to a budget this year.
I find that sticking to a budget is so hard but it’s really the only way to save money during the holidays!