The holidays are known for being a time of big spending. Between hosting family and friends gatherings, buying gifts, and shopping for this, that and the other, it’s easy to blow your budget way more than you’d have initially expected.
Yes, it’s hard, and somewhat unrealistic, to avoid all the expenses that come with having loved ones and obligations of all kinds during the holidays. However, there are a few things you can do to save money while still enjoying this time of year:
Forget Budgeting, Make A Plan Instead.
To many, the word “budgeting” sounds just like “dieting”, and has the exact same effect. The minute you think of dieting, you start seeing bread and cheese everywhere. And the minute you start thinking about budgets and spreadsheets with dollar signs everywhere, you start seeing “Buy” signs everywhere…
So if budgeting is not for you, and leaves you going over your budget every single time, make a simple plan instead. I pick what I call the “magic number”, which is the maximum amount of money I can spend during the holidays. Then I take all my credit cards out of my wallet, and freeze them. Yes, as in putting them in the freezer and watching them be covered in ice! This way, any expense outside of the plan and over the “magic number” will force me to wait and think twice about it…
Start a holiday Fund.
It could be as simple as setting aside an extra $50 from every paycheck. To make this easier, call your Payroll department and ask to have a certain amount of money automatically set aside every pay period and deposited into a separate account. You’ll be surprised how much money you’ll be able to save in a short amount of time!
Time to Cut Back!
List all your regular expenses and look them over to see which ones you can cut back on. Can you eat out once a week instead of twice or three times a week? How about bringing your lunch to work instead of spending daily on food? Or making coffee at home, and saving on your morning Starbucks latte?
Pinpoint the expenses you can cut back on, and start saving. Any money you save can go to your holiday fund, so you can spend more where you need to.
Make a Priority List.
When it comes to gifting your loved ones, it can be tempting to spoil everyone around you! But it’s also the best way to go over your magical spending number. List everyone you’re planning to get a gift for, and rank them by order of priority.
Your spouse, children and close family members come first. For those who come lower (no offense) on your list, use creative ideas to come up with thoughtful, yet inexpensive gift ideas. How about writing a thank-you card to your office buddies instead of buying them all a gift? Or making homemade cookies wrapped in a holiday-themed plastic bag for the neighbors? Get your creative smarts working, or just log into Pinterest and borrow some great, inexpensive gift ideas!
Make It A Potluck!
Hosting a family gathering can be extremely expensive. From the decoration to the cost of food, the spending can easily get out of control. But instead of taking it all on your frail shoulders, why not share the wealth, and turn holiday events into fun potlucks instead?
Everyone could bring a dish and make it easier and less expensive for you to host. It’s also a great way to have your family members show off their culinary skills while being more engaged in the process as a whole.
There’s An App for That.
Don’t discount the power of technology and powerful apps to help you save a buck or two over the holidays! One of my favorite money-saving apps during the holidays (and really all year-round) is Mint, which is a comprehensive finance tool that lets you see the status of all your bank accounts and spending, while helping you create budgets and achieve saving goals.
Ebates is also a great app to save money with coupons and online deals, and get cash back for shopping too! The Ibotta app also functions on the same principle as well. Another one of my absolute faves is the Red Laser app, which lets you scan any product with your smartphone’s camera, while it checks thousands of retailers to find you the best price.
What other tips can you recommend to save money during the holidays?
Happy Holidays!
The Corporate Sis.
