Holiday Spending and Saving Tips

The holiday season is here again! Time for festive music, decorations, and celebrations.

Although gift-giving is common during the holidays, it shouldn’t be the main focus. The following holiday spending and saving tips can help you reevaluate how you spend your time and money to maximize the wonder of the season.

Determine Your Philosophy on Gift-Giving

Consider what gift-giving means to you:

• Do you enjoy finding the perfect gifts for the people on your list?

• Do you want to impress others with how much you can spend?

• Do you feel obligated to give gifts because of traditions or social media pressure?

Be honest with yourself about why you purchase presents. Use your reasoning to develop a holiday spending plan within your means.

Give Fewer Gifts

Trim your Christmas list to give gifts to family and friends who mean the most. Then, find other ways to provide tidings of comfort and joy to those not on your list:

• Make decorations with dried fruit, pine boughs, popcorn, cranberries, and other festive touches.

• Watch a friend’s pet during the holidays.

• Host a holiday movie night where guests bring a dish to share.

• Share homemade holiday cookies in a decorative snack bag tied with ribbon.

• Cook an elderly neighbor dinner.

• Shovel neighborhood driveways, walkways, and sidewalks.

Prioritize Quality Time over Money

Spending quality time with loved ones is more meaningful than giving gifts. Whereas the impact of receiving a present can quickly fade, memories last a lifetime.

You can save money over the holiday season by being intentional about spending time with family and friends. Sledding, ice skating, enjoying hot cocoa, or engaging in a video call with the people you care about most are more impactful than giving tangible items. I highly recommend trading the clutter for conversations.

Regift

Regifting is giving presents a new home. Giving new or unused items to others saves you money and prevents them from being donated or going to a landfill.

Sell or Donate Items

Consider selling or giving away the items you don’t want or need to make room for the holiday gifts you anticipate. Resale sites and donation centers can benefit others who have limited holiday budgets.

Pick Up a Temporary Job

Temporary jobs and contract work are abundant during the holiday season. Examples include:

• Working a seasonal job at a local retailer

• Driving for a rideshare company

• Delivering food

• Babysitting for holiday shoppers

• Pet-sitting for holiday travelers

Develop a Holiday Spending Plan

Make a list of people to purchase presents for, a spending limit, and gift ideas for each. Consider asking family members or friends to contribute to a bigger gift for a loved one. Track your spending to ensure you stay within your budget.  

Donate to Charity

Rather than giving gifts to loved ones who don’t need anything, donate to a favorite charity in their name. Helping a charity that benefits the local community, sells fair-trade goods, or provides jobs for people in developing countries is more meaningful than giving a gift to someone who has everything.

I enjoy donating to a charity that provides animals, school supplies, farm equipment, and related items to families in third-world countries to improve their quality of life. I give each of my loved ones a holiday card showing where the donation went and who it benefited. I enjoy receiving similar cards showing where funds were donated in my honor and how they helped women and children prosper.

Give Handmade Presents

Handmade gifts are personal, memorable, and unique. You can choose from ideas and instructions online, including crafts, treats, sugar scrubs, and gift baskets with a loved one’s favorite things.

Order Online Early

Submit your online orders well before the holidays to avoid rush shipping charges:

• Compare gift prices before making a purchase.

• Combine as many items as possible from one retailer to qualify for free or reduced shipping costs.

• Look for free ship-to-store options.

Follow Your Holiday Shopping List

Purchase gifts for only the people on your holiday shopping list. Track your spending to ensure you stay within budget. Avoid surprise expenses on your credit card bill in January.

Shop Throughout the Year

Look for items on sale year-round. Purchasing holiday gifts throughout the year lets you take advantage of clearance prices and stretch your budget. You’ll have additional time during the holiday season for decorating, holiday parties, and celebrations.

*This information is for educational purposes only.