With the holiday season approaching, this is the perfect time to review your budget and plan. If you’re like me, making a Christmas list can be daunting. I started with my usual list (parents, siblings, significant other and friends), but then I started to wonder – should I get a gift for Susan at work? Suddenly, my list had many more people on it then I ever expected. Not to worry, today I am here to share some of my favourite ways to save during the holiday season.
Make a Plan
If you’re afraid of the word ‘budget’, it’s now the time to get over that fear. Budgets, in general, do not need to be pages and pages of excel spreadsheets, they can be simple. Practical Money Skills, has a great holiday budget template that is very easy to use. Don’t forget to include travel and associated holiday spending in your budget.
Cut back, not out
Take a look at other areas in your life, are there some discretionary expenses that you cut back on? Expenses like entertainment is a great place to start. You can try making your lunch at home, as oppose to buying your lunch every day. Then, put the savings towards your holiday fund.
Review & trim your Christmas List
My Christmas list, as mentioned earlier, can get VERY long. This is where you can save quite a bit of money on your holiday spending. Although there may be people you can completely remove off the list, there are creative ways to give gifts during this season, including DIYs. My favourite place to look? Pinterest, of course.
Avoid using your Credit Cards
Put them away unless you can pay them off in full in January! Credit cards can benefit you and your holiday purchases because many offer cash back or points, that you can use in the future. The negative about credit cards is getting a bill in January, not paying it in full and paying interest on your gifts. The deal that you found on Black Friday may not be a great deal once you add up all the interest.
Let me know in the comments below or on social media (@Money_On_Trees) if you have started your holiday shopping and what your plan is for this year. Good luck