Saving Money During the Holidays

Many families find themselves in a crunch around the holidays. It can seem overwhelming when you know you have a lot of people to buy gifts for, but not a lot of paychecks until the holiday. But there are ways of making it all work out. Here are some tips on how not to go broke for the holidays.

Start early. Many people say every year “Next year I’m starting earlier”, but when next year rolls around, they find themselves in the same bind. This time, get serious about starting early. Do your shopping all year. Look for items on clearance. The after Christmas sales are a great way to pick up items for next year, either to use as your decorations, or to give as gifts. Put them in boxes and store them with your Christmas decor, so nobody will find them, but you’ll remember you have them when you pull out your decorations next season.

You can also save for Christmas shopping all year. Many stores offer reloadable gift cards, and this is a great way of saving up some money. Walmart, for example, does reloadable gift cards. So every week add $5 to a gift card. Be sure not to spend it, no matter how tempting it is. Remind yourself through out the year why you’re saving this money, and the kind of Christmas you want that year. If you add $5 a week, you’ll find you have quite a bit saved up that holiday season.

You can also work on shopping cheaper during the holiday season. The dollar store has many great gift ideas. You can fill a stocking for $5-$10, which will make a great gift for many people. Get your sister a stocking full of kitchen gadgets and utensils, get your nieces and nephews stockings full of toys.  You can even use the dollar store for your own children’s stocking stuffers. I buy dollar store gifts for my children’s teachers. I will usually find a nice holiday mug for $1 and fill it with candies purchased at the dollar store, or perhaps a nice candle. Sometimes I will buy an ornament from the dollar store and tie it around the candle or mug to make the gift look nicer.

Shop at thrift stores. It may seem tacky to some to give used items for the holidays, but you can often find wonderful things at a thrift store. You’ll have to look carefully, and go back to the thrift store often, but you may be able to find designer clothing in wonderful shape to give to someone you know. Children are the best recipients of gently used clothing, they don’t normally care that it’s used.  You can also find other items at thrift stores such as antiques and housewares. Perhaps there are many people on your list that would appreciate something from a thrift store.

Shopping online can sometimes save some money. Buying electronics off an auction site such as e-bay may allow you to get them cheaper than brand new through the stores, and often times they come with bonus items, such as a video game console may come with a few games. This is also a great way to find antiques and toys at a low price. Many stores offer free shipping, and may have lower prices online than at the actual store. Just be careful that you’re not spending more money online than you would at the store!

Use your imagination! Home made gifts are also nice and practical. Your parents would love a home made gift from your children. Your cousin may love a hand knit scarf, or perhaps a blanket. If you own a sewing machine, you could sew together a throw pillow, all you need is some fabric (look for sales) and the stuffing. You can find many different kinds of fabric including popular characters and sports teams. This could be a gift for almost anyone on your list. Homemade foods, cakes, and cookies are great gifts for neighbors, teachers, mail carriers, and aquantances. Music lovers may appreciate a mixed CD that you can make on your computer.

Be careful not to use your credit cards, and do not go over budget. It’s easy to overspend at Christmas. We want to get all our friends and family things that they will love, and far too often we’re still paying on our gifts long after the season has ended. Don’t be impulsive. Think carefully before buying an expensive gift, think of an alternative that would be just as appreciated, but will not hurt your wallet.

You and your family may want to start a new tradition of name picking, or “secret santa”. Instead of buying gifts for everyone in your family, you’ll choose one name drawn from a hat, and you are responsible for buying that person’s gift, and no one elses. That means less gifts for you, but also less gifts you have to buy. You can also do this at the office or amongst your friends.

Coupons for services can also be a great gift. For friends or family members that have children, a coupon for a free night of babysitting may be appreciated. A spouse or partner could recieve a booklet of coupons for free hugs, kisses, massages, and anything else your imagination can come up with. An elderly friend may enjoy a coupon for a few hours of help around the house. Perhaps your close friends would enjoy a promise for you to take them to a movie or out to lunch at some point after the holidays are over. 

Remember that everyone is feeling this crunch around the holidays, and some may be forgiving if you just can’t afford gifts for them. If you have a friend or sibling who has children, speak to them, often time parents care more about their children recieving a gift than themselves. You may save yourself some cash if you decide to shop only for the child, or buy one gift for the family instead of individual gifts.

There are many ways of saving money and avoiding the crunch around the holidays. All you have to do is be imaginative and keep your mind, eyes, and ears open.