The holiday season can get pretty expensive. Starting with candy and costumes for family and neighbors in October, followed by a feast of food in November and all of the gifts, gatherings, and extras around the winter holiday season, bills can really add up. Unfortunately, your wallet may not be able to keep up with the hustle and bustle of the holiday season. There are several ways to help you save money while still allowing you to delight in the magic and wonder of the holidays.
Set a budget
It’s easy to spend money when you don’t try to set a cap on how much you’re allowed to spend. Without a budget, you’ll be more likely to overspend. Sit down and work numbers before even setting foot in a store so you know exactly how much you have to spend. On average, people spend around $704 during the holiday season, but that is all dependent on an individual’s personal financial situation.
Do your research
Everyone is going to be advertising that they have the best deal on a specific product during the holiday season. It’s up to you to do your homework and see who’s actually telling the truth. You can comparison shop right from the comfort of your own home by looking up prices online. That way, you’ll know you’re getting the best deal.
Break out your DIY skills
Giving a homemade gift is the perfect way to save money while also expressing how much you care about the recipient. Anyone can go out and buy something from the store, but a homemade gift takes planning, time to make, and a lot of thought. It can also save you a lot of money by making the gift yourself.
Enlist the help of others
If you decide you want to host a holiday gathering, don’t feel like you have to do it all on your own. Most guests expect to bring something to a party—whether it be a dish to pass, a bottle of wine, or even paper products. You’ll be able to throw a great party on a budget that all of your guests will enjoy.
Talk to a financial advisor
If you’re really struggling to keep up with expenses and expectations at the end of the year, it might behoove you to sit down and talk to a financial advisor. Whether you’re dealing with personal finance concerns or family investment issues, a financial advisor can examine all of those complex moving parts and help you develop a plan for keeping the spirit alive during the holidays.