6 Ways to Save Money This Christmas

6 Ways to Save Money This Christmas

Christmas is merry, but debt is not. This holiday season, use your money wisely and save more while celebrating well with all the people that you love. Follow the simple tips below and easily save money this Christmas.

1. Create a gift-giving philosophy.

What does giving mean to you? Is it finding thoughtful presents that will add value to the recipients? Is it going to all the sales all year long? Is it about sending gifts you made yourself? Before you think about how you are going to pay for all the presents, think about the why first.

2. Have a Christmas budget.

Most people get carried away and clear their bank account balances during the holidays. This is not a sustainable practice, and definitely not a good way to welcome the coming year! Make a change this year and write a budget for your Christmas expenses.

And stick to it!

3. Track your spending.

Nothing dampens the Christmas spirit than regretting getting all the presents you bought. It is easy to avoid overspending if you only track your expenses. Use your budget as a guide and follow it with every shopping trip.

4. Choose experiences over material gifts.

You can save money by investing in memories. Instead of buying everyone in your family an individual present, why not travel together and have a nice vacation? If you have children, this is an awesome opportunity to teach them how to value experiences over accessories, trips over toys, and conversation over clutter.

5. Buy intentional presents.

It may sound sentimental, but thoughtful presents make the biggest impact. Christmas is not just about handing presents, but the thought that goes into it. Get presents that line up with the interests or needs of those on your list. It may take time and effort but it is worth it! This is one of the top ways to make sure you will see sincere smiles by the light of the Christmas tree!

6. Cut back on other expenses.

Christmas is expensive. Most Americans spend over $1,000 in presents, food, decorations, cards, and other random holiday expenses. If you know you are going to spend a lot on the holidays, cut back on other spending. You can also try to move things around in your budget to find more money to put on presents.

Ian Schindler