The holiday season is upon us and this year more than ever, it's imperative to consider your finances. According to one of the largest accounting firms - Deloitte, the average family spent roughly $1,500 during the 2019 Christmas season. That figure includes gifts, entertaining, going out, and buying outfits to wear during festive celebrations. That's a pretty substantial amount of money being spent. But, perhaps there's another way? Maybe keep the spending low and save some of that hard earned cash? We've compiled a list of 7 ways to save during the holiday season.
1. Enjoy the season. Think about the holidays from a less materialistic aspect. This is an overall and all encompassing way to help you and your family save during the holiday season. Who says you need to spend a boat load of cash to be able to enjoy the holidays? Enjoy the things you already have.
2. Limit your gift list. Have a big family? A lot of friends? That's okay and also doesn't mean you need to buy gifts for all of them either. Limit to close family and friends or do a gift exchange instead. If you still feel the need to give a gift to a larger/expanded group of friends and family, consider making gifts.
3. Set a budget....and stick to it. Determine a spending amount for the holiday season that fits within your families' budget and stick to it. Avoid buying extra small stocking stuffers that you didn't account for, even the little things add up.
4. Bake cookies, pies, etc. These are all fairly low cost options to enjoy during the holiday season. Not only, can you spend hours baking pies, cutting cookies, dipping chocolate pretzels, etc., but these can result in some of your fondest memories down the road.
5. Know it's okay to say no. The Christmas season presents many holiday events and opportunities. You don't have to say yes to all of them. It's quite alright to set boundaries, especially if the commitment involves additional spending.
6. Watch Christmas movies. A simple and fun way to enjoy the holidays is to go through that classic Christmas movie collection you own or on a streaming network that you have. Watching one or two per week is a great way to stay in the holiday spirit and involves no additional spending.
7. Drive to see Christmas lights in the neighborhood. Seeing the beautiful Christmas light colors against the black star lit sky can be something of a spectacle. It just requires a vehicle and a little bit of gas. Bring along some hot cocoa and popcorn and you have a family affair, at a very low cost.
Moral of the story: There are plenty of ways and things to do to keep your spending low around the holiday season, while still having a wonderful time. Embrace the time with your family and cherish it. Trust me, you'll remember baking those cookies or watching that Christmas film much more so then trying to remember what you got for Christmas in 2020. Merry Christmas and Happy Holidays!