How to Save Money While Celebrating the Holidays

December 23, 2017
The holidays can be expensive. No matter what festivities you celebrate between October and January, you will probably have to spend more than you do during other times of the year. The holidays do not necessarily have to be a free-spending season. You can enjoy yourself while sticking to a budget.
How to Save Money While Celebrating the Holidays

Here are some ideas for enjoying the holidays while staying on budget.

  1. Regift. Perhaps you exchange gifts at the office or you work in a service industry where people give you presents or gift cards as a kind of “holiday tip.” One way to save on your gift-giving budget is to save some of these gifts to give to others. You may have to rewrap or invest in a new envelope (for gift cards), but this is a great way to save on your budget while still participating in the gift-giving tradition that so many people have over the holidays.
  2. Light it up. Lights are generally the cheapest type of holiday decoration. Most other types of decorations are at their highest prices in the weeks leading up to Christmas and New Year. You can get cheap light strings and use them both indoors and outdoors to create an atmosphere without breaking your budget.
  3. Think about the future. Another option is to invest in things that you can use every year. For example, if a tree is a part of your holiday tradition, get a fake one that you can put up every year. The same idea could work for holiday-themed dishes or other decorations.
  4. Host a potluck. One way to host a party while still staying on budget is to invite people to a “potluck.” Ask everyone to bring one “special holiday dish” to share. This way, you can still host a party without having to buy all the food or refreshments yourself.
  5. Cheaper eats. If you are invited to a party where you are asked to contribute a dish, promise to bring a vegetable-based dish or a “side dish.” This will be cheaper to prepare than a “main course” dish that has meat. Another option is to bring a dish that uses a large amount of pasta, rice, beans, potatoes or other inexpensive ingredients.
  6. Buy ahead of time. Not everyone is able to plan ahead, but if you can, you will be able to save a significant amount of money. Perhaps you can try to save a little bit of money for post-holiday “clearance” sales. Decorations and gifts for next year’s holiday will be significantly discounted in early January. You may even be able to get wine or baking mixes that will last until next holiday season. This might be a stretch for the first year, but if you can get in the habit of holiday shopping a year ahead of time, you will not have to spend much to celebrate the holidays.

Of course, sometimes you need to spend in order to make the holidays special for your loved ones. If you choose to do this, you can get an online personal loan to cover the cost of the holidays, and pay it off in the first few months of the new year.