While the holidays certainly bring thoughts of comfort and joy to mind, they can still be incredibly stressful. Sometimes that stress can be attributed to the fact that your tree has toppled over twice already or that you somehow used salt instead of sugar in the cookies you passed around the office, but typically the main source of stress for most is simply money.
Christmas is an expensive time of year for everyone. A study conducted by World Atlas recently showed that Americans had intentions of spending around $830 on various holiday-related costs. That being said, you shouldn’t feel like breaking the bank is the only way to have a memorable Christmas. There are plenty of ways to be cost-effective and budget wisely during the holiday season.
- Make a list ahead of time.
Before you even set foot in your first department store, arm yourself with a clear budget and list of gifts and other Christmas items. Doing this allows you to prioritize your purchases and avoid regretful impulse buys.
- Pay cash.
This approach is great for just about any time you want to control your spending, but it’s especially helpful during the holidays. Before you start shopping, decide how much you want to spend and take that money out in cash. When the cash is gone, then that’s it – you are finished buying gifts. It’s a great way to stick to your budget without having to keep track of everything you buy.
- Make your own Christmas decorations.
Let’s face it: decorations can be incredibly expensive. Spending all that money can be especially painful with the realization that they will gather dust in your garage for 11 months when it’s all over. Instead of buying pre-made decorations, consult the Internet, and try your hand at some DIY décor. There are plenty of simple tutorials out there for inexpensive yet beautiful decorations that can be done on a lazy Sunday afternoon.
- Choose Secret Santa this year.
When you have a large family, buying great gifts for everyone can be difficult and costly. Instead of buying gifts for everyone and risking the prospect of one sibling getting a better gift than the other, decide as a group to do Secret Santa instead.
Secret Santa is done by randomly assigning each member of a group to give an anonymous gift to another. This way, there’s not nearly as much pressure, and you can save a great deal of money while also focusing your time and energy on choosing just one great gift rather than several perhaps average ones.
- Buy your gifts online.
Nowadays, you can do all your Christmas shopping without a single trip to the mall. Shopping online is often the easiest and smartest way to go not only during the holidays, but also year-round. Items are almost always cheaper, and you will be offered a much wider selection than you would find in stores.
The only things that sometimes turns people off about shopping online are shipping prices and times. The best option when it comes to this is signing up for an Amazon Prime account. For $99 a year or $10.99 per month, you can get free two-day shipping on tons of items, and that fee will pay for itself with just a few purchases alone.
- View your credit card as a short-term loan.
It’s easy to let your credit card balance get out of hand, especially when you’re wrapped up in the season of giving. Among the things that are worth going into debt for such as houses, student loans, and sensible cars, splurging on Christmas gifts is not included on that list.
If you do use a credit card to make holiday purchases, it is important that you see this as a short-term loan to be paid back when the balance posts or within a very short amount of time.
- Keep Santa’s gifts in check.
When you have a child who still believes in a magical man in a red suit with flying reindeer and endless gifts, it can be difficult to set expectations and convince them to choose practical, real-world gifts. Keep it both fun and realistic by sitting down with them and helping them draft their lists all while letting them know that there are limits even on Santa Claus.
- Consider homemade or intangible gifts.
Not all amazing gifts come from a factory. In fact, if you ask most people about the most memorable gift they ever received, they will often recall something meaningful or thoughtful that wasn’t an iPad or a PlayStation 4.
A little thought can go a long way, and time and effort spent on a person can mean more to them than swiping your credit card. Crochet a blanket for Grandma who used to knit for you when you were young or cook a full-course meal for Mom to say thanks for never letting you go hungry. One of the greatest reasons for the holidays is not spending money but showing that your loved ones that you appreciate them.
- Give group or family gifts.
Rather than buying individual gifts for your brother, his wife, and their three kids, consider buying a gift that they can enjoy together as a family. If they like time spent at home together, put together a fun gift package of board games, movies, and snacks. If you have a large group of friends, host a lavish Christmas party at home as a gift to all of them.
Above All, Enjoy the Holidays
The holidays are meant to be a time of family, enjoyment, and memories made to last a lifetime, so don’t let the stress of money and cost affect your love of the season. Follow these simple budgeting tips and worry about more important things like eating far too many sweets and convincing your best friend that playing Christmas music 24/7 is completely and totally acceptable. Happy holidays, everyone!
