(3TV/CBS5) - The holiday season can fill your heart but it can also drain your bank account. Items on that Christmas list can add up, creating a big financial burden. That's especially true this year during a pandemic, when many families' budgets are stretched thin.
But the holidays don’t have to put you into debt. Desert Financial Credit Union has a list of 10 tips to help you save money on a tight budget, but still bring the magic to the Christmas season.
1. Start planning early
If you shop now before the last-minute rush, you can stock up on non-perishable essentials like serving ware, decorations, gifts, and canned foods. Otherwise, you risk paying more closer to Christmas.
2. Set a budget
The key to avoiding seasonal overspending is not only setting a budget, but sticking to it. Before you hit the stores, take a hard look at your finances and see what you can reasonably afford this holiday season. Inside your overall dollar amount, set aside smaller budget buckets for categories like food, gifts and home items.
3. Don’t go into debt
According to Magnify Money’s annual post-holiday debt study, the average American family accumulated $1,325 of debt during the 2019 holiday season. Ouch! If you don’t want to spend the next six months digging out of debt, you’ll need to stay on budget and avoid putting seasonal extras on your credit card. Pay for holiday purchases with your debit card to minimize overspending. This way, you can only spend the money you already have in your account. Or, use cash.
4. Make your shopping list and check it twice
Before you put dozens of people on your holiday gift list, take a moment to think it through. Do all those recipients really need more “stuff?" Would a card suffice for distant relatives? Trim your list down where you can, and then make a list of the people you need to buy for. Even better, figure out what you’re going to get each person, along with a budgeted amount you will spend, and stick to your plan.
5. Moderate your holiday meals
Holiday meals can be a budget-buster, especially if you’re the one doing the shopping and cooking. Calculate how much food is really needed, then plan to prepare just a little extra. If you are gathering with others, split the cost and the cooking duties. A potluck dinner also saves money.
6. Pump the brakes on holiday sales
If you're prone to impulse buys, it's probably not a great idea to start snapping up gifts just because they say they're on sale. Instead, select necessary sale items in advance, buy only those items, and pay using your debit card or digital wallet linked to your debit.
7. Consider a Secret Santa
Instead of buying individual gifts for everyone in your life, consider a Secret Santa, "grab bag" or gift exchange. If you're only meeting up virtually, you can always mail your gifts or drop them off on the recipient’s porch.
8. Choose quality time over expensive events
If you typically spend a lot of time dining out around the holidays, this could be the year to pare back. (Especially with COVID-19 numbers on the rise.) Focus on easy and inexpensive (or free) ways to spend socially-distanced time with friends and loved ones. Some examples are family game nights, baking together, decorating a tree, hosting a virtual Zoom party, or at-home holiday movie nights.
9. Use the decorations you have
It’s easy to get sucked in by the sparkling new holiday decor, but you can probably make do with what you already have. Make new ornaments with your family rather than buying expensive retail ones.
10. Make -don't buy- a gift
If your list of presents to buy is large, consider going handmade. There are countless DIY videos and how-to blogs out there for items your crew might enjoy, like homemade mixers, camping kits, caramel apple butter and custom coasters. Pick your favorite and make a big batch to split into individual gifts.
The Link LonkDecember 14, 2020 at 05:55AM
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10 tips on how to save money this holiday season - AZFamily
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