It’s the most wonderful time of the year! Families around the world will celebrate by lighting their homes with Christmas lights, decorating a tree, singing carols and roasting chestnuts over an open fire. It is also tradition for many friends and families to exchange gifts. By the time Christmas is over, many will look in their wallet and wonder what happened to their bank account! It is then they realize, those Christmas parties and gift exchanges added up quickly.
Here are some ways to be intentional this Christmas season about saving money, while not feeling cheap with your friendships or compromising your giving spirit.
1) Give the gift of time
Time is one of the greatest gifts you can give those you love. It shows the ones you are with that you value them enough to spend your most valuable and limited resource on them, the gift of time.
2) If you are unable to donate money to charity this holiday season, consider volunteering!
Similar to the previous point, when you donate your time to a local charity, you are providing them with a valuable resource they can leverage to help those around them.
3) Do your Christmas shopping the Day after Thanksgiving or Cyber Monday.
These days generate a lot of hype, but for good reason. You won’t find better deals on electronics, clothing, household items, or toys than you do on these two days. If you want to save money on your Christmas shopping, these two days are a good time to knock out that list. Plus, bonus, you’ll have the rest of the Christmas season in front of you to enjoy without the stress of shopping!
4) Secret Santa
What are your family traditions or dynamics come Christmas time? Does everyone purchase gifts for everyone? Do just the kids get presents? Do the adults exchange gifts with one another? One option is to go with the Secret Santa method! This is where you draw names and each person is responsible for purchasing a gift for the name they draw. Not only does this save everyone money, it is also more personal which can lead to a more valuable gift.
5) Buy your Christmas decorations for next year the day after Christmas!
Okay so maybe this doesn’t save you money THIS Christmas but, next Christmas, future you will be thanking current you. Christmas decorations at department stores drop 50% to 80% immediately after Christmas is done so they can clear the shelves for the next holiday. Take advantage of these savings and stock up for next year!
We hope you have a wonderful holiday season, full of love, laughter, and beautiful memories made. Hopefully we’ve given you a few ideas to prevent these wonderful times from derailing your financial goals.