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The year is concluding, the holidays are in full swing, and with December comes the waves of shopping and preparation for the end-of-the-year festivities.  While there is plenty to enjoy about this time of year, the stress from holiday spending can absolutely take a toll on savings and mental health.  And, with everything from decorations and presents, to food and travel, there’s no shortage of reasons to spend during the month of December.  Before taking on more debt than needed, here are some ways to save this holiday season!

Let’s start with the biggest expense burning a hole in everyone’s pocket: Presents.  Despite online sales becoming more frequent, lasting usually from October through December, consumers still plan to spend thousands of dollars on gifts for family and friends this year.  Reasons might include growing families, inflation, and ease of purchasing.  Companies like Amazon have made it effortless and quick to purchase gifts and other goods online and have seen an increase in annual revenue from $386 billion in 2019 to $513 billion in 2022 and is already sitting at $554 billion in 12 months of revenue ending September 30^th of 2023.  With online shopping eliminating the need to search through heavy traffic for the perfect gifts, it’s just simply never been easier to spend.  However, there are still a couple of ways you can give the perfect gift without breaking the bank.  For those still looking to shop online, one of the most important things to do is set a budget for yourself and stick to it.  Some of the best ways to stick to this amount is to take out cash (or purchase prepaid cards for online shopping) and only use that payment source when buying gifts.  Not giving yourself the option to dip into your normal checking account or credit cards can make it easier to avoid overspending.  Some consumers even consider taking advantage of Christmas Club Accounts to put aside some money each month throughout the year, potentially earn dividends, and have a sizeable budget for themselves come November and December.  Another way to save on gifts is to consider more thoughtful handmade gifts instead.  Considering the current state of online shopping previously mentioned, plenty of people might already have everything they need.  Use the holidays to give them something handmade, such as candles, ornaments, blankets, framed photos, and more!  Not only do these gifts provide more sentiment than something store-bought but can cost significantly less as well.

Travel and food expenses can also be hefty throughout Thanksgiving, Christmas, and even New Years.  With plenty of time off given by employers, it’s no secret that this season is most commonly associated with traveling to spend extensive time with family.  Depending on how far you’re traveling, prices for this can range from a tank of gas to a plane ticket.  With both, there are plenty of options to help you save and reduce your stress intake! As with gifts, it’s important to plan travel expenses well ahead of time.  If one or both are needed, flight and hotel prices can fluctuate throughout the year.  The best course of action is to start keeping an eye on them earlier in the year, as well as be flexible with what you’re willing to accept.  With the end of the year being the busiest time to travel, plenty of other people will be in the exact same boat.  It may not be possible for everyone to be accommodated exactly how they would prefer.  Being willing to book a cheaper but less ideal flight ticket or hotel room might not be what you want but is also only a portion of the holiday experience!  Also, if you have a credit card with miles or cash rewards and low APR, there might be no better time than now to use it!  This way you’ll also get something in return for your expenses.  As for food, the best ways to save are the ones applicable to everyday life!  For larger families, consider having each person or group contribute part of the meal.  Consider possibly doing without dishes that aren’t as popular or needed as well. 

While the holidays can certainly be expensive and often stressful, they don’t necessarily have to be!  There are plenty of options to help you save on gifts, food, and travel this season.  Just be sure to know your spending limits, plan well ahead of time, and explore some options you may not have considered years prior.

Happy Holidays First Community Members and have a Happy New Year as well!