I’m a Super Saver: 7 of My Best Tips for Saving Money Ahead of the Holiday Season
Written by
Madeline Duley
Edited by
Rebekah Evans
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While the holiday season may still be a couple of months away, this time of year tends to arrive quickly, sweeping you up in a flurry of holiday parties, gift shopping, decorating and travel. Though this cozy season is filled with joy and anticipation, it can also strain your budget if you’re not careful. Thankfully, there are some simple yet effective strategies you can implement now to keep your spending in check — without missing out on any of the holiday fun.
Here are seven ways to start saving money ahead of the holiday season so you can fully enjoy the festivities without the financial stress.
Set a Holiday Budget
Now is the perfect time to take stock of your upcoming holiday expenses and plan how to pay for everything to limit any surprise expenses.
“First, set a holiday budget by writing a detailed list of people you’ll be buying for, events you’ll be attending and gifts or vacations you’ll be receiving,” said Erika Kullberg, financial influencer and founder of Erika.com.
From your great aunt to your next-door neighbor, list everyone you typically buy gifts for and assign a price range to each. Do the same for other holiday-related costs.
“Categorize your budget for gift-giving, food and entertainment and don’t exceed it — it can save you hundreds by keeping you from making impulse purchases,” Kullberg said. “Create a broader monthly budget by setting aside no more than 1.5% of your gross income for holiday expenses.”
DIY the Decorations
If you’re willing to get a little crafty, picking up the glue and scissors and DIYing your holiday decorations can save you a lot of money. Store-bought decorations can add up quickly and they often aren’t made of high-quality materials, leading to a short lifespan. Putting in a bit of effort can result in beautiful, lasting decorations for less.
“Try to DIY the decorations rather than buy new ones,” Kullberg said. “By designing them yourself out of cheap or recycled supplies you save money, but you also have an individual touch on your Christmas decor. Make a wreath from natural materials, like pinecones or reuse some old lights and it will save you between $30 to $50 versus the things you buy in a store.”
Secret Santa
If you have a large family or friend group, gift-giving can get expensive fast. You don’t want anyone to feel left out, but buying for everyone can easily blow your budget. By suggesting a more budget-friendly option early on, you can enjoy more financial security this holiday season.
“Consider organizing a gift exchange or Secret Santa among friends or family,” Kullberg said. “With fewer gifts exchanged, you could save $100 to $200 and continue the holiday vibes without blowing the bank.”
Try a ‘No-Spend Day’ Challenge
Saving money can be more enjoyable when it feels like a challenge.
“Try creating a ‘no-spend day’ challenge in the months leading up to the holidays,” Kullberg said. “Designate one day per week where you don’t spend any money — cook at home, entertain yourself and avoid shopping. This strategy could save you $25 to $50 per week, adding up to over $200 before the holidays.”
This isn’t about deprivation — your future, financially secure self will thank you for making the holidays a little less stressful. Plus, challenging your self-control can be rewarding. Make it fun by giving yourself a reward for each successful week — just make sure the reward doesn’t involve spending.
One Gift Per Person
The old saying “quality over quantity” rings true for holiday gift giving. Instead of opting for smaller items that can seriously add up and might not be as meaningful, focus on one intentional gift per person.
“Follow the ‘one gift per person’ rule. Rather than buying your loved ones X number of presents, make each one deliberate and meaningful,” Kullberg said. “This would easily trim $50 to $100 per person off your budget.”
Take Advantage of Sales
Maximizing savings often comes down to leveraging every opportunity. Being strategic about when and how you shop can make a big difference.
“Paying attention to when and how you shop will let you benefit from sales and avoid the ‘price hike-to-the-last-minute’ trap,” Kullberg said. “You can save up to 20 to 30% off total gift expenses if you spread large purchases out over time and take advantage of sales.”
The trick is to start shopping early, look for deals during Black Friday and Cyber Monday and always compare prices. The early bird really does get the worm when it comes to holiday shopping. If you wait until the last minute, you’ll likely miss out on the best sales.
Find Free Holiday Activities
Nothing beats a free holiday activity, especially when you’re trying to save money. This holiday season, aim to enjoy as many free activities as possible — you might be surprised by how many your community offers.
“Take advantage of free holiday activities by attending community tree-lighting ceremonies, local parades or watching holiday movies at home,” Kullberg said. “In between it all, you’ll not only have a festive time but save an average of $50 to $100 from monthly entertainment expenses.”
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