The holiday season is a joyful time spent with family and friends, however it is also a costly time of year.
Between purchasing gifts, food, and attending gatherings, your budget might feel the crunch. Overspending can lead to consumer debt that takes you a while to pay off.
However, with a little planning, you can celebrate the holiday season without breaking the bank.
How to Have a Budget Friendly Holiday
Decide on a Gift Budget
Over the next few weeks, look at your finances and decide on a budget. Break the budget into different categories: gifts, food, holiday events, and any other necessary categories for you and your family. You may want to live on a tighter personal budget during this time to maximize the amount you have in each of these areas.
Once you’ve made your budget, stick to it by tracking your spending. One great way to remain organized while saving is to set up a Cambrian savings account specifically for holiday spending.
Giving your savings accounts customized names in Cambrian Online Banking is easy. Simply log in, and on the main page, click “Options” on the right. You can customize your savings account to match each category.
Limit Gift-Giving or Make Homemade Gifts
Have budget-minded friends or family? Consider doing a Secret Santa, limiting the number of gifts you need to buy, and helping everyone save some money.
Alternatively, if you’re crafty, you can make a gift for your loved ones. Knitted sweaters, paintings, and homemade jewelry are thoughtful and personal gifts that can be less expensive than things bought from a store.
Be Mindful of Personal Spending
During this time of year, you frequently shop more than usual. So while purchasing gifts for others, try to resist the urge to buy something for yourself.
Adding an extra “gift” to your shopping cart may seem minimal, but it can add up quickly. Consider waiting until January to make any personal purchases – you may receive gift cards that you can use.
Consider Thrifting some Gifts
Many people use websites like Kijiji and Facebook Marketplace, garage sales, or secondhand stores to save money on gently used items. These places can be excellent resources for finding a great price on used items.
What types of items should I buy secondhand?
Furniture can be a great thing to buy secondhand, as you can save a great deal of money on quality used furniture. You can reupholster chairs or give wood furniture a fresh coat of paint to renew your secondhand furniture.
Books are a great thrift find. There are plenty of used bookstores, and many charitable organizations hold book fairs throughout the year, allowing you to get a great deal on previously owned books.
Are you looking for some tools for a project around your home? New tools can be very expensive, but getting a great deal on a set of used tools is easy. Try searching for tools on Kijiji or a local Facebook buy and sell group to find a quality set for your next home improvement project.
Baby gear such as clothing and toys are great things to buy used. You can often find these items online or in secondhand shops.