It’s easy to overspend around the holidays. I know that when I’m armed with wish lists from kids and family members, I have a hard time avoiding the shopping frenzy that seems to take place every time I leave the house. After all, those sales are tempting and who doesn’t need that third coffee pot at such a steal of a deal? If that’s your struggle too, not to worry! Today I’m sharing my favorite tips to save money this holiday season so that you don’t have to spend the month of January getting caught up on bills. Sound like something you need? Well then, let’s get started.
Links for This Episode
- Check out these DIY Resources and Templates
- Download your FREE Holiday Budget Worksheet
- Join the Financial Fix Up Membership
Podcast Episode Recommendations
- #32: How to Have Stress-Free Money Conversations with Family
- #31: So You Can’t Afford Christmas This Year, Now What?
- #30: How to Create and Stick to a Holiday Budget
- #8: 3 Simple Ways to Create Your Family Grocery Budget
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7 Simple Ways to Save Money This Holiday Season
Well hey there and welcome to the Financial Fix Up Podcast. I’m your host, Sarah Brumley, and if you’re anything like me, the holiday season brings a mix of joy and financial stress. Between those wish lists from kids and family members and all of the ‘deals’ that flood our inboxes, it can be so easy to overspend and then have to start the new year in debt and catching up on bills and really just not in a good spot financially. But if you recall from a couple of episodes ago, this year we’re doing it differently, right? And that’s exactly why I want to share a few of my favorite tips to help us save money as we navigate this season. Because it is possible to have a memorable holiday without feeling that financial strain – it just might take a little forethought.
So without further ado, let’s just jump into my tips.
Tip #1: Plan Your Budget Wisely
And my first tip is to plan your budget wisely. This should come as no surprise to you if you’ve been a podcast listener for any length of time, but the key to success really does come down to having a budget in place, having that solid plan in place down to the dollar so that you know exactly what you CAN spend for each gift, event and gathering. So take the time to create a plan that you can stick to throughout the holiday shopping season. Trust me, it’ll make it easier for you to avoid overspending because you can consult the budget to determine if a purchase is financially feasible.
And if you need help getting this in place, grab my FREE Holiday Budget Template by heading to lemonblessings.com/holiday. Who knows? It might just be the best gift you give yourself this year!
Tip #2: Question “Sale” Items
My second tip is to question “sale” items. Here’s the deal, sales are meant to be tempting. Even if the price isn’t “too good to be true” a small chang in price combined with some flashy advertising is designed to draw you in and make you spend more money. That’s why it’s important to make sure you know that you’re REALLY getting a deal on the items you purchase.
Make sure to check the ads ahead of time – sometimes different stores will have different prices, so make sure you know where to grab the item for the best deal. Then compare the “sale” price to the regular price and determine if your purchase is really as good of a deal as you think it is. Another thing to consider is that just because something is on sale, doesn’t mean it’s what you need. A lot of times we are tempted to purchase items in the holiday season just because there are more sales and it seems like things are better priced, but if that item isn’t part of your holiday budget, it’s probably better to leave it behind – sale or no sale.
Tip #3: Consider a “Gift Formula”
Tip number three is to consider a gift formula and I’m really speaking to the parents out there, but I’m guessing this could work for anyone at any stage of life. The thing about parents is that, if we can, we tend to overspend on our kids. That’s a big challenge to overcome, so using a gift formula can help you stay on track financially and “bonus!” it might also help eliminate the clutter around your home that often results from unnecessary gifts.
A popular example of this could include giving:
- Something to wear
- Something to read
- Something they want
- Something they need
Of course, you can adjust it to make it work for your family situation, but by sticking to a formula, you can prevent yourself from overbuying no matter how tempting it might be to pick up just one more gift for the kids.
Tip #4: Skip the Christmas Cards
Tip number five to save money this season is to skip the Christmas cards. This is a tip that I personally don’t like because I LOVE LOVE LOVE sending and receiving Christmas cards. We use them as decor throughout our home and I start addressing and filling out my cards in early October so they are ready to mail right after Thanksgiving.
But I did just chat with a friend and she told me that’s one of the things she had to cut from her budget this year in order to make it all work. So, if it’s not in the budget, then it’s okay to say no. The idea behind the cards is to provide cheer for all the parties involved, but if they’re stressing you out, just let them go.
Tip #5: Look for Secondhand Treasures
The next tip is to consider secondhand purchases. Sure, there’s a pretty good chance your loved ones won’t be happy with ratty t-shirts or sweaters from your local thrift store, but the truth is that – if you’re willing to put in the work – it can be fun to cash in on secondhand deals and, if it’s done right, you can save a lot of money. Things like popular electronics, bikes, home decor and other items can be found in like-new condition at yard sales and secondhand shops or even on your free neighborhood trade groups. This is especially true when you have little ones who won’t notice if the item is new or not. Don’t spend the money if you don’t have to.
The key is to look for items that are lightly used or unopened. And don’t limit it to non-clothing items either. One year I was able to purchase my daughter a full outfit with tags still on from our local thrift store. It turned out to be her favorite gift of the year and cost significantly less than it would have if I’d paid the retail price.
So, definitely be on the lookout for those types of gifts.
Tip #6: Give Back Instead of Shopping
Another tip for saving money this holiday season is to give back instead of shopping. The truth is that when you dedicate your time to volunteer activities, whether that’s with your church, a local school, or a non-profit, you’ll be far less likely to overspend because you won’t be out at the mall or Target considering those amazing deals you just can’t leave behind. So, fill your time with those types of activities and you might just save some money along the way.
Tip #7: Snooze Promotional Emails
My final tip is to snooze those promotional emails. Remember when we talked about advertisements designed to draw you in so that you spend your hard-earned money? I don’t know about you, but in the months and weeks leading up to the holidays, the number of promotional emails I receive increases exponentially. If you find yourself in the same situation and those emails prey on your emotions and make you want to spend, then it’s time to snooze them from your favorite brands until after the holidays. And truly, if you’re struggling with them now, you might even want to unsubscribe completely so you can start the year with a clean inbox.
And while it’s not an email, I think there’s merit to removing apps from your phone that cause similar issues. For me, the Amazon app is just too convenient, so there are times I take it off of my phone and only use it when I sit down to my desktop computer. So, just something to consider.
How Will You Save Money This Holiday Season
So, there you have it – my seven tips to help you save money this holiday season. And I think it’s important to remember that saving money doesn’t have to be a huge gesture. Even little savings can make a big difference, so take them where you can get them.
Of course, if you don’t have a holiday budget in place just yet, that’s the first step. Make sure to grab my FREE Holiday Budget Worksheet to get that up and running so you can have the most successful holiday season yet. You can find it at lemonblessings.com/holiday or by following the link in the show notes.
Whatever you decide, just know that I’m cheering you on! You’ve got this! Have an amazing day and I’ll chat with you again next time!
