Overspending during the holidays is a big problem. According to Forbes, nearly 30% of their employees are still paying off debt from 2018’s holiday season. While it can be tempting to buy gifts last minute and splurge on your loved ones, let’s take a practical approach this year that won’t break the bank. Here are 5 ways you can save money this holiday season.
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1) Create a Budget This year, let’s create a realistic budget not only for gifts but for all holiday costs. This can include taxi fares/Uber to holiday parties, outfits, wrapping paper, gift bags, party favors such as drinks or food, and more. It’s much easier to monitor your spending and be in a better financial position come the new year when your budget includes everything.
Did you know? In 2020, only 47% of Canadians set a holiday budget.
2) Start Early Take advantage of some great deals by starting your holiday shopping early. Whether it’s a Friends and Family Sale, Sephora’s Holiday Savings Event (Friday, October 28 – Monday, November 7), Black Friday (Friday, November 25), or Cyber Monday (Monday, November 28), there are plenty of sales happening weekly to help you stay on track with your spending.
If you start early, you may find some deals and will be able to compare prices with no pressure. Just stick to your list.
cnbc, Holiday shopping 2021.
3) Cash Back Programs Do you have a credit card that offers cash back? If so, consider using it for holiday shopping to get rewards for everyday spending. Another cash back program that I personally love using is Rakuten. Not only are you getting anywhere from 1-10% cash back on your shopping, but the site also provides additional promo codes for extra savings. With over 750+ eligible stores such as Sephora, The Bay, Old Navy, and more, you can get paid to shop for the things you’re already buying. Get a $30 Cash Bonus when you join with my link!
Did you know? In 2020, 27% of Canadian shoppers overspent on their holiday shopping by $100, while 7% overspent by $1,000.
4) In Store vs. Online As mentioned previously, you can often receive extra savings when shopping online by using promotional codes or signing up for newsletters. I’ve noticed that certain websites offer better discounts online than in stores. If you have list handy, consider comparing prices online and in stores to get the best deals. Who knows, you may even qualify for free shipping!
Take advantage of buying a product online and then picking it up at the store. Online prices are usually better, and you’ll save on shipping fees.
cnbc, Holiday shopping 2021.
Are you budgeting this holiday season? What are some methods you use to save money? Have you started your shopping yet? I’d love to hear your thoughts. If you enjoyed this post, visit my productivity and holiday tag for more.
These are good suggestions! It’s good to create a budget & I like to have a budget for each person I’m shopping for. I also shop during Black Friday so I can save some money on gifts I was already going to buy.
Great idea Karalee! I’m looking forward to the sales on Black Friday. Thank you for reading!
Something I’ve never done, is start early Xmas shopping. Which is better, like you said for bargains etc.
Same, this is my first year shopping early and it’s already paying off with bargains! Thanks for reading Pip!
Great tips!
I generally maintain a list and buy things early. Sometimes if I see something at a good discount, I buy and keep so I can gift during the festivities. Helps me tons
That’s such a great tip Pooja! I’m definitely going to keep that in mind for the new year. Thank you for reading!
This is all great advice! I like to shop early, but don’t always make it!
Thanks Wendy! I typically start pretty late but I’m making an effort to stay on top of it this year. Thank you for reading!
I really liked your idea to score cash back when shopping for gifts. I definitely need to check out your link!
Thanks Heidi! It’s always nice to get cash back whenever possible! Rakuten is available in the US as well. Thank you for reading!
Starting early is so important for finding deals! Thanks for sharing your tips.
Absolutely! I’ve come across so many already. Thank you for reading!
These are some really good suggestions to help to save money over Christmas but also budget for the festive period. We have a budget and we are only buying gifts for little ones this year. We want to be more focused on the good times, good food and making memories. Thank you for sharing.
Lauren x
I love that idea! The holidays are about much more than the gifts, it’s the company and making beautiful memories. Thanks for reading Lauren!
love this post! i have been creating a budget for this holiday season since we spent lots of money for our wedding this year and traveling. i actually start holiday shopping on october to get it done asap. it sounds crazy but it has helped me from shopping too much closer to the holiday. i no longer rely on black friday shopping or the deals.
That’s a great idea! I’ve also started shopping this month to prevent last minute splurges. There have been some awesome deals already. Thanks for reading!
Wow! Your statistic in the intro is mind-blowing! I do all my holiday shopping + kids birthday gifts during cyber Monday. Throughout the year I screenshot things friends have told me they have longed for or kids have mentioned that they wanted. The screenshot also has the price listed so I can easily see if the cyber Monday price is lower than the regular price.
Isn’t it wild! That’s such a great idea. I ran a poll last year and a majority of people agreed that Cyber Monday has the best deals. It’s helped me hold off on Black Friday sales. Thanks for reading!
Good advice! Thanks for posting
Thanks for reading Donna!
These are really great ideas. I plan on creating a budget and making a list of everyone I need to shop for. That way, I can plan ahead and search for the best deals.
Planning ahead and making a list is super helpful! Thank you for reading!
Really great ideas! I’m hearing on the news that the retailers will be having their sales earlier to ensure everything gets sold so I’ll be heeding your advice sooner than normal! Thanks for sharing.
I didn’t know that, thank you for sharing! It makes sense why there have been so many early sales this year. Thank you for reading Jodie!
Great ideas, starting did help me last year on holiday. I had time to find deals and cheaper products. Thank you for sharing these tips!
Starting early always helps you take advantage of the great deals! Thank you for reading Fransic!
The point made ré budget is very good one. Budgeting for Xmas, ordinarily only looks at food and gift buying but so much is involved. As you noted, taxis to from parties, the outfits, festive decorations etc etc. This is lightbulb moment because I’ve never done that. And there’s so many festivities to attend at Xmas
Agreed, there are so many costs associated with the holidays that we often overlook. Thanks for reading!
Great advice! I do think that budgeting properly can make such a difference when it comes to avoiding unnecessary spend. Thanks for sharing!
It really makes a world of a difference, especially when it comes to saving! Thank you for reading Matt!
I m too lazy to compare price 😵
Haha it can be tedious, but necessary for those looking to save some money. Thanks for reading!