It’s hard to believe that we are already in the holiday season. Christmas is just over a week away so in this week's Monday Morning Quarter-Buck, Financial Planner Becky Eason (who we affectionately call our budget queen) is going to give you a few tips to save money in the upcoming weeks.
Tip #1
A great way to save some money during the holidays is to wait until a few days after Christmas to have family gatherings. While it may be too late to do this for this year it can be something to keep in mind for future years. You might be asking “how does this save any money?”
Well, if your family does gift exchanges, then purchasing a gift the day after Christmas when retailers usually mark their Christmas inventory to 50% off, will be a very big savings.
Included in the discounts are gift packages, stocking stuffers, wrapping paper and many other little things that you don’t think about but often pick up last minute to fulfill your holiday shopping.
Of course, if you wait until after Christmas to purchase these items there is a chance that the stores will run out before you get there or that you won’t have as good of a selection but you could save a lot of money.
If you aren’t up for taking the risk that you won’t be able to get the items that you really want to gift you can still take advantage of some sort of discounts. You can plan ahead and purchase items for next year, if you have space to store it and won’t forget about the items. Popular items to do this with are decorations, gift bags, wrapping paper, holiday baking pans and holiday clothing.
Tip #2
This next tip for saving money during the holidays is something that I struggle with, but feel very pleased when I follow my advice. When people say they would rather spend time with you than receive a gift, they probably mean it. It’s nice to both give and receive gifts but after all, aren’t the holidays supposed to be about spending time with those who are close to you?
If you really want to give a gift, try to make sure it’s something that the recipient will actually use and appreciate. And don’t spend money that you don’t have on gifts. All too often we receive gifts and the next year comes around and we realize that we never took the prior years gift out of the box!
Tip #3
The third tip for saving money during the holidays is on food. We all know how expensive groceries are, especially when we are buying “special” foods for our holiday gatherings. To help spread the cost more evenly among all family and friends consider doing a dish to pass. Not only could this potentially
save you money but it can save a great deal of stress.
Tip #4
As the holidays come and go, remember to cherish the memories and the time that you have with friends and family.