How Not To Go Broke This Holiday Season

By Precious I December 17, 2023

The holiday season has arrived, bringing joy, pumpkin lattes, and festive cheer. However, it’s also a time of potentially extravagant spending and lengthy shopping lists. To navigate the financial challenges of the season, here are five holiday spending tips:

Image source: Prostock-studio/Shutterstock

Firstly, ensure you’re getting the best deal. The allure of discounts and a festive atmosphere can lead to impulsive purchases. Young adults, in particular, tend to spend the most during the holidays. To counteract this, use price comparison shopping apps like ShopSavvy and be cautious of the lure of “free” items, as retailers often use this tactic to encourage overspending.

Secondly, consider potluck holiday meals to alleviate the pressure and expense of preparing an elaborate feast. Encourage friends to bring homemade dishes, turning it into a fun guessing game and a shared experience. Avoiding eating out during the holidays can also significantly reduce expenses.

Image source: Summit Art Creations/Shutterstock

Thirdly, opt for online shopping to take advantage of seasonal discounts while maintaining better control over spending. Be aware of online retailer tactics, such as creating a sense of scarcity through limited-time offers, to avoid falling prey to impulsive purchases.

Fourthly, make a “no-presents” pact to reduce stress and unnecessary spending associated with holiday gift shopping. Consider suggesting a crafty homemade gift for a personal touch.

Lastly, invest in experiences rather than material gifts. Embrace new holiday traditions like neighborhood light tours or holiday-themed movie nights. Websites like Tinggly offer “experience boxes” for loved ones, providing memorable moments that often hold more meaningful and lasting value than traditional gifts.

While the holiday season is meant to be a magical time for connecting with friends and family, it’s crucial to resist the spending frenzy fueled by marketing campaigns. Implementing these intelligent money-saving tips can help ensure a joyful holiday season without the burden of hefty credit card bills in the new year.