‘Tis the season to be merry, right? Of course, that can be difficult to do when you’re straining your finances to accommodate this time of year. Between holiday travel and finding the perfect gift for everyone on your list, many people struggle to make ends meet during the holidays. Fortunately, there are a few ways to cut costs and have some extra money left over for yourself this season. Here’s how to do it:
Traveling during off-peak times during the holidays can save you some serious cash. December 18 and 19 are the cheapest days for departure, with December 22 being the most expensive. You might think you could save some money by travelling on Christmas Day, but it sits in the middle of the range at $400, on average. Return flights are similar, with New Year’s Day being the most expensive. If you can swing it, return on January 4 or later, when prices take a steep dip. If you’ve accumulated PTO days over the course of the year, now is the time to use them.
2. Spend Less on Gifts
Gift-giving can be one of the largest stressors of the holiday season, but it doesn’t have to be. Consider taking advantage of great sales online, as many retailers are offering free shipping and steep discounts. This also reduces the risk of impulse buys, which can take a heavy toll on your wallet. Also consider handmade gifts, which are more personal while giving your wallet a break.
If exchanging gifts with family or friends, set a spending limit. Don’t be shy about your budgetary restrictions – let your loved ones know up front that you have a price limit, and ask them to stick to it, too. This can provide huge relief for your wallet and eliminate some of the stresses of gift-giving.
3. Spend Less on Dinner
Holiday gatherings mean food with family – and if you’re the one hosting, these bills can add up fast. If you’re trying to save money, skip the prime cuts of beef and opt for a traditional ham or turkey – equally festive, but a fraction of the cost. Pasta dishes are also seasonally appropriate but extremely budget-friendly. Best of all, you can easily adapt them to accommodate dietary restrictions (your vegetarian cousin will thank you). Making desserts from scratch using pantry staples is also less expensive than picking up a pre-prepared dish from the store.
Remember, the holidays are about spending time with family – not straining your wallet and adding extra stress to your life. By following these tips, you can enjoy a safe and frugal holiday season. Happy holidays!
