Budgeting tips for the Holiday Season

The holidays are a wonderful time of year to spend time with friends and family, however they can still create a lot of stress when it comes to managing our money. There are holiday parties to attend, holiday gifts to purchase, holiday cards to send out, and our normal living expenses and bills to take care of on top of all that.  So here at Doug Lee & Associates, we have come up with some handy holiday tips and tricks to keep your budget balanced this holiday season. Here are our tips and tricks to ringing in a “balanced” new year:

  1. Embrace the digital age. Why not email a nice holiday picture or “e-card” to friends and family, rather than printing things off and physically mailing them? This can be especially helpful if you have a long contact list for cards. If Grandma and Grandpa still check their mailbox when you ask them if they got your email, maybe send them a physical card, and save your digital version for family and friends that can appreciate it. You might not get rid of that entire mailing list, but surely you can save some money and time going digital rather than relying on the post.
  1. Talk with friends and family about a spending limit. Most of us love to open a present; however most of us are just happy to have the time to spend with friends and family over the holidays. So why not cap the spending on each other, and focus on the time together instead? Set a small dollar limit that everyone can participate in and make sure everyone agrees to stick to it. This way, everyone knows what to expect from each other, and no one needs to stress about “not spending enough”. Besides, we’re all gathering for the food anyway, right?
  1. Speaking of the food… Potluck Dinner! Why not have everyone coming for the big feast bring their favourite dish? This helps spread the cost around and also gives everyone a chance to try some food they may not have otherwise. The key to this plan is co-ordinating everyone and making sure everyone is bringing something different. You don’t want to end up with 5 trays of devilled eggs!
  1. Find the free entertainment. We have all become accustomed to the movie theatre and various other entertainment options being open on Christmas Day, but this doesn’t mean we need to go. Find the street in your city that is best known for Christmas lights and take the family with a thermos full of hot chocolate. Or do a quick google search of free activities in your city that day to see what’s going on around you. If it’s too wet (or snowy of course) dig into that cupboard with all the board games and challenge the family to a friendly game (or an incredibly competitive game if that’s how your family rolls). Whatever your family finds the most fun!
  1. Plan ahead as much as possible. This might be a bit late for this year, but good to note for next year. If you have to travel through the holidays, planning and buying your tickets ahead of time can save money and stress. You can also set aside a few bucks in your budget each time you get paid throughout the year, so that you have your holiday money ready when it’s time to spend. After using our first 4 tips, and keeping tip 5 in mind for next year, you will be a holiday budgeting machine in no time!

Those are our 5 money saving tips for the holiday season. Keeping budgeting tips and tricks in mind can help make your holiday a stress-free and joyous occasion, the way it was supposed to be! We all deserve to ring in the New Year full of confidence and excitement, and a balanced budget after the holiday season is a great step towards this.

How do you keep your budget in line over the holidays? What budgeting tips do you have that you have found success with? We want to hear from you! Share your money tracking ways with us, we love to hear how you save your money, and we’d love to share your tips with our community.

Author: Adam Lee

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