If you\u2019re wondering how you\u2019re going to pull off avoiding your credit card and adding to your debt during the holiday season, we\u2019ve got your back. Here\u2019s our list of practical ways you can steer clear of extra spending during the holiday season that covers different vantage points from economical, creative, and even personal.<\/p>\n
Manage Your Holiday Stress to Avoid Maxing Out Credit Cards<\/a><\/p>\n If you\u2019re looking for wiggle room in your budget to free up for festive spending, the first place you\u2019ll need to look is in the discretionary parts of your budget.<\/p>\n Your fixed expenses include rent and utilities, while your discretionary spending is a bit more flexible and includes groceries, shopping, entertainment, and eating out.<\/p>\n Knowing that December will be a particularly expensive month, make sacrifices in your regular routine. Forgo your morning Starbucks coffee and skip on lunches out, or opt to bring in a thermos and a packed lunch from home instead.<\/p>\n Because December is such a busy month packed with holiday parties, workplace potlucks, and a constant stream of snacks and meals on offer, you may not even miss your everyday spending routine when you trim your discretionary spending. You can vow to cook cheap, simple meals at home during the month to offset all of the dinners out or at friends\u2019 houses. Both your bank account and your waistline will thank you.<\/p>\n By strategically making sacrifices in your monthly budget, you\u2019ll automatically give your Christmas spending some buffer room and avoid going into debt.<\/p>\n Since when did Christmas have to be about a mountain of presents?<\/p>\n Set the tone for your family\u2019s priorities each Christmas by introducing new family traditions that offer experiences, sentimentality, and fun.<\/p>\n There are no set rules for family traditions \u2013 you can choose activities that are near and dear to everyone\u2019s hearts. Some families love to go ice skating \u2013 with hot chocolate and marshmallows \u2013 on a frozen canal, while others look forward to baking and decorating cookies, or building gingerbread houses while classic Christmas movies play in the background.<\/p>\n If your family is looking for new traditions, consider giving back to the community by volunteering at a soup kitchen or helping with the local food drive.<\/p>\n Have you noticed a pattern with these traditions? They don\u2019t involve Christmas wish lists and unwrapping presents and the focus is on a family activity instead. Not only is ushering in new family traditions a great tactic to save money and steer clear of debt \u2013 ultimately, it\u2019s these activities that forge long-lasting memories and the nostalgia that comes with Christmastime.<\/p>\n Options and Solutions to Get Out of Debt<\/a><\/p>\n You don\u2019t necessarily need to splurge on expensive gifts to tell your loved ones you care about them. At Christmas time, it\u2019s genuinely the thought that counts.<\/p>\n When possible, think outside of the box and make custom-made gifts that are tailored to your family and friends\u2019 passions and interests. If your siblings are eager for you to share your chocolate chip cookie recipe, buy the dry ingredients, such as flour, brown sugar, and chocolate chips, pour them into mason jars, and decorate with ribbon, holly and a handwritten recipe card attached to make a thoughtful gift they can put to use right away. You could do the same for your classic minestrone soup, for example.<\/p>\n If your dad loves fishing, buy a simple tackle box and fill each section with candies, such as Swedish fish, gummy worms, Twizzlers and other fishing-related treats. You can add a message, letting him know these sweets will give him the sugar rush he needs so he\u2019s ready for the big catch.<\/p>\n The ideas are endless, from getting a favourite photo printed and framed for a friend to making your partner \u201clove coupons\u201d for a massage, a home-cooked dinner, or a free pass on doing the laundry.<\/p>\n Put your skills to work whether it\u2019s sewing, knitting, or crocheting tote bags, scarves, cozy socks, or quilts for your family to painting, drawing, or making Christmas cards for a personal touch. Those of us with a green thumb can even make an arrangement of succulents for a co-worker\u2019s office or an herb garden for a loved one who likes to cook.<\/p>\n Making gifts shows you\u2019ve put thought and time into your gift-giving \u2013 and it\u2019ll save you quite a bit on your Christmas spending. Rather than rush out and buy a last-minute gift, if whatever you\u2019re making won\u2019t be quite ready in time for Christmas, let your loved one know it\u2019s coming for New Year\u2019s.<\/p>\n Alternative Gift Giving Ideas<\/a><\/p>\n Personal finance aficionados swear by No Spend Days at least once a week to keep their budgeting and savings on track.<\/p>\n A No Spend Day is precisely what it sounds like \u2013 a day in which you don\u2019t touch your cash, debit or credit cards. You simply rely on everything you already have, from the gas in your car to get to work, your pantry of food staples and ingredients in your fridge for meals, and your Netflix account for entertainment.<\/p>\n It\u2019s a great way to keep your spending under wraps, use what you have around the house, and stop yourself from accumulating more. Some people even enforce No Spend Weeks.<\/p>\n Sprinkle a few No Spend Days into your holiday season \u2013 it may not be as difficult as you think, especially if your fridge is overflowing with leftovers, and the whole family is indoors by the fireplace. These No Spend Days add some balance to your spending habits \u2013 as one day comes with Christmas shopping, buying groceries, or spending on entertainment, then the next few days can be easier on the wallet.<\/p>\n Tips to Save on Groceries<\/a><\/p>\n Some presents are the gifts that keep on giving \u2013 even in the savings department. Parents who are stretched thin on their budget could gift their kids with a surprise summer vacation or March break getaway. The kids will love their Christmas present of a family trip, and your family can allocate their budget for Christmas gifts towards the travel fund.<\/p>\n Gifts like vouchers to the local zoo, the museum, or the water park also do double duty as a Christmas gift and an excursion for a later date.<\/p>\n Couples can do the same \u2013 more often than not, a loved one may be happier to receive an experience like a getaway to the spa or a long weekend break than a material possession. The countdown to the trip is also exciting for the whole family.<\/p>\n For busy parents with kids, Christmas is also a great time to gift your little ones with the things they need from new clothes for school, sports equipment, or books and other gadgets.<\/p>\n How to Give Your Credit Cards a Break This Holiday Season<\/a><\/p>\n Our wallets hold more than cash, coins, and bank cards. They\u2019re also a treasure trove of gift cards, credit notes, loyalty cards, and credit cards with rewards points.<\/p>\n While you may have received gift cards to treat yourself at birthdays or other holidays, now may be the best time to redeem them to pay for December\u2019s long list of expenses whether it\u2019s for the season\u2019s festivities or for everyday items during the month.<\/p>\n The same goes for your loyalty cards and rewards points tied to your credit cards \u2013 look into trading them in for discounts on your purchases, free travel or hotel stays if you\u2019re visiting out-of-town relatives, or for gift cards, electronics or other items that would make a nice gift.<\/p>\n Remember, vintage is back in too \u2013 if you have the time to scour the racks in vintage shops, and you know your loved one has an affinity for throwback sweaters, vinyl, or antique furniture, you never know what hidden gems you may find.<\/p>\n 4 Ways to Tell If Reward Credit Cards are Worth It for You<\/a><\/p>\n The tell-tale sign of an indulgent Christmas is a tight pair of pants post-holidays and a couple of extra pounds. Between hosting family gatherings to catching up with friends at expensive dinners, pant sizes go up and bank accounts take a dip.<\/p>\n In a CIBC Christmas poll, 40 percent of Canadians said that buying food and alcohol to entertain their family and friends is what pushed them over their budgets. Another 32 percent said that eating out was their most worrisome expense over the holidays.<\/p>\n Rein in the spending on eating by suggesting festive get togethers at home instead of eating out \u2013 this swap alone will save everyone money by avoiding restaurant-priced meals and drinks. You also won\u2019t be rushed out of the venue and can eat, drink, and be merry on your own clock.<\/p>\n Friends and family can also suggest a potluck meal, so each loved one can bring wine, snacks and nibbles, sides, and other dishes. Those hosting can be in charge of the turkey.<\/p>\n Gone are the days of buying everyone in your family a Christmas gift. Try to emphasize quality over quantity when it comes to gift-giving by suggesting a Secret Santa exchange among family members instead.<\/p>\n Write down the names of everyone taking part, and have each family member draw a name out of a hat so they know who they\u2019re buying for. After that, agree to a maximum amount that can be spent on gifts.<\/p>\n On Christmas Day, instead of receiving a handful of gifts, you\u2019ll receive one gift that your loved one has picked out especially for you.<\/p>\n If it\u2019s too late to arrange it for this year, start suggesting it for next year and firm up the plan in January. This swap is often a major stress-reliever for families, so they can focus on enjoying the holiday season instead of accumulating and wrapping handfuls of gifts for everyone.<\/p>\n An 8-Week Holiday Plan for Next Year<\/a><\/p>\n If you\u2019re shelling out at the kiosk in the shopping mall to have your gifts wrapped, or you\u2019re paying a premium for prepared charcuterie boards and chopped veggies, you could opt to do the legwork yourself to save money.<\/p>\n If your finances are tight, it\u2019s worth your time to take on these extra steps to cut back on your spending. Every little bit counts, after all. Homemade cookies are cheaper, tastier, and add to the Christmas cheer too!<\/p>\n The wisest thing you can do to keep yourself out of debt during the holiday season is to better prepare yourself by setting aside funds throughout the year.<\/p>\n Coming up with around $1,600 is a near impossible feat to pull off in one month\u2019s \u2013 or one week\u2019s \u2013 time, guaranteeing you\u2019ll dip into credit and go into debt to cover your Christmas expenses. But if you aim to spend $1,600, and start saving roughly $145 each month beginning in January, you won\u2019t have to worry about making ends meet by December. Even setting aside $50 a month could get you a $600 head start on holiday shopping.<\/p>\n Future-proof your finances. You know the holiday season comes by every year, so make sure you\u2019re prepared for it.<\/p>\n Last Updated on November 28, 2024 <\/span><\/p>\n Related articles:<\/strong><\/p>\n How to Save $465 in 30 Days <\/a> [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" If you\u2019re wondering how you\u2019re going to pull off avoiding your credit card and adding to your debt during the holiday season, we\u2019ve got your back. Here\u2019s our list of practical ways you can steer clear of extra spending during the holiday season that covers different vantage points from economical, creative, and even personal.<\/p>\n","protected":false},"author":3,"featured_media":24382,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"1080","_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"categories":[116],"tags":[],"class_list":["post-23431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budgeting-saving"],"yoast_head":"\nMake Sacrifices in Your Day-to-Day Routine<\/h2>\n
![\"Holiday](\"https:\/\/nomoredebts.org\/wp-content\/uploads\/2021\/01\/Christmas_budgeting_tips_blog.jpg\")
<\/p>\nCreate New Family Traditions<\/h2>\n
Make Gifts to Add Sentimental Value<\/h2>\n
Get Into the Habit of No Spend Days<\/h2>\n
Have Your Christmas Gifts Do Double Duty<\/h2>\n
Redeem Your Gift Cards and Rewards Points<\/h2>\n
Cut Back on Spending on Holiday Dining<\/h2>\n
Consider a Gift Exchange<\/h2>\n
Do It Yourself<\/h2>\n
Plan For the Year Ahead to Stay Out of Debt<\/h3>\n
Start Planning for Christmas in July \u2013 Here\u2019s How <\/a>
Why Looking Back at Old Credit Card Bills is a Good Idea<\/a><\/p>\n