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Saving Money During the Holidays: 6 Tips You Should Know

The holidays are often described as the most wonderful time of the year, but no one talks about how expensive it really is. From shopping for gifts, decor, and other holiday-themed treats, you could be spending a pretty penny this festive season.

Although, due to the economic impact of the global pandemic, we understand if you need to save a little more during this jolly time of year. If you find yourself in need of budgeting this holiday season, don’t worry, we’ve compiled the best money-saving tips to save your wallet. 

The 6 Best Holiday Saving Tips

1. Figure out your holiday budget

This may seem like the most obvious step, but it is often the easiest to forget. Before you start holiday shopping, figure out what other expenses you have to pay.

If you begin shopping without figuring out your exact budget, you’re at risk of going all willy-nilly and overspending. Other than holiday gift shopping, you’ll have to take decor, food, and travel expenses into consideration.

2. Create a merry shopping list

Overspending on one gift may keep you from checking everyone off your list. To prevent yourself from going over budget, create a shopping list before you go to the store or shop online. 

Select an affordable item from your loved ones’ wishlist and put it in your online shopping cart to combat a holiday shopping splurge! You can also write a physical list that you’ll stick to strictly when shopping in stores. 

3. Shop for the brightest deals

We all know the excitement of seeing a plethora of gift-wrapped presents under the tree, but to get the most bang for your buck, look for sales. During the months of November and December, most retail stores host plenty of great sales for the holiday season.

While sticking to your list, try to see how prices vary from store to store. One item may be cheaper at another retail store. Some stores even have a price match option available to save you an extra trip.

For online shopping, use an in-browser application to test coupon codes, track the price of an item, or get cashback for purchases.

4. DIY your festive decor

Indulging in a decoration contest with your neighbors is all in the good competitive fun, but that electricity bill and pricey lighted reindeer set might just be what breaks the bank.

Instead, use old decorations or repurpose items around your house for decor. You can gift wrap an old cardboard box, cut out paper snowflakes, make a wreath out of paper rolls, fill a jar with candy canes, and more. Get crafty and creative to save money during the holiday.

5. Resist buying tempting sale items

A good deal is hard to resist. Big sales on Black Friday or Cyber Monday make it all too easy to add tons of items to your cart. Even if an item you’ve been eyeing is half-off, resist the temptation of buying too much for yourself or others. 

Browsing puts you at risk of buying unnecessary items. It’s like going down the candy aisle when you’re on a diet; you just shouldn’t do it. Stick to the list even if it’s difficult because, oftentimes, an item you might find on sale may not even be put to use. 

So try to remember our brains are wired to get pumped up about novelty. A kitchen gadget or tech item may seem worth it at first, but in a few months, it might just sit in a drawer somewhere. No matter what, spend wisely.

6. Hit snooze on those vacation plans

Now that travel restrictions have loosened, you may feel like it’s time to get back out there. Making holiday plans to get away sounds like a dream, but it may not be viable in your budget.

Why not plan a staycation instead? Without breaking the budget, make a dream getaway inside of your home. Going out of town or even to eat will cost you, but planning a cozy night in might be just what you need to destress and save money.

With just the right amount of decor, you can make your house a winter wonderland. Use your DIY decorations, make a cup of hot cocoa, and turn on the TV for a holiday movie marathon. A night in can be just as fun as a night out. 

Final words about spreading the cheer

This time of year is all about cherishing the ones close to you. After all, you don’t need to spend money to make great memories. 

That being said, it is always nice to treat someone special.  If you’re still missing one or two people on your list this festive season, check out Lendee. Lendee is a microloan P2P website that you can trust to give you a little more wiggle room for holiday spending this year.

Visit Lendee today to learn more, and happy holidays!