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The holiday season is a time for joy, togetherness, and, unfortunately, oftentimes overspending. However, with a bit of creativity, you can enjoy the festivities without compromising your financial health. Here are some innovative strategies to keep your holiday spending under control this season.

  1. The “Gifting Swap” Party

How it works: Invite friends or family over for a holiday gathering, and everyone brings one unwrapped, budget-friendly gift. The fun begins when you draw numbers to determine the order of gift selection. For extra excitement, allow participants to “steal” previously chosen gifts during their turn. You can limit the number of steals to two or three.

Why it saves: Instead of buying multiple gifts, you only purchase one, significantly cutting your gift expenses. Moreover, it turns gift-giving into a memorable group activity.

Pro Tip: Set a clear budget limit—like $10 or $20—to ensure fairness and affordability.

  1. Cashback Holiday Challenge

How it works: Use cashback apps like Rakuten, Ibotta, or Dosh to earn a percentage of your purchases back. Many of these apps offer extra rewards during the holiday season. To make it fun, track your cashback earnings and set a goal to use those savings for future financial goals, like paying off holiday debt or starting a vacation fund.

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Why it saves: You are spending anyway, so why not get some money back? Even 5% cash back can add up quickly on larger holiday purchases.

Pro Tip: Combine cashback apps with store sales and coupon codes for maximum savings.

  1. DIY Experience Coupons

How it works: Create personalized coupons for experiences like a home-cooked meal, a free car wash, or a family game night. You can design these coupons using free templates online or handcraft them for a personal touch.

Why it saves: Experiences are often more meaningful than material gifts, and they cost significantly less—sometimes nothing at all.

Pro Tip: Tailor the coupons to the recipient’s preferences. For example, offer “movie night at home” coupons for film lovers or “dog walking” vouchers for pet owners.

  1. Holiday Decoration Upcycling

How it works: Dive into your storage or visit thrift stores to find old holiday decorations that can be refreshed or repurposed. For instance, unused mason jars can be turned into festive candle holders, or leftover wrapping paper can be used as wall art.

Why it saves: New decorations can be pricey, but you can achieve a fresh holiday look by creatively using what you already have.

Pro Tip: Look online for DIY tutorials that transform everyday household items into stunning décor.

  1. Digital Holiday Cards

How it works: Instead of spending on printed holiday cards and postage, send digital greetings. Platforms like Canva offer free templates, allowing you to create professional-looking cards personalized with photos and messages.

Why it saves: You will save on printing and mailing costs while still spreading holiday cheer.

Pro Tip: Add a personal touch by including a short video message or a photo collage of highlights from the past year.

  1. Secret Santa With A Twist

How it works: Traditional Secret Santa is already a money saver, but you can make it more unique by introducing themes. Try themes like “homemade gifts,” “gifts under $10,” or even “re-gift,” something you already own.

Why it saves: Instead of buying multiple gifts for everyone, you’re only responsible for one, and the themes encourage creativity overspending.

Pro Tip: Use an online Secret Santa generator to manage participants and keep assignments anonymous.

  1. Shop With Timing In Mind

How it works: Black Friday and Cyber Monday aren’t the only times to score deals. Many stores offer significant discounts as the holidays approach and immediately afterward. Use price tracking tools like Honey, CamelCamelCamel, or Keepa to monitor price drops and ensure you’re getting the best deal.

Why it saves: Shopping strategically ensures you never overpay, and buying gifts early or late in the season can yield substantial discounts.

Pro Tip: Sign up for retailer newsletters to get notified about exclusive sales and discounts.

  1. Host A Potluck Holiday Feast

How it works: Instead of preparing an entire holiday meal yourself, invite friends and family to contribute by bringing a dish. You can coordinate who brings what to ensure a balanced spread.

Why it saves: Sharing the cost of food means a lower grocery bill for everyone. In addition, it adds variety to the meal and reduces your prep time.

Pro Tip: Use a shared online spreadsheet or apps like Google Sheets or SignUp Genius to organize contributions and avoid duplicates.

  1. Adopt The “Four Gift Rule”

How it works: Simplify gift-giving for kids by sticking to four categories: something they want, something they need, something to wear, and something to read. This approach keeps the focus on meaningful, practical gifts.

Why it saves: It limits the number of gifts and helps curb the temptation to overspend on flashy, unnecessary items.

Pro Tip: Involve your kids in the process by letting them suggest ideas for each category. This will ensure they’ll appreciate and be thankful for what they receive.

  1. Cash Envelope Method For Spending

How it works: Set a specific budget for each holiday category (gifts, food, and travel) and put the corresponding amount of cash in separate envelopes. Use only the money in each envelope for its designated purpose.

Why it saves: By sticking to physical cash, you’re less likely to overspend compared to using credit cards.

Pro Tip: If you have leftover cash in any envelope, roll it over into savings or use it to pay down debt.

Conclusion –

Saving money during the holidays doesn’t mean sacrificing joy or tradition. With these fresh, creative strategies, you can enjoy the season while staying on track financially. For more personalized budgeting tips and advice, consider reaching out to Advantage Credit Counseling Service to speak with one of our certified credit counselors. We’ve been assisting consumers since 1968, and we are here to help you! Happy Holidays!

 

 

 

Disclaimer: The information provided is for informational purposes only. The materials are general in nature, are not offered as advice or guarantee, and should not be relied upon without advice from an attorney or a financial advisor. Reading the information does not constitute a legal contract, consulting, or any other relationship with Advantage Credit Counseling Service.
Author: Lauralynn Mangis
Lauralynn is the Online Marketing Specialist for AdvantageCCS. She is married and has two young daughters. She enjoys writing, reading, hiking, cooking, video games, sewing, and gardening. Lauralynn has a degree in Multimedia Technologies from Pittsburgh Technical College.