Christmas Archives - Ellen MCKAY

Looking to save some money this Christmas? I’m here to help!

It’s the holiday season, so it’s time to start thinking about gift-giving and holiday expenses. Like many people, you’re likely feeling a little overwhelmed by the cost of the holidays. But don’t worry – with some planning and innovative budgeting; you can have a joyous and affordable holiday season!

Set a budget.
Start shopping.
Book travel early.
Look for innovative ways to save money.

Set A Budget

First things first: it’s essential to set a budget for your holiday expenses. Determine how much you can spend on gifts, travel, decorations, and other holiday-related expenses. Don’t forget to include any ongoing expenses in your budget, such as your monthly bills. This will help you avoid overspending and have enough money to cover your expenses.

Start Shopping

Once you’ve set a budget, it’s time to start shopping. Look for sales and coupons to save money on gifts and holiday items. Consider making your gifts or decorations instead of buying them – this can be a budget-friendly way to add a personal touch to the holidays. Don’t go overboard; you could spend more on making gifts than buying them!

Another tip is to be strategic with your gift-giving. Set gift limits to reduce the amount of money you spend on gifts. You can also consider giving experiences instead of physical gifts, such as concert tickets or a cooking class certificate.

Book Travel Early

Book your travel as early as possible to get the best deals if you’re travelling for the holidays. Look for sales on flights, hotels, and rental cars, and consider alternative modes of transportation, such as taking the bus or train instead of flying.

Look For Innovative Ways To Save Money

Another way to save money during the holidays is to be mindful of your energy usage. Turn off lights and unplug electronics when they’re not in use to save on your electricity bill. Potluck is a great way to save you time and hassle and cut down on food costs.

And start planning early for next year! You can buy decorations and gift bags, and wrapping on sale after Christmas – and save a lot of money on big-ticket items such as artificial trees and outside decorations by buying them as part of Boxing Day sales!

What’s Your Best Money-Saving Christmas Tip?

Whether it’s planning a budget-friendly Christmas diner, creative gift-giving, or putting off travel til it’s less expensive, let me know what your best money-saving Christmas tip is in the comments!

Where do we spend our money at Christmastime?

Here are all the ways you can spend money at Christmas time – and it can add up!

Buying presents. In addition, you have to pay for shipping or gas for your car to go shopping.

Food. Christmas dinner, Christmas baking, and of course – a few treats for yourself!

Decorations – if you like things like a holly wreath and a live tree, then you’ll be shelling out every year for these. Things like Christmas tree ornaments and lights can be reused every year, so you shouldn’t be paying for these every Christmas.

Travel. For some folks, it’s just a drive down the street – for others, it’s a plane ticket to see family.

Alcohol – whether it’s for gifts or just to keep your sanity – this is another expense.

According to a study from Deloitte, Canadians can spend up to $1700 a year on Christmas!

How things will be different this year?

It’s too early for any studies to be out – but based on my own experience, I can guess the following:

People will either be spending a lot less on Christmas because they just don’t want to go out shopping or they don’t have the money to spend. OR they will be spending a lot more because it’s one of the few things they can do. Just depends on the type of person they are.

Travel costs will definitely be down – a lot of people who’d normally fly to see family just won’t be doing that.

Food costs may end up being higher. Instead of one person springing for dinner and everyone bringing a side dish, we may all be doing our own small dinners this year.

What kind of economic lesson can we take from this?

I think the biggest thing to learn is that you don’t have to go overboard on Christmas. If you can’t afford to buy gifts for everyone that’s fine. If you want to host, but can only afford a basic dinner – that’s fine too! Anyone who truly cares about you should be understanding of your financial situation, whatever it is. While it’s tempting to splurge and get everyone a blowout Christmas, it’s not worth going into debt for.