Unwrapping Savings: 5 Ways to Save Money on Last-Minute Christmas Preparations

Posted By: Family Credit Management | Monday December 18, 2023

Believe it or not, Christmas is right around the corner! While this is the most wonderful time of the year, it can also be the most expensive. From gifts and decorations to food and travel expenses, it's easy to rack up a hefty amount of debt in the name of Christmas cheer. However, with some planning and smart choices, you can avoid overspending and save money while still preparing for a memorable holiday season.

How you spend over the holidays can affect you and your family more than you might think. If you have children, set an example to them that going over-board, by spending money you don’t have - is just a bad idea. If you’re charging gifts you buy, you’ll start the new year by receiving bills for everything you bought-much of which you didn’t need. This can easily set a domino effect of overspending, debt, and mental health issues caused by financial stress.

So what to do? You’re deep in the holiday spirit and want to show your loved ones how much you care. We’ve got a few ideas to help you keep your piggy bank happy while still making the holidays merry and bright!

Get Organized

One of the best things you can do is to make a list of everything you need. This might feel overly simplistic, but many people find themselves overspending because they didn’t have a good feeling of what they wanted to buy before they hit the stores. This leads to overspending and heavy amounts of anxiety. Did I get a present for everyone I needed to? Was that sweater in the correct size? Taking an hour or two to do some research and making a list of what you need for who and where you can get it from will save you money and stress when you actually start shopping.

Don’t forget, this rule doesn’t just apply to presents- decorations, food and any other items you typically need for the holidays should be planned out before you’re in a crowded store where you can’t hear yourself think.

Opt for DIY Christmas Decorations

When it comes to decking the halls for Christmas, you don't have to break the bank on expensive store-bought decorations. Opting for DIY Christmas decorations is a great way to save money while adding a personal touch to your holiday decor. Plus, it can be a fun and creative activity to do with your family or friends.

There are countless DIY decoration ideas out there, from handmade ornaments to festive wreaths and garlands. Get crafty and use materials you already have at home, such as old fabric, scrap paper, or even natural elements like pinecones and twigs. You can also repurpose items from previous years' decorations to give them a new life.

Also, don’t forget about all the decorations you already have. You don’t need to get new decorations every year, and most people build memories around the ones their family uses every holiday season. If you're tired of certain decorations and want something new, consider swapping with friends or family members. You can organize a decoration exchange party where everyone brings their unwanted decorations and trades them with others. This way, everyone gets something new without spending a dime.

Implement a Budget-friendly Gift-giving Strategy

'Tis the season for gift-giving, but that doesn't mean you have to drain your bank account in the process. Implementing a budget-friendly gift-giving strategy can help you save money while still showing your loved ones how much you care. Here are some tips to help you navigate the holiday gift-giving season without breaking the bank:

• Firstly, consider setting a spending limit for each person on your gift list. This will help you stay within your budget and prevent overspending. It's also a good idea to make a list of gift ideas for each person, so you can keep an eye out for deals and discounts that align with their interests.

• Another budget-friendly gift-giving strategy is to get creative and make homemade gifts. Not only will this save you money, but it will also add a personal touch to your presents. DIY gifts can range from baked goods and homemade candles to personalized photo albums or knitted scarves. The options are endless, and the recipient will appreciate the thought and effort you put into their gift.

• If you have a large group of friends or family members to buy gifts for, consider suggesting a gift exchange or Secret Santa. This way, everyone only has to buy one gift, which significantly reduces the overall cost. Plus, it adds an element of surprise and excitement to the gift-giving process.

• Lastly, don't be afraid to shop smart and take advantage of sales and discounts. Keep an eye out for holiday promotions, coupon codes, and online flash sales. It's also worth checking out local thrift stores or consignment shops for unique and affordable gifts. Remember, the thought and sentiment behind a gift are more important than the price tag.

• Some gifts don’t need to cost anything at all! A few of my friends who like to read as much as I do made a fun tradition of gifting each other a book we’d read that year and decided the other one would love too. This removes the burden of spending extra money, gives a book new life, and gives us something to talk about as each person reads the gifted book.

Make the Most of Sales and Discounts

The holiday season is the perfect time to take advantage of sales and discounts to save money on your Christmas preparations. Retailers are competing for your business, so they often offer special promotions and discounts during this time. By being savvy and keeping an eye out for these deals, you can stretch your holiday budget and get more bang for your buck.

Start by doing some research and comparing prices before making any purchases. Check out different stores and online retailers to see who is offering the best deals. Many websites also offer price comparison tools that can help you find the lowest price for a specific item. Take advantage of these resources to ensure that you are getting the best deal possible.

Another way to make the most of sales and discounts is to sign up for newsletters and loyalty programs. Retailers often send exclusive offers and coupons to their subscribers, so be sure to take advantage of these discounts. Additionally, many stores offer special discounts or coupons for first-time shoppers, so keep an eye out for those as well.

Plan a Potluck Christmas Dinner

Planning a potluck Christmas dinner is a fantastic way to save money while still enjoying a delicious and festive meal with your loved ones. Instead of shouldering the entire cost of the meal yourself, you can invite your guests to contribute a dish or two, creating a collaborative and inclusive experience.

To plan a successful potluck Christmas dinner, start by coordinating with your guests ahead of time. Create a list of dishes that need to be prepared and ask your guests to sign up for specific items. Encourage them to share their favorite holiday recipes or try out something new and exciting. This way, you'll have a diverse and mouthwatering spread of dishes that everyone can enjoy.

Consider setting a theme for your potluck dinner to add an extra touch of festivity. For example, you can have a traditional Christmas theme with classics like roasted turkey, mashed potatoes, and cranberry sauce. Or you can go for a global holiday theme and have your guests bring dishes from different countries around the world. The possibilities are endless, and it's a fun way to add some variety to your Christmas dinner.

Hosting a potluck Christmas dinner not only saves you money on the cost of the entire meal but also reduces the time and stress involved in preparing a big feast. It allows you to focus on other aspects of the holiday celebrations and enjoy quality time with your family and friends. Plus, it's a wonderful opportunity to taste a variety of delicious dishes and discover new culinary favorites.

We hope you have a wonderful week full of celebrating, warmth, and love. Even with the best intentions, many people find that the holidays have pushed their financial wellness over the edge. If you need help with your budget, need someone to help review your credit report, or would like to know what options you have for taking control of your debt, contact one of our Elves ( or Certified Credit Counselors, as they're known most the year) today. They’ve seen every possible financial situation and are ready to help you with yours!

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