Top eight money-savings tips for Christmas 2024

1. Prepare and stick to a budget

Plan ahead of time by setting a realistic budget for all your Christmas expenses, including gifts, food, decorations, travel, and other holiday activities. Break it down into categories and/or activities and stick to it. Track and review your spending using a simple spreadsheet or a notebook if you’re a little old school to stay on top of your expenses and adjust here and there along the way.

2. Avoid using your credit cards in buying everything

Use cash or debit cards as much as possible to avoid accumulating credit card liabilities unnecessarily. If you do not have cash or bank balance, maybe you can defer or cut back on your expenses. If you do use credit cards, pay them off quickly to avoid high interest rates and added debt that can carry over into the new year.

3. Limit your gift-giving

It is not time to overspend on gifts although it is very easy to get carried away during the Christmas season. Set a spending limit per person and stick to it. Consider other ways to give gifts, such as in the form of handmade items or experiences instead of physical gifts.

4. Go and shop early

Last-minute shopping may result to overspending. Go and shop early to take advantage of sales, discounts, and special Christmas deals. Shopping early often means you can find better deals and spread out your expenditures.

5. Say no to impulse buying

Take time to think ahead about your purchases and avoid impulse buying, especially when shopping in physical stores or online. Make a list and stick to it. If you’re tempted to buy something that is not on your list, wait 24 hours before deciding whether to purchase it or not. Shopping hungry may not also help. Make sure  that you are adequately-fed before you go shopping.

6. Create your own gifts and decorations

Check YouTube and get creative with DIY gifts that are thoughtful but affordable. Personalized gifts like homemade candles, baked goods, or photo albums are a great way to show love without spending a fortune. You can also make your own Christmas decorations instead of buying expensive ones. Craft stores often have great supplies for making your own holiday décor of there’s YouTube again to save the day.

7. Save on food

Plan and cook food by buying ingredients in bulk to save money. Prepare a menu for all your holiday meals to avoid spending on unnecessary food items and supplies. Potluck-style occasions can also reduce the burden of you having to cook for large gatherings.

8. Book for your travel early

If you are travelling for Christmas, book your flights and accommodation early to take advantage of lower rates, and use fare and accommodation comparison websites like Kayak.com, Agoda.com, Booking.com etc. to find affordable rates and deals. If you're traveling within a reasonable distance, consider driving or taking a train and enjoy the sceneries to save on airfare.

Merry Christmas everyone! Have a good one!