Avoid Holiday Debt: 25 Tips for Saving Money

Yes, the holidays are upon us (whether or not you want to believe it) and you know what that means?  Spending money and possibly lots of it.  This year, take a new approach by trying to implementing as many of the tips as you can.  Keep track of how much you SAVE, then spend a small percentage on you and the family!

Save on Gifts

• Put a limit on the amount you’re going to spend for each person.
• Only buy for immediate family members. 
• Pay cash for all your purchases – even if you have to start shopping now.
• Shop online through a site such as Amazon.com where you pay no sales tax or shipping (for purchases over $25 dollars).  This saves you time by eliminating driving as well as money spent on gas.
• Consider a joint gift that can be used by a couple, an entire family, or a group of kids.
• Buy items in bulk and make holiday baskets to give as gifts.
• Select items that have multiple parts (such as the popular charm bracelets for woman) so you can spread out the cost across other special occasions such as a birthday, anniversary, etc.
• Give the gift of a tree planting or donation to a charity.  (Blame the economic slump if you have too!)

Save on Food

• Plan for no leftovers by buying a smaller turkey, making fewer mashed potatoes, offering only one pumpkin pie, etc.
• Consider ordering a complete meal from a local grocery store or restaurant.  It can be cheaper in the long run (and when the food runs out, it runs out). 
• Ask guests to bring their favorite dish and share a story about why the dish is special to them and/or their family.
• Watch food ads in the newspaper and buy what’s on sale.
• Spend money now on non-perishable items such as canned goods, aluminum foil, plastic wrap, plates, silverware, etc.

Save on Travel

• Look for non-busy locations offering great discounts for the time of year.
• Stay away from the tourist traps such destinations with holiday snow skiing, warms locations that draw in big crowds at the holidays such as amusement parts (e.g., Disneyworld in Florida) and the beaches in the Caribbean.
• Consider swamping homes with someone else to save on lodging.
• Opt to drive if the cost is less than buying plane tickets.
• Look for travel deals on the major web sites such as Expedia, Travelocity, Orbitz, Priceline, or Hotwire.
• Redeem your airline award miles for your airline tickets, hotel stays, car rental, etc.
• Accommodate more overnight guests by purchasing inexpensive air mattresses for all the kids to sleep on (giving beds to all the adults).

Save on Clothes

• Avoid buying holiday specific clothing such as sweatshirts with snowmen or angels.
• Update an existing holiday outfit with accessories versus buying something new.
• Trade clothes with a friend so it appears you are wearing something for the first time.
• Buy clothes on sale now – even if they are not for the right season.  Then, match them with seasonal clothes to create a new look.
• Request an early gift by asking for that coat, handbag, or accessory you want now, and then wearing/using it throughout the season.