People are strained financially so many different ways during the holidays. For many, holiday spending goes beyond gift giving. It also includes entertaining and holiday travel to visit family. Below are some ideas for keeping out of debt while still enjoying quality time with family over the holidays.
Set ground rules with family regarding holiday gift giving. Discuss a dollar amount and make sure everyone sticks to it. Talking about how much everyone can afford to spend can feel awkward at first, but in the end no one has to feel stressed when the bills start piling up in January.
Another way to save on family gift giving is to have everyone draw a name out of a hat. That way, all family members will receive a gift and this can really help keep costs down especially in larger families. Some families decide to buy only for the children to save time and money.
Homemade gifts can actually be more thoughtful and will normally cut costs, as well. Volunteering time to help a family member by babysitting or helping them finally finish up that home improvement project would be much appreciated.
An entertaining idea for spending less is to have everyone in the family agree to find creative or funny gifts from a dollar store or yard sale.
If everyone agrees, maybe skip the gift giving and instead spend time bonding as a family donating to or volunteering at a local charity. There are many who are less fortunate and helping them experience some joy can mean much more than a store bought gift.
If hosting a holiday meal, make it a potluck. That way all of the expense does not fall on one person.
For holiday travel, there are websites available to find the best deals on flights, hotels and car rentals. Some sites like Yapta and Bing Travel even track or predict the cost of air travel and will send email updates when prices change. In addition, sometimes flying on Christmas Day or New Year's Eve can decrease the cost of airfare.
USAToday.com posted an article titled, How to save on family holiday travel, with suggestions for how to get the best deals on where to stay and where to eat while traveling. For even more tips, visit Investopedia.com and their Tips for avoiding a Spending Hangover.
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