Budgeting for the Holidays

The holidays are some of the most magical times of the year. They can also be the most expensive. We want to show everyone how much we care and spoil those we love. That is all good and well, but it doesn’t have to rob us blind.

There can be a fine line between spreading joy and damaging our bank accounts. I am someone who has been completely guilty of this. While I am a bargain shopper at heart, I would buy gifts for literally everyone, because that is one of my love languages. But does it have to come at a cost that will haunt me into the new year? Absolutely not! It was a learning curve, that is for sure. And I have had to dial it back since becoming a wife and mother, because it is no longer just my money to be spending, but our families money.

I was raised to always find a deal, but not necessarily how to save and how to budget accordingly. It has taken a lot of effort, and I am constantly having to remind myself on how to scale back. But it is possible to spread love and share gifts without breaking the bank. There are many ways to not put ourselves into debt into the new year, all for the sake of holiday cheer.

Create a strict budget and stay within it.

Budgets are meant to be kept. Staying under budget does not mean you are chinsing someone else of a glorious gift, it can simply be that you found a better deal on something fitting for that person. Maintaining a budget will keep you on track and can save you money by not overspending. Every dollar counts, and the more you don’t have to spend, the better for you. It doesn’t have to cost a lot to be fun and exciting. It’s the thought that counts, after all. Thrifting gifts such as books or household decor can be a great budget friendly way to save.

Make a tracking list for everything you are spending or giving.

This will help track who is getting what and where costs are going. This will prevent buying more for someone because you see something they may like, if you have already purchased for them. This can also prevent having a significant difference in amount of gifts for each child in your family, as you will have a list to show a quantity and dollar value for each person. As kids get older and they start to understand the value of money and their gifts are typically more expensive than a younger child, they can be taught that the bigger the price of a gift, the less you will have to open on Christmas morning.

Consider cards gifts.

For aunts and uncles, extended family and friends, sending cards is a great way to show some holiday cheer without breaking the bank. They are still receiving something, you are spreading love and acknowledging them over the holidays, but not spending a fortune on every little present you may have purchased for each family or person. And cards don’t have to cost a lot, you can find premade cards at the dollar store, or buy them off season for a reduced price, like right after Christmas, and tuck them away for the following year. You can also make personalized cards on amazing websites for cheaper than you may have guessed. Our personal favourite is Vistaprint, or there is Minted or Shutterfly, all where you can buy preset designs, make your own or a combination, including your own photos. Another source that can be free, is Canva, where you can design your own style, download a PDF or JPEG and print them yourself. Don’t have a printer? Visit your local library to print for a fraction of the cost of printing retailers.

Make gifts at home using your crafting skills.

Are you skilled with knitting or crochet? Maybe you can paint or draw. Any special skills you may have, can be made into beautiful, personalized, handmade gifts for those you love. For only the cost of materials, these gifts can be so much more heartfelt than spending money on random items. Some gift ideas may be ornaments, blankets, slippers, bookmarks, mugs, coasters, picture frames, homemade soaps or artwork. The options are truly endless.

Bake cookies or other goodies.

Nothing says love like a delicious baked good. While I have started to bake more throughout the year, Christmas time is my ultimate baking season. Cakes, cookies, breads, squares, barks, candies, jams and jellies, there are so many tasty treats you can share with family and friends. Bringing a platter of whatever you have made can be a hostess gift or an overall gift for all in attendance to share.

Secret Santa or White Elephant exchanges.

Instead of buying gifts for absolutely everyone, consider hosting a Secret Santa or White Elephant exchange. Set a spending budget and have at it. We do this in our family and it is so much fun. Everyone wraps their gifts in a creative and crafty way, thinking completely outside the box, and it becomes a mysterious game of who gave what to whom.

Family gifts over individual gifts.

Another way to not have to buy every single person a gift, create a family gift for an overall surprise. This can be gift baskets with individual goodies for all to enjoy, a board game or puzzle for the family, or a giftcard to allow the family to have a day or night out together. Even offering a night of babysitting can create a wonderful gift for the parents. They get to go and enjoy time together and you can create an evening with the kids, which could consist of a movie night in with snacks or a day of baking together, even an outing of tobogganing or a picnic. Everyone wins with these family gifts.

Gift an experience.

Much like what was mentioned in the previous point, experiences can be a far better gift than tangible items. Movie nights, game nights, make your own pizza nights, baking days, crafting afternoons, picnics, arcades, the ideas are endless! This can be in the form of a gift card, actual items contributing to this experience, or an offer to front the bill, whatever suits your personal budget best.

Gathering together is a gift of your presence.

We have all been there, where money is tight, especially during the holidays. While gifts are all nice and well, sometimes our budgets just don’t call for it. Especially if you are travelling to visit family over the holidays, that is a cost and a gift in itself. Hugs and smiles are just as valuable as physical presents.

What are your favourite budget friendly gift ideas? Each year can be something different, and can be shared with everyone. Please do not feel an obligation to put yourself into the red to impress those you are seeing over the holidays. The holidays should never be about a dollar value, and should be more about spending time together. Especially in this economy, it would be selfish and unstable to have such high expectations on the cost of gifts. The value should be in the thought, not in what was spent.

Melanie xoxox