15 Easy Ways to Save Money This Holiday Season

The festive season has become a time to spend, spend, spend. This can leave you with lots of financial regrets when the new year rolls around.

But you don't have to break the bank to have a festive season -- especially as 2020 will be a holiday like no other. In fact, there are plenty of ways to save money this year, including the 15 suggestions found here.

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Flying to see loved ones (or to enjoy a much-needed break) is a tradition for many. But it can be expensive. And this year, it could also be dangerous.

Rather than booking plane tickets, stick close to home for 2020. You can connect with your loved ones via videoconference and avoid the risk and expense of going out of town.

Skipping the holiday parties and get-togethers could make you seem like a grinch in the past, but this year you have good reason to say no to meeting up at your local watering hole and dropping a fortune on drinks.

Instead of going out to events that you have to pay to attend, host a free virtual event with your friends, co-workers, and others in your life. Connecting over the computer or phone still allows you to enjoy one another's company -- but in a cheaper and safer way.

If eating out at a restaurant is part of your holiday traditions, you may want to rethink that.

Restaurants still present a risk, even when you're eating outside and safety precautions are followed. Instead, cook your meals at home. You'll once again get the double benefit of saving cash and staying safer.

ALSO READ: Restaurant Stocks Soar on Phenomenal Vaccine News

Decorating doesn't have to involve spending a fortune on real greenery or decking your house out on tons of holiday lights that raise your electric bill.

Instead, keep things simple and put up just a few of your favorite decor pieces that you own already. Or consider having your kids make some decorations by drawing or doing simple crafts.

During a time when they can't see their friends and might be going stir-crazy at home, they may enjoy the chance to do something creative to make your home more festive.

If you're buying presents for too many people, you're probably overspending -- and likely causing yourself a lot of unnecessary stress as you struggle to find the perfect gift for everyone.

This year presents an optimum time to stop making purchases simply out of obligation. With many people struggling financially and with get-togethers to exchange gifts verboten, it's a great time to talk with your friends and family about putting an end to the present swap.

Chances are good that they'll be just as happy as you are to avoid buying something just because of past protocol.

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If you don't want to give up present exchanges entirely in your family or friend group, consider a Secret Santa instead. This can be a much more fun way to exchange gifts, and you'll save money by buying one present instead of many.

Secret Santa exchanges can be done without contact this year, if you use an app to coordinate and you mail or drop off the gifts without meeting up in person.

For people in your life you still want to exchange gifts with, consider discussing a strict limit on cost. That way you won't end up spending more than you can afford just to keep up. After all, it's the thought that counts -- not buying something with a big price tag.

It can also be more fun to buy when you have a price limit as you have to get creative.

ALSO READ: How to Keep Your Holiday Spending Under Control

Instead of buying gifts this season, consider offering your time instead. Offer to make a special lunch for a loved one, baby-sit or pet sit when travel opens up again, or otherwise find ways to harness your talents. Chances are good, these types of gifts will mean more than just another piece of merchandise under the tree.

Homemade gifts can also be more cost-effective -- and more special for the recipient. And there are tons of possibilities.

You could whip up a batch of gourmet cookies, prepare some soup or dip mixes in a jar, knit some mittens, put together a special photo collage, or come up with your own creative approach to making a meaningful and inexpensive present.

Whether you're purchasing presents or preparing a holiday meal, aim to avoid paying full price for anything by making use of coupons. You can find them from the newspaper, print them online, or use online search engines that help you find codes to enter.

Always look for a coupon before checking out, so you can maximize the savings that they can provide.

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There are a number of different online websites and mobile apps you can shop through that will provide you with cash back on your purchases. Use them when buying gifts so you can get back some of your outlays.

Using the right credit card can also defray your holiday spending costs by enabling you to earn cash back or generous rewards.

Make sure you're using the right credit card for every purchase, such as one that provides bonus cash back at the grocery store when you pick up the fixings for your holiday dinner.

And consider being strategic about where you shop. When you're stumped on a gift, for example, opt for a restaurant gift card if your card provides bonus cash back for dining out.

One of the best ways to be mindful about your holiday spending is to set limits for yourself. Otherwise, it's just too easy to get carried away and spend more than you should.

Make a budget that allocates a reasonable amount to different types of holiday spending such as food and gifts. That way, you can prioritize what you're doing with your cash and make sure you're getting the most value from it.

ALSO READ: Why You Need a Holiday Budget This Year More Than Ever

To make sure you stick to your holiday budget, keep track of where your money is going. You can do this using an app or manually. By tracking your spending, you'll be more mindful of it and you'll know immediately when it's time to pull back before you get yourself into trouble.

Finally, you'll want to make sure you absolutely don't spend more than you can afford to pay for.

Going into debt for the holidays is a decision you're likely to regret as it will make every purchase more expensive due to interest. Owing extra money to creditors is definitely not what you need during these turbulent economic times.

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By being smart about what you spend, getting a little creative, and setting limits, you can make sure the holidays are fun and festive -- and that you don't end up full of financial regrets once they're over.

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