15 Ways to Save More Money This Holiday Season

The holiday season can leave you with more than just happy memories. In many cases, you could find yourself with a pile of bills once the new year rolls around.

If you end up spending too much over the holidays, you could regret the long-term impact on your financial goals.

The good news is, this doesn't have to be your fate. In fact, if you follow these 15 tips, you can save a ton of money during this festive time while still making the season merry.

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Limiting who you buy for is crucial if you're hoping to avoid overspending during the holidays.

Suggest a Secret Santa for extended family, friends, or coworkers so you can reduce the number of presents you have to buy.

Or ask friends if they want to continue the tradition of exchanging gifts at all, as they may also prefer to save money if they don't really need anything or are just giving presents out of habit.

ALSO READ: 25% of Consumers Will Spend at Least $1,000 More on the Holidays This Year Than Last

You don't want your holiday spending to jeopardize important financial goals such as retirement planning, so you need to decide how much money you can reasonably devote to it.

By setting a spending limit, you can make sure you don't go overboard in a way that you end up regretting. You can also be more conscious of using your holiday money as wisely as possible.

Making sure you know what you're spending -- and if you're sticking to your holiday budget -- is also crucial to keep costs down.

When you buy holiday gifts, schedule travel, purchase food for entertaining, or do other festive spending, keep track of it so you'll know where your money is going.

As a bonus, this will make you more conscious of using your funds wisely since you're tracking what you spend.

Don't wait until right before a special celebration to start shopping or you could be forced to pay higher prices as part of a last-minute crunch.

Instead, start working on buying the items on your list sooner rather than later. This will spread out your spending so you don't have to come up with as much money at once and it will give you more time to look for the best prices.

ALSO READ: What's the Panic With Holiday Shopping?

Once you have an idea of what holiday items you need to buy, be sure you compare prices on them from multiple different sources.

You can easily comparison shop on everything from expensive electronic gifts to which grocery store has the least expensive holiday turkey.

There are apps that help you check prices in your area, and you can also search the internet and grocery store flyers for bargains.

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Many stores put items on sale during the holiday season, so take advantage of these opportunities.

Black Friday and Cyber Monday both offer the chance to get gifts at bargain prices, but be sure to watch sales flyers throughout the festive season and jump on good deals that come along.

Instead of spending a ton of money on expensive gifts for everyone on your list, suggest that you all come together to do something special instead.

Paying for your share of a wonderful dinner at a restaurant or a special holiday show could be a lot cheaper than buying multiple gifts. Plus, you can create priceless memories with the people you love instead of just buying them more stuff.

ALSO READ: Should You Do Your Holiday Shopping With Cash?

If you have the talent, homemade gifts could be a less expensive way to share the love during the holidays.

Baked goods, knitted blankets, or other special crafts are just the start of the homemade gifts you could consider for friends and family.

Rewards credit cards can give you cash back, points, or miles for holiday purchases.

Getting back a portion of what you spend can help you to reduce the amount your holiday expenditures actually cost you.

Store loyalty programs often allow you to earn discounts such as a free turkey if you spend enough on groceries or a bonus gift card after buying one for others.

These loyalty programs can also give you back a portion of your spending, helping you to reduce your overall financial outflows.

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Coupons can help you save on all different kinds of purchases, both online and in store.

Search for online or printable codes or consider getting the newspaper and cutting food coupons to help reduce the costs of your holiday entertaining.

Food has become much more expensive this year due to inflation. If you're hosting a holiday event, consider making it a potluck instead of cooking everything yourself.

Not only can everyone bring a favorite dish to share, but you'll also significantly reduce your food expenditures so you'll be left with more money in the bank.

ALSO READ: Inflation Fears: Bullish or Bearish for Crypto?

With both inflation and supply chain issues pushing up the price of traditional holiday favorites, consider stepping outside of your comfort zone and doing something different this year.

Switching out a high-priced turkey for a less expensive alternative, for example, could be both a pleasant surprise for guests and a way to keep your entertaining costs down.

Before deciding on attending a holiday event or traveling somewhere for the festive season, be sure to get a tally of total costs to confirm it's not going to end up out of your budget.

The last thing you need is to commit to something and see the prices get out of hand -- such as buying airline tickets for a trip, only to find out the rental car upon your arrival will come at a much bigger cost than planned.

ALSO READ: 4 Ways I'm Making the Holidays Less Expensive This Year

Finally, it's a good idea to steer clear of taking on debt for holiday spending. Once you tack on interest charges, all your purchases become much more expensive.

You also end up committing future income to covering holiday costs, which could interfere with investing or other important goals.

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By following these 15 tips, you can make sure that you enjoy your holidays without regretting the fact that you overspent and set yourself back financially.

You can look back on this time as a happy one, without working to pay off the bills for most of 2022 and beyond.

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