Harris: Traditional and Untraditional Money-Saving Holiday Ideas
By Charlestien Harris, Retired Financial Coach Southern Bancorp
Most of us love the holidays and the traditions that come with them. Establishing those traditions can sometimes cause financial stress, but knowing how to navigate the traditional space can work to your advantage. Saving money is another goal that often feels elusive during the holidays, but it doesn’t have to be.
Money-saving holiday traditions could include hosting a potluck dinner, organizing a gift exchange with a spending cap, and focusing on free or low-cost activities like viewing holiday lights or volunteering at shelters or soup kitchens. Let’s explore some untraditional ideas to see if you already use them – or to give you new ones to consider.
1. Stick to the basics
Going back to the basics is almost always a safe bet. Hosting a potluck, baking your own desserts, or pulling names for gift exchanges are just a few traditional ways to save money. These simple strategies can help keep holiday costs under control.
2. Buy generic brands
Even if you prefer certain name brands, it won’t hurt to try generic options for a while. Small adjustments like this can make a big difference in reaching your holiday savings goal. Start with staple items such as milk, spices, flour, sugar, and produce. Even small shifts in your shopping cart can lead to significant savings over time.
3. Use cold water for laundry
Holidays often bring family together, which means more laundry. Washing clothes in cold water can save on energy costs. Two of the best ways to reduce energy consumption are using cooler water and less water. Simply changing your washer’s temperature setting could cut each load’s energy use in half, depending on your machine.
4. Make your coffee at home
Coffee shops seem to be everywhere these days, but those $5 lattes add up quickly – about $20 per week! You don’t have to give up coffee entirely; just make your favorite drinks at home. Enjoy your morning brew while smiling at the extra $5 still in your wallet.
5. Host a movie night with homemade popcorn
Invite friends and family for a movie marathon featuring comedy, romance, mystery, and other family-friendly genres. Make popcorn on the stovetop and offer toppings like caramel, butter, white or dark chocolate, and cheese. Considering the cost of theater tickets, this is a budget-friendly way to create lasting holiday memories. Bonus tip: Pop a few extra kernels to make a popcorn garland for the tree!
6. Set a $10 gift limit for Christmas
This idea is extremely cost-effective for tight budgets – and fun! Celebrate a “$10 Christmas” with parents, siblings, and other family members. Finding the perfect gift within that limit can be a creative challenge. If you’re hesitant to suggest this, consider the financial strain Christmas often brings. Wouldn’t you rather save money and stick to a budget you set before the holidays begin?
7. Volunteer together as a family
The holiday season offers many opportunities to serve others locally and beyond. Consider collecting food donations for a shelter, spending an afternoon in a soup kitchen, or helping pack gifts for those in need at a nonprofit event. These activities provide meaningful experiences for your family – and they’re free.
The holiday season is a highly anticipated time for many families, but it’s hard to ignore the cost of Thanksgiving and Christmas. Thoughtfully planned traditions can strengthen bonds and minimize financial stress. Saving money is a year-round effort, but keeping a sharp eye on your finances during the holidays can help you start the new year ahead of the game!
For more information on this and other financial topics, write to me at P.O. Box 1825 or email me at charlestienharris77@gmail.com.
Until next week – stay financially fit!
Charlestien Harris is our financial contributor, a retired financial expert with Southern Bancorp Community Partners.
