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10 Easy Ways To Save Money This Christmas

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Looking to save for the Christmas holidays?

The Christmas season is just around the corner! Here are a few tips for enjoying Christmas, avoiding debt, staying on budget, saving money and not looking like a Scrooge.

1. Set a Budget and Make a List

You should have a budget for all your expenditures, including your Christmas purchases. Budgets put a limit on expenses, and that is always a good thing. Stick to your budget.

Making a shopping list should go hand-in-hand with setting a budget. Write down the names of family and friends you will be buying gifts for and how much you plan to spend.

Note that I have my budget before my list because my budget determines what shows up on my list!

2. Start Saving Early

You now have a budget. Start saving to fund it. Christmas should not arrive suddenly. Plan to save and fund your holiday shopping without racking up debt.

You can put your “Christmas Fund” in a high-interest savings account while you are at it.

3. Start Buying Early

Deals for different items are available at different times of the year. Based on your budget and list, keep your eyes open all year round for very good deals.

Some of the best deals are available after Christmas – Boxing Day – you can start buying items like Christmas cards, wrapping papers, and gift sets to stock up for next Christmas!

Check out these practical ways to save money on your shopping.

4. Go Discount Shopping

Lots of deals are available during the Christmas season. Since you already have a list, do not miss the steep discounts that may be available on Black Friday and Cyber Monday sales.

You can sign up with your preferred stores to get advance notice of sales. Watch out for discounted gift cards (as much as 30% discounts).

Look for discount codes and coupons online. Use price comparison sites to ensure you get the best deals (Shopbot.ca, Pricefinder.ca, Pricegrabber.com, and Shopzilla.com).

Remember to do your research; not every “deal” is a good deal.

5. Use Free Shipping

Look for free shipping offers from major online stores like Amazon. If you make your purchases early, you can have your gifts delivered before or by Christmas eve.

Planning your gift shopping well ahead can save you lots of money in shipping and avoid the hassle of late deliveries.

6. DIY Christmas Gifts

Put your inner genius and creativity to work by making your own gifts.

You can handcraft your holiday cards, bake some cookies, etc. This will add a personalized touch and may save you some bucks.

Related: Smart Ways To Save Money Around Your House

7. Pay with Cash

Nothing adds a dose of reality to your expenses like paying cash.

Ditch the credit and debit cards and pay for your purchases with good old cash, which may help you stick to your budget.

8. Get Cash Back or Reward Points

If you can stay disciplined with using your credit card, you can maximize cash back and rewards points this Christmas. Use credit cards without a hefty annual fee and ensure that you pay off your balance in full within the grace period.

Some great sites to earn real cash-back on your general purchases include Checkout 51, Drop, Rakuten, Swagbucks, TopCashback, Mr.Rebates, MyPoints, and Savingstar.

9. Give to Charity

Use this holiday season to remember those in need and other good causes – this is in line with the Spirit of Christmas!

Let friends and family know that you will be making donations in their name to a charity of their choosing.

Trust me; they will appreciate your kind gesture!

10. Consider a No-Gifts Christmas

Okay, I know! The kids are expecting Santa Claus to drop gifts via the chimney. And that’s okay!

Instead of gifts for the adults in your life, this season, consider getting together, catching up, and having fun. Call family and friends that live abroad. They will appreciate your good gesture.

Amid the hustle and bustle of the holiday season, remember to take good care of yourself. Find some time to rest, reflect, and plan for the New Year. Happy Christmas in advance!

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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4 thoughts on “10 Easy Ways To Save Money This Christmas”

  1. Gravatar for Danny Lew

    These are some really great tips on saving money for the Holidays. TY

    • Gravatar for Enoch Omololu

      @Danny: You are welcome!

  2. Gravatar for Ariel Shanelle

    Yeah I’ve started Christmas shopping a few weeks ago and I already have a bunch of gifts. Not to mention I’ve been able to find some good deals since I’m not in a rush. I made a list of what I’m buying people. Only a few more gifts to buy and I’m done!

    • Gravatar for Enoch Omololu

      @Ariel: I find having a list helps to keep me from too many last-minute shopping and over-spending! Good for you, you are almost done with holiday-shopping!

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