Hallelujah! You made it through the pre-holiday season and you’ve managed to stick to your budget all the way through!
But, wait. You may have crossed off every gift on your list, booked your airline tickets and even finished wrapping your pile of presents, but it’s not over until it’s over. Those holiday expenses have a way of sneaking up on you just when you thought you were finally done. Last-minute holiday costs can include gifts for people you forgot to put on your list, holiday essentials for your guests when hosting and additional traveling costs, such as paying for a baggage check and a car rental. How can you cover these expenses when you’ve already maxed out your holiday budget?
No worries, it’s to the rescue! We’ve got tips to help you put the “merry” back in Christmas this year while keeping your budget intact — even as the last-minute demands creep in.
1. Set and stick to a budget
The best way to cover last-minute expenses is to plan for them to happen. At the beginning of the season, create a comprehensive list of everything you’ll need to spend money on from now through Jan. 2. When you think you’ve got it all written down, look it over and mentally review your plans for the next few weeks again. Have you included everyone you need to give a gift to on your list? Next, if you’ll be traveling, write down all associated costs, such as a car rental and/or a ride to and from the airport, paying for a seat and for baggage as well as anything else you may need to pay for while on the road. Finally, if you’ll be hosting, remember to include all associated costs like food for your guests, toiletries, beverages, decor for your home and anything else you can think of.
Once you have your expenses written down, assign a dollar amount to each one so you know exactly what you plan to spend on the holidays this year and get through the season without breaking the budget.
If it’s too late for this year, take note of last-minute expenses that crop up before Christmas so you can put them on your holiday budget next year.
Tip: Use cash or a prepaid card to limit your spending. If you’re shopping online, use a debit card rather than a credit card to avoid piling up debt.
2. Take advantage of last-minute deals and sales
If you’ve already maxed out your budget for the holidays, but new expenses come up, you can still minimize your spending by taking advantage of last-minute deals and sales. Many retailers slash prices on gift items like electronics, clothing and toys during flash sales, clearance events and last-minute coupon promotions just before the holidays. Subscribing to retailer email newsletters or using price-tracking apps can alert you to last-minute bargains.
Tip: Check out online marketplaces for “deal of the day” promotions or visit discount retailers for lower prices. Don’t forget to compare prices before you buy, and use apps like Honey or Rakuten to find additional discounts or cashback offers.
3. DIY gifts for a personal touch
When there’s just not enough money for yet another gift, make it personal with something homemade. You can gift something simple yet heartfelt, like baked goods, a photo album or homemade candles. These gifts can be personal, memorable and super-cheap compared to store-bought alternatives.
Tip: There’s no need to give this option a pass just because you think you’re not crafty and you haven’t turned on the oven since the COVID-19 lockdown. There are loads of easy tutorials online for easy homemade gifts you can create from items you likely have at home, as well as foolproof recipes even you can follow.
4. Limit gift-giving
If your Christmas list keeps growing like a cat’s curiosity around a stack of presents, it’s time to cut back. To avoid hurt feelings, you can suggest a Secret Santa or gift exchange among groups you belong to, such as your extended family and workmates, so everyone only needs to buy one gift for this entire group. This can help you keep costs down and avoid going into debt for Patrick in accounting, who you never liked much anyway.
Tip: Set a spending limit for the gift exchange to ensure everyone stays within a budget and people don’t resent getting a lower-value gift after spending more on the one they gave. Alternatively, you can gift experiences instead of physical presents, like organizing a holiday movie night or potluck dinner.
5. Plan ahead and buy in bulk
If you’ll be hosting during this season, plan your meals and buy groceries in bulk to keep costs down. You can pick up various menu items and staples as they go on sale in the weeks leading up to the holidays. Stick to simple, crowd-pleasing dishes and consider hosting a potluck where each guest contributes a dish or drink. This will help you save while still providing a festive spread that all your guests will enjoy.
Tip: Shop at discount grocery stores and be sure to check out local circulars to find the best prices on every item on your menu.
Yes, you can still make it to the holidays with your budget intact! Use our tips to cover all holiday expenses this year, even last-minute costs, without breaking your budget.