Five budget-friendly tips for the holiday season

It's the season for family gatherings, office parties, and presents. While joyful, this time of the year can also be very expensive. Whatever holiday you celebrate, there will likely be workplace celebrations, neighbourhood gatherings, and events with friends; in fact, Canadians charge hundreds of millions to their credit cards each December. To help avoid starting off the new year with hefty bills, consider these tips for smart holiday spending.

1 Suggest a gift exchange

If you have a large family or friend group, buying individual presents can quickly add up. Consider picking names for a gift exchange with a price limit for cost-effective holiday gifts. Ask everyone to make a wish list in case you find yourself stumped for ideas. Even better, try a white elephant swap. Everyone brings in a past gift they received but disliked (think ugly home décor or an itchy sweater) and makes a game of exchanging silly and fun items. Another option is to give homemade crafts or cookies. Not only is it easier on your wallet, but the gifts will be much more meaningful.

2 Offer a service

If your budget is stretched thin, offering to help friends or family is a great alternative to a material gift. Make a plan to help shovel snow, babysit, clean a garage, or any other task. Likely, the recipient will be more excited about the prospect of assistance rather than a forgettable gift.

3 Host a potluck event

Hosting a big dinner or dining out can be one of the biggest expenses of the season. Ask your friends or family if they’d like to have a potluck. Not only is it less expensive, but it’s also a lot less stressful on the person hosting. Guests can bring a dish from their culture, which is also a fun way to try new cuisines and recipes.

4 Look for free events

Typically, there are a lot of concerts, plays, and performances around the holidays. Finding student, community, and volunteer productions is a great way to experience affordable and festive events. Enjoying a show with a few snacks is a fun way to spend an evening without spending a lot of money.

5 Volunteer together

The holiday season is a good time to give back. Instead of a pricey dinner or formal party, invite a few friends to work a shift at a foodbank or community center. Often, organizations are looking for extra help during the holidays. It’s a nice way to give back, meet new people, and make an impact in your community. Plus, it could become a regular activity for your friends and family.

Managing expenses during the holiday season

Creating memories during the holidays doesn’t have to be expensive or difficult. Suggesting a few new options to your friends, family, and colleagues can create a welcome new tradition and could make the season even more fun—without breaking the bank.