It’s that time of the year when you start organizing the end-of-year holidays. We all know it’s a time of year that can be very expensive. Expenses can quickly add up, whether it’s shopping, especially with the Black Friday event in November. But also, gifts to buy for your family and loved ones, as well as meals. Additionally, with the magic of the holidays, we tend to spend a little more. We want to make people happy, we want to host well, etc. However, it is possible to fill up on love and joy without breaking the bank, and above all, without going into debt. In this article, discover our best tips to save money during the holiday season.
First of all, to save money at the end of the year, consumers need to draw up a holiday budget to visualize all expenses and target those that are ultimately superfluous.
Then, it’s easy to see if you can take the opportunity to unlock a credit card welcome bonus. Indeed, several cards offer a cashback of 10% for the first three months, such as the CIBC Dividend Visa Infinite* Card.
On the other hand, you can also take out a card with travel points like the TD First Class Travel® Visa Infinite* Card; what better way to save during the holiday season when you’re putting money aside for spring break or summer vacations?
Then, take a look at your current credit cards; with your budget well established, you can plan purchases so as to optimize the categories of each card to get the best return. For example, the American Express Cobalt® Card allows you to earn 5 points per dollar at grocery stores and restaurants. So choosing the right card to pay for your expenses is a great way to save during the holiday season.
It’s tempting to want to give gifts to everyone, but sometimes this isn’t possible without planning: it’s the thought that counts!
So make a list of all the people you want to give something to. Then determine how much money you are willing to spend on each one instead of starting with choosing the gift. If the total is too high, you can further restrict your budget or remove people from your list to save money over the holiday season. When you set boundaries for yourself, it’s easier to store rationally.
For younger children, go around the house in November and pick up a few toys; most kids will be just as surprised and amazed to unwrap gifts they’d forgotten about!
November is a big month for shopping. Opportunities are flooding in at the source in terms of in-store prices, but also through shopping portals and promotional offers!
The best-known portals are :
Consumers will have the opportunity to earn cash back, Aeroplan points, Scene+, as well as AIR MILES or Flying Blue miles.
Then, to double or triple your savings and earn even more points on your expenses, consider using your American Express Cobalt® Card or Scotiabank Gold American Express Card to buy gift cards. This way, you will have many more points for purchases on Amazon, Indigo, SAQ, Simons, Walmart, etc. Points accumulate very quickly and it’s an excellent way to save money during the holiday season.
For frequent flyers, Air Canada often offers consumers attractive discounts on gift cards and points. Once again, it’s a great opportunity to collect lots of points with one of the best current offers.
Also, take advantage of all those points accumulated during the year to pay off your credit card balance, whether they are reward points, cashbacks, or Membership Rewards. Unused points are money in the bank; you can even invest them!
When you’re surrounded by lots of people, buying gifts for everyone can be quite a burden; gift exchanges with a pre-set financial limit are a great way to save money during the holiday season while keeping the joy of giving alive. Not knowing who our Secret Santa is adds a welcome element of surprise!
Another variation can be done with stolen gifts: each person gets a gift and, taking turns, the others can take someone else’s or stop at what they have and hope that no one has their eye on it.
Similarly, the burden of cooking for the whole family can be a major irritant. With potlucks, everyone can contribute time and money so that everyone can save during the holiday season.
Alternatively, you can agree on a food ordering service and split the bill. Once again, it’s a great opportunity to earn points by paying with the right credit card!
Finally, when you’re putting together the menu, start with the discounts and try to think of less expensive variations. For example, a pork shank can be just as succulent as a lamb shank, but will save you a lot of money this holiday season.
Remember that the most important thing is to get together as a family, and that what’s on the table is secondary.
Sometimes the best gift is your time and that’s you. Do you have friends who have just welcomed a baby into their family? Instead of buying clothes they may not need, offer to babysit while they take some time for themselves or do their housework; small gestures can be greatly appreciated depending on the circumstances.
Then, finding a gift can be difficult for some people, especially those who tend to get everything they want without telling others. In this case, something handmade or meaningful to the person can be a big winner in addition to holiday savings like a framed photo or your famous secret cookie recipe.
Likewise, forget about cards sent by post, as the costs will rise very quickly; an electronic greeting card is a good alternative.
Instead of piling up holiday expenses and, in some cases, going into debt, why not plan ahead? Right from the start of the year, save a small amount each week or each payday and deposit it in a savings account. For example, if you put aside $20 a week, you’ll have saved over $800 by the time holiday shopping starts next year. That way, you can enjoy the holiday season with your family, be generous and avoid stressing about money.
Whether you’re a parent or a grandparent, one of the best gifts you can give is to contribute to your children’s or grandchildren’s Registered Education Savings Plan (RESP). It’s simple, and a great way to save tax-free for post-secondary education. What’s more, the young person will receive government grants (up to 40% in Quebec). If your loved ones don’t have any ideas for gifts for your children, you can ask them to contribute to your children’s RESP.
In short, the holiday season can be an expensive time of year. Expenses can mount up quickly, whether it’s shopping, gifts for loved ones or meals. The good news? You can entertain your nearest and dearest without going into debt. With our tips for saving during the holiday season, you can enjoy family time and generosity without the stress of money.
Consumers need to draw up a holiday budget to visualize all expenses and eliminate those that are superfluous. Gift exchanges, with a pre-established financial limit, are a good way to save money.
Many activities will be closed on December 25, as it is a public holiday. However, you can still take a stroll in the parks, go to the movies, go ice-skating (weather permitting) and go tubing.
There are many ways to save during the holiday season. For example, set a budget, make a shopping list (and stick to it), watch for sales, focus on gift exchanges and potlucks, plan ahead and save, and much more.
Savings are here:
