How to Save Money During the Holiday Season

Set a Budget

First of all, to save money at the end of the year, consumers need to make 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 could also choose a travel rewards card like the TD First Class Travel^® Visa Infinite* Card. This is a great way to save during the holiday season while putting aside points for a spring break or summer vacation.

Then, review your current credit cards; with your budget well-established, you can plan your holiday spending to optimize each card’s categories for the best return. For example, the American Express Cobalt^® Card allows you to earn 5 Membership Rewards 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.

Make a Shopping List (and Stick to It)

It’s tempting to want to give gifts to your friends and family members, but sometimes it’s not 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 person instead of starting by 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 young children, go around the house in November and gather some toys; most children will be just as surprised and delighted to unwrap gifts they had forgotten about!

Take Advantage of Sales, Promotions, and Points

November is a big month for shopping. Indeed, opportunities abound both at the source with in-store prices, but also through shopping portals and promotional offers!

The best-known portals are:

• Rakuten (get $30 when you open a free account on Rakuten)
• Scene+ by Rakuten (only members can get up to 20% more in points rebates on certain purchases with Scene+ Rakuten)
• AIR MILES Airmilesshops.ca
• Aeroplan eStore
• François Charron’s Boomerang Club
• Flying Blue Portal
• Avion Rewards

Consumers will have the opportunity to earn cash back, Aeroplan points, Scene+, and AIR MILES or Flying Blue miles.

Then, to double or triple your benefits and earn even more savings through points on your spending, consider using your Scotia Bank American Express Gold Card to buy gift cards. This way, you’ll earn a lot more points for purchases at Amazon, Indigo, SAQ, Simons, Walmart, and more. Points add up quickly, making this an excellent way to save during the holiday season.

For frequent travellers, Air Canada often offers attractive discounts on the purchase of gift cards and points. Once again, this is a great opportunity to earn plenty of points with one of the best current deals.

Also, take the opportunity to use all the points accumulated during the year to partially or fully pay off your credit card balance, whether with reward points, cash back, or Membership Rewards points. Unused points are money in the bank; you can even invest them!

Opt for Gift Exchanges and Potluck Meals

When you’re surrounded by lots of people, buying gifts for everyone can be overwhelming. Gift exchanges with a set price limit are a great way to save during the holiday season while still enjoying the spirit of giving. Not knowing who your Secret Santa is always adds a welcome element of surprise!

Another popular variation is “stolen gifts”: each person brings a gift, then, in turn, participants can either choose an unwrapped gift or “steal” one from another player. Enough to bring some competition and laughter under the tree!

Similarly, the burden of cooking for the whole family can be a source of stress. 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 planning your menu, start with items that are on sale and try to think of more affordable alternatives. For example, pork shank can be just as delicious as lamb shank, but will help you save significantly during the holiday season.

Ultimately, it’s important to remember that coming together as a family matters most, and what’s on the table is secondary.

Give Your Time and Handmade Gifts

Sometimes, the best gift you can give is your time and presence. 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.

It can also be challenging to find a gift for certain people, especially those who tend to buy whatever they want without telling anyone. 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.

Start Planning for Next Year

Instead of accumulating expenses during the holiday season and, in some cases, going into debt, why not plan for these expenses? From the beginning of the year, save a small amount each week or each payday and deposit that money into a savings account. For example, if you set aside $20 per week, you will have saved over $800 when holiday shopping begins next year. This way, you can enjoy the holiday season with family, be generous, and avoid financial stress to start the new year right.

RESP: The Best Gift You Can Give

Whether you are a parent or grandparent, one of the best gifts to give is to contribute to your children’s or grandchildren’s Registered Education Savings Plan (RESP). It’s simple, and an excellent way to save tax-free for post-secondary education.

Furthermore, the child will receive government grants (up to 40% in Quebec). If your loved ones don’t have gift ideas for your children, you can ask them to contribute to your children’s RESP.

Bottom Line

In summary, the holiday season can be one of the most expensive times of the year. Expenses can add up quickly, whether it’s shopping, buying gifts for loved ones, or hosting meals. The good news? You can celebrate with your loved ones and make them happy without going into debt. With our tips for saving during the holiday season, you can enjoy quality time with family and be generous without the financial stress.

How to save for Christmas?

Consumers need to draw up a holiday budget to visualize all expenses and eliminate those that are superfluous. Gift exchanges with a set spending limit are an effective way to save money.

Where to go in Quebec for Christmas?

Many activities will be closed on December 25, as it is a statutory holiday. However, you can still enjoy activities like walking in the parks, going to the movies, ice skating (weather permitting), or snow tubing.

How to save Money During the Holiday Season in 2025?

There are several ways to save money during the holiday season. For example, set a budget, make a shopping list (and stick to it), watch for sales, opt for gift exchanges and potluck meals, plan your expenses, save in advance, and more.