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According to the National Retail Federation (NRF) data, American consumers spend an average of $997.73 on gifts and holiday items each Christmas.

In a time of rising living costs across the country, you may be struggling to spend the same amount of money as you were able to in pre-Covid times on gifts for your loved ones, on festive dinners, parties and decorations.

Luckily, we have compiled our list of top tips for you to follow which will help you to reduce your expenditure in the run-up to this festive season.

 

save money christmas

American consumers spend an average of $997.73 on gifts and holiday items each Christmas.

 

Sensible Budgeting

 

Coming up with a pre-planned budget should be the first step in the interest of saving money during the festive period.

Not only that, make it realistic – a budget that you know that you will be able to stick-to, and not getting in the habit of making any exceptions.

The first step is to understand how much money you have to spend during the festive season.

Once you establish this, you could use a spreadsheet and manage your budget yourself, or download a budgeting app which can be helpful to keep track.

Make a list of all your expected expenses โ€“ accommodation, entertainment, gifts, extra fuel – this holiday and make sure you know where the money for all of this will come from. If there’s a shortfall, decide where you will have to scale back.

 

Gifts

 

We all want to spoilt our loved ones with the gifts that they have asked for, or spontaneously with ones that you know they will love and appreciate.

However, before going all-out and splurging on gifts, it is important to have an idea of how much you can genuinely afford to spend on gifts for your family and friends.

One good option could be to purchase online or in-store gift vouchers. Giving gift vouchers will also allow you to stick to your budget โ€“ or donate a specific amount to a good cause on behalf of your loved one.

Some families opt for only giving gifts to kids โ€“ or a “secret Santa” strategy, where adults only receive and give one gift, to save money.

Another tip – if you know that you will only be seeing particular friends or family after Christmas, buy presents on sale in January.

 

Create DIY Decorations

 

During festivals such as Halloween and Christmas, we all want our houses to look the part and to really get stuck into the festivities.

However, before doing so, bear in mind that it is really not necessary to purchase the most expensive or elaborate decorations. Making decorations at home can become a fun family tradition and you can use things such as toilet paper and bed sheets to create a spooky effect. Fill up garbage bags to look like body parts and use Ketchup for blood.

On the other hand, if you do decide you want to purchase new decorations from the shops, consider investing in high quality accessories that you can use again each year. This will save you money in the long run providing that you store them away carefully so they stay in good condition.

 

Can I Get a Payday Loan for Halloween or Christmas?

 

Yes, you can get a payday loan, installment loan or cash advance if you find yourself in need of short-term funds in the run-up to the festive period.

If you know you’ll need that little bit of extra cash to buy that expensive Halloween costume or that massive Christmas tree, you could borrow anywhere from $100 to $35,000 with 1 to 60 month repayment with Dime Alley. We will connect you with a lender to suit your personal financial situation, whether your credit is good or bad.