5 Tips for Preparing for the Holiday Season Without Breaking the Bank

Naturally, while the end of the year is a joyous and festive period, it is also an opportunity for spending. In the current economic context, how can we make wise choices about future spending and not let our emotions get the better of us? Here are our top five tips for preparing for the Holidays without breaking the bank.

1. Draw up a budget based on your situation and stick to it

The first step in preparing for the Holidays is to draw up a detailed budget. If you’ve never made a budget before, use our free online tool to simplify the task.

Make a list of all the expenses you’re planning, including gifts, decorations, special meals and trips. Be sure to allocate a specific amount to each category, based on your income. This will help you avoir breaking the bank and see the full picture of the financial effort required, make choices based on your income and avoid impulse purchases.

2. Consider different gift strategies

Instead of giving traditional gifts, other options may prove to be more economical. With a little preparation and creativity, it’s possible to come up with some clever alternative gifts :

• Handmade gifts : such as candles, scarves or works of art, can have a special appeal that purchased gifts lack. Be creative and consider making personalized gifts;
• Second-hand shopping : Thrift stores, second-hand shops and online resale platforms are treasure troves where you can find used items with character, charm and real usefulness, all at a very affordable price;
• Donating your time and services : In our hectic lives, the gift of time and services is often the most precious. Offer your help with tasks such as babysitting, meal preparation or miscellaneous jobs. You can also offer your skills in a specific area of activity (photography, IT, repairs, etc.);
• Donating on behalf of a loved one : Consider making a charitable donation in your recipient’s name. Many organizations give you the opportunity to support a cause that is important to the person who will be receiving your gift. Not only does this help those in need, but it also reinforces the spirit of generosity during the Holidays;
• Homemade treats : Some examples could be biscuits, preserves or drafting a personalized recipe book. Delicious edible goods are a personal alternative to store-bought convenience foods;
• Focus on experiences : Giving experiences is often a cheaper and more meaningful option to the traditional exchange of physical gifts. Find out about free community activities in your neighbourhood. You could also opt for a cozy evening with board games rented from the library, a group package to a museum, a creative workshop or an escape game.

3. Keep a close eye on offers and discounts

When it comes to holiday shopping, knowing how to navigate the sales landscape is a skill that can save you time and money and can help you avoid breaking the bank.

Make a note in your agenda for iconic events such as Black Friday, Cyber Monday and Boxing Day, as these are prime opportunities for good deals. Take the time to distinguish between attractive offers and misleading advertising. Don’t hesitate to compare the price of an item with that of other merchants’ sales to find the real bargain.

4. Reduce food waste

The Holiday season brings us together in a spirit of abundance, but often has a catastrophic side effect: food waste. In Canada, around 63% of the food thrown away by households could have been eaten. At a time when food costs on average 10% more than last year, it’s imperative that we try not to waste food.

To do this, consider implementing these simple and effective strategies :

• Make a list of the ingredients you really need for your special meals and stick to it;
• Plan meals that allow you to use leftovers;
• Don’t be swayed by in-store promotions or bulk purchases, which can lead to surplus food going to waste;
• Count your guests carefully to make sure you prepare just the right amount of food to avoid throwing away leftovers;
• Using a group messaging system, plan the meal with guests to know what everyone can bring so as to avoid duplicate dishes.

5. Plan your trips

To keep these costs under control, exercise judgment when travelling during the holidays by adopting these measures :

• Make a list of everything you need beforehand so that you only have to go to the stores once;
• Make a calendar and combine a number of stops (shopping, activities, visits, etc.) into a single trip to reduce your travel costs.

If you’re planning to visit friends or family, consider staying with them to save on accommodation costs. Leaving early to avoid traffic can also help you save time and fuel.

By following these tips, you can enjoy the Holidays the smart way, without breaking the bank, and start the New Year with good resolutions to improve your financial health!