6 Ways to Celebrate the Holidays Without Breaking the Bank
December 17, 2020Last Updated on June 14, 2021
It’s the most wonderful time of the year, but it can also be an especially challenging time to stay on budget! If you’re having trouble managing your money this holiday season, here are a few pointers to help you out.
Start Shopping Early
There’s no reason you have to wait until November to start shopping. If you find something in the off-season that a friend or family member would love, buy it and save it for a special occasion.
In the same way, you can start a “gift basket” of items that would make good birthday or holiday gifts for acquaintances. For example, winter candles make a wonderful gift for coworkers or neighbors, and you can pick up several on sale after the holiday season is over!
Make Handmade Gifts or Holiday Treats
Homemade gifts are often less expensive and more thoughtful than those bought at the store. They also tend to be more wallet-friendly! Photo albums, scrapbooks and handmade crafts make fantastic gifts and are something your loved ones can cherish for a lifetime.
You can always whip up a batch of holiday treats for larger gatherings! If your child wants to give gifts to his or her whole class, or if you have a large extended family, seasonal sweets can be a hit. You can even add some holiday flair by using decorative cookie cutters or red and green food coloring.
Keep an Eye Out for Sales
You’ll find lots of great sales in the off-season, but don’t forget to keep an eye out for pop-up sales at your favorite stores, as well! Follow a few of your most frequented retailers on social media, or sign up for their email lists to be notified when sales are coming up.
Shopping on sale is a fantastic way to make your money go further, and you can buy gifts for everyone on your list without breaking the bank.
Buy Decor Secondhand
In addition to gifts, holiday decor can be expensive! Instead of shopping at big-box stores, visit local thrift or consignment shops to see what’s available. You can also watch estate sales, which often feature holiday decor, or trade with friends and family if you’re looking to refresh your seasonal decorations.
Do a Secret Santa or White Elephant Gift Exchange
If you have a large family, buying gifts for everyone is an easy way to find yourself over budget. Rather than buying each person a gift, suggest drawing names for Secret Santa, or do a white elephant gift exchange. It’s always fun to see what everyone goes home with and enables you to celebrate the season in a budget-friendly way.
Refinance Your Student Loans
During the holidays, you sometimes need a little more financial flexibility. Refinancing your student loans could be the perfect way to lower your monthly student loan payment, and you could even earn a better interest rate! Visit ELFI’s student loan refinancing page to learn more, or contact us to speak with our Customer Care team.