You Don't Need to Be a Scrooge to Save Money During the Holidays

The holiday season is exciting.

But that excitement can come at a cost.

And many people are looking for ways to keep that cost down.

That makes sense given the higher cost of living.

And it’s important to avoid spending too much on the holidays.

After all, overspending can lead to long-lasting ramifications likehigh-interest debtand a depleted savings account.

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But how do you avoid breaking your budget this holiday season?

These tips can help.

Here are some easy tips to cut back on costs.

Responsible holiday spending starts with responsible budgeting.

Start by thinking of everything you plan to spend money on this holiday season.

This includes gifts, travel, food, decorations and anything else you might need.

This will give you an idea of what you could afford to spend on each activity.

Set a hard limit on each expense and make a resolution now to stick to that limit.

Pro tip:These holiday budgeting appsmake setting and sticking to your spending goals a breeze.

For most people, gifting is a significant expense during the holidays.

If my house were on fire, I would grab that picture before anything else.

That gift cost under $3 to make, but it means more than anything I own.

They can be a fun addition to your holiday parties and cut down on costs for everyone involved.

Take advantage of sales:The holiday season is also the season of sales.

Purchase gifts during sales events like Black Friday and Cyber Monday to save money.

Hotel stays, airfare and meals on the road can add up quickly.

But there are plenty of ways to get where you better go for less.

Skip the hotel:Make arrangements to stay with friends or family to save on hotel costs.

Take advantage of travel rewards:Usecredit card travel rewardsto cover costs like airfare, accommodations and car rentals.

Pack snacks:If you plan on taking a long trip, bring snacks and drinks with you.

Pro tip:Seewhich credit cards our experts recommendfor the holidays.

Consider making your party a potluck so you don’t foot the bill for all the drinks and food.

Repurpose decorations from years past rather than trying to outdo what you’ve done before.

The most important thing is spending quality time with your guests.

Take in the decorations:Take a walk or drive with your family to enjoy neighborhood light displays.

But that extra splurge every time you go to the store can add up.

Use the tips above to avoid overspending this year and start the new year on strong financial footing.