Tanya Pilgrim/The Globe and Mail
No, it’s not just you. According to a recent Bank of Montreal survey of more than 2,500 Canadians, 78 per cent said they plan on buying fewer gifts this holiday season, while 45 per cent said they’d spend less money. Although spending less might make some people feel guilty during the holidays, with lofty inflation and interest, many people need to take control of their budgets. Fortunately, the spirit of giving is still very much alive, you just might need to make some adjustments.
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Set a hard budget
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The first step is to set a hard spending cap for the holidays based on what you can afford. This would include buying presents, eating out and anything else. Not only does this force you to make smarter purchasing decisions, but you may not get caught up with any last minute shopping or party invites. To help you stay on track, consider using a budget app such as YNAB (You Need a Budget). Many bank apps will also give you a breakdown of your spending so you can see which categories you’re spending the most on.
Sticking to your budget might be tough, but it can be done if you plan accordingly.
Save: $100 to $200
Make a list and check it twice
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The holidays are the time for giving, but if you want to save, you may need to trim your nice list. While there’s no denying that your hairstylist, auto mechanic and others may provide you with necessary services, they probably don’t need a gift. Trim your list to the essential people and stick to it.
Save: $50 to $200
Buy in bulk
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A Costco membership costs $60 per year, but the amount you save by buying in bulk could be worth it. If you’re worried about buying too much, you could always split your purchases – and membership cost – with your roommate, friends and/or family. Daily essentials such as napkins, cleaning supplies, toilet paper and groceries can cost significantly less per item compared to other stores. Costco also has a wide selection of gifts that can even be split between multiple people.
Save: $100
Put an end to traditions
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Some families or friend groups may be used to getting each other extravagant presents. However, with money being tight this year, it might be time for someone to speak up and propose a change to this annual expensive tradition. Instead of getting pricey or multiple gifts, set a budget and have everyone scale back. Alternatively, you could put a twist on Secret Santa where you have to win a game before choosing your gift.
Save: $50 to $300.
Cash in your rewards for travel
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If you’re looking to travel last minute in December, don’t expect any deals. That’s because the holidays are one of the busiest times for travel, so flights and hotels are priced accordingly. Being flexible with your time and dates could help you save. For example, early January, when students have returned to school, tends to be cheaper than the week of Christmas and New Year’s. Alternatively, if you want to keep your costs down, you could redeem any cash back, points or miles that you’ve earned over the years.
Save: $30 to hundreds (depending on how much you’ve saved)
Take advantage of free gift wrapping
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Although gift wrapping isn’t expensive, it does take time and effort. Many retailers – including online ones – offer free gift wrapping when you make a purchase. Some major malls will also offer gift wrapping services with any donation. This won’t save you a ton of money, but the time saved is often invaluable, especially if you’re a last minute shopper.
Save: $5 to $25
Get creative with dining options
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You don’t need to eat at home daily during the holidays to save money. Deal websites such as Groupon, WagJag and LivingSocial offer discounts of 15 to 60 per cent off some restaurants. You could also cash in some loyalty points. With American Express Membership Rewards, you can redeem 1,000 points for a $10 statement credit. If you collect Scene+ points, you can redeem 500 points for $5 off at select restaurants such as Swiss Chalet, East Side Mario’s, Bier Markt, Montana’s and Kelseys.
Save: $50 to $100.
Browse digital flyers
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Whether you’re looking to save on groceries or a specific gift, a digital deals app such as Flipp lets you browse flyers in your neighbourhood instantly. You can quickly see what’s on sale at many stores nearby, or you can browse for specific items. This gives you access to the lowest prices without much effort.
Save: $100
Embrace digital cards
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Sending a holiday greeting card by traditional post can easily cost you a few dollars per card. There’s no denying that getting a card in the mail is fun, but sending a digital and interactive card online won’t cost you anything. Some options include Paperless Post, Blue Mountain and JibJab. These sites typically give you free access to a handful of templates, but if you subscribe, you’ll get more options. Even if you go the paid route, it’ll likely cost you less than mailing out physical cards.
Save: $50
Think about transit
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With so many events going on, many people will constantly be on the move. Instead of booking a rideshare, consider using public transportation or carpooling. While this will require more planning, the amount saved is worth it. If you do drive, check out gasbuddy.com and parkopedia.ca for the cheapest gas and parking prices in your area.
Save: $100