Dear Money Lady
I always find it difficult over the holidays to keep the costs down, and because of COVID, this year both my husband and I have had to live on the CERB benefit and are still finding it hard. Have you got any tips for making it through Christmas without spending too much?
Thanks, Lilly
Great question Lilly!
Everyone feels the financial pinch over the holiday season, and this year, many are feeling it even more! Most tend to buy on credit and then try to deal with the bills in January. I know it can be extremely hard to stick to a budget over the holidays, so here are some money saving tips to keep in mind this Christmas season.
It is best to make a list, determine a budget for each gift and stick to it. If you can’t find a gift in your price point, then opt for gift cards so that they can be used after Christmas in all the retail sales events, in stores or online. Why not consider “teaming-up” and go in on gifts with others to limit costs and maintain your budget? Set expectations with family so that everyone plans to spend specific amounts on gift-giving. You could also choose to have an adult name picking or secret Santa.
Consider buying everything online this year, especially through your local businesses, who really need our support. Take advantage of sales and have it delivered right to your home – or better yet, to the home of the person you are buying it for. It’s like your own little valet service. Also, don’t forget the Dollar Store, they are great for Christmas stocking stuffers, wrappings, cards, and decorations. Who says you have to spend a lot to get into the holiday spirit?
Many might be limiting the big family meals and parties this year and opting for a small gathering of close family. Make sure you delegate the dishes or opt for a potluck dinner to reduce the cost of the meal. Everyone has a specialty that they could bring if asked and it is up to the hostess to coordinate the meal and tell people what to bring. Don’t forget to tell your guests to also bring their own alcohol. If you are hosting an event at your home, minding the new COVID restrictions, you still shouldn’t be expected to foot the bill for all the drinks. Instead, have a Christmas punch and let everyone BYOB.
It really isn’t hard to be gracious this season. A thoughtful Christmas message in a hand-made card, or a letter of devotion and love, can be cherished more than any store-bought item. Be kind to one another, especially after the year that we have all been through, watch your manners, forget the grudges and enjoy your family. Remember, happiness isn’t defined by how much you spend, it is what you do, how much you love, how caring and supportive you are, and above all your true compassion for others.
Merry Christmas to everyone!
Good Luck and Best Wishes,
Money Lady
Written by Christine Ibbotson, author of the best-selling book, How to Retire Debt Free & Wealthy, and a new book, Don’t Panic – How to Manage your Finances and Financial Anxieties During and After the Coronavirus, available at all bookstores across Canada. If you have a money question, please email on website: askthemoneylady.ca.
