It’s the most wonderful time of the year! For many, the holidays can be a costly time of year. Between holiday cards, gifts, decorations, food, etc, you could end up spending quite above what’s comfortable for your bank account in no time. But the holidays do not have to be a stressful financial time. We’ve put together some simple holiday money saving tips that will enable you to enjoy the holiday season without breaking your personal banking account below.

1. Create a Budget

One of the keys to saving around the holidays is making a budget and sticking to it. You can start by determining how much money you can afford to spend and then make a list of the items you would like to spend it on. Feel free to start with everything you would want to spend and then look to see what you can cut and still be happy with your budget. You will likely realize that you can do the most important things on your list if you plan correctly. The best part is that you will feel good about what you are purchasing because you will know that it fits within your budget.

2. Make a List and Check It Twice

Making a list of who you want to purchase gifts for is a great way to pick and choose who is really necessary and who you may want to leave off your list. Remember, gifts add up quickly! Choosing the important people in your life to give gifts to is what matters most. Once you have a list, determine how much you want to spend on each person and try to stick to it.

Remember, there is nothing wrong with suggesting a Secret Santa or another type of gift exchange. This is a great idea for people with big families. It can be a lot of fun because there is an element of surprise to who is purchasing your gift and what you may receive. It satisfies the act of gift-giving, but doesn’t require everyone to spend a great deal of money on a large group of people.

This year, retailers know that this is a different kind of year. Many more people will be shopping online and retailers will be offering great discounts. Many retailers have already started with early Black Friday savings.

3. eCards

Families can end up spending a great deal of money on sending holiday cards. Printing and mailing cards is an added expense that is really not necessary anymore with the technology that we have. There are many companies who offer holiday eCards that range in style and design, so you can still choose the one that best reflects your family. They save a ton of time and money, while accomplishing the same goal as a physical card.

4. Cash or Prepaid Card

To ensure that you do not go over your budget, we recommend paying cash or using a prepaid card for online purchases. It’s so easy to get carried away, even with a budget and list of people that you’re shopping for. By paying with cash or a prepaid card, you cannot go over your budget. This is a great way to keep your holiday spending on track.

5. Emotional Gifting

Think about one of the best gifts that anyone has ever given you that wasn’t a material item. Was that something you would rather have then an item from a store? Chances are, your answer is yes. Thoughtful gifts that tug at one’s heartstrings are great gifts around the holidays. Many people really do have what they need. Giving someone a gift that takes some thought and shows how much you care about them is what it’s all about. A couple examples include a framed picture of a special memory you have with that person or tickets (either made by you or the event) that give the gift of an experience.

6. Save While You Spend

Spending is inevitable, especially during the holiday season. But, if you need to spend, spend smarter with BHCU’s iSAVE Cash Back Credit Card. Not only will you receive 1% cash back for every dollar you spend each month, but the cash back goes right back into your iSAVE Savings account, forcing you to save. Additionally, you don’t have to worry about excessive interest rate charges. With an extremely low rate, the iSAVE Credit Card is a win-win.  

Remember, the holidays are supposed to be one of the most joyous times of the year, do not fall into the trap of spending too much! We hope these holiday money saving tips will help you with your holiday saving this year!