How to save money during the holidays


The holiday spirit is growing with every passing day, but prices are, too. And chances are, you have a lot of spending planned. But if you’re wondering how to save money during the holidays this year, we have you covered with a nice list of money-saving tips that are sure to, at the very least, bring you a bit of peace and joy.

Make a game plan.

Start by setting a budget that can help you keep your spending in check throughout the holiday season. Along with gift-giving, your budget should also account for an estimated cost for food, drinks, holiday cards, stamps, and any decorations you may find irresistible at this time of year.

Plus, consider whether you’re planning to host a party, do any charitable giving, or set aside some funds for unexpected costs that come up. Doing the legwork now will help ensure you and your wallet are prepared for the upcoming holiday season.

Once your holiday budget is squared away, make a list of all the people you want to buy gifts for. Then, decide how much you’ll spend on each person, before choosing what their actual gifts will be. Got a long list? Don’t worry; we’ll cover that in Tip #3.

Make sure your family’s on the same page.

The holidays come with family traditions, and if yours include over-spending, it’s time to set expectations with your loved ones. Let them know that you’re planning on focusing on thoughtful gifts this year that feature a smaller price tag. Whether you offer more financial details or not is up to you, but it’s important to have this conversation to level-set with those closest to you.

Not only will this transparent communication help you get clear on your spending limits, but it also helps your kids understand that the holiday season is not all about spending and gives them the opportunity to learn responsible money habits from an early age. According to Chartered Professional Accountants Canada, the earlier you can teach your kids about money the better, as behaviour development is a lot easier than behaviour modification.

Be creative with your gift-giving.

A great way to save money during the holidays is by cutting down your to-buy list by choosing homemade items, the gift of time, or otherwise thinking outside the usual (beautifully wrapped) box for how to gift your loved ones. Keep in mind that thoughtful gifts are better than luxury ones, and this season is more about memories than money.

If hosting is your forte (or you’d like to give it a try), consider a ‘white elephant’ gift exchange with friends or ‘Secret Santa’ with family, where all participants bring one gift and leave with another. These games allow you to set reasonable spending limits and also offer an element of surprise for all involved.

Are your friends big on baking? Host a cookie exchange that allows you to share recipes and good times. Have a pal with a dog or a young child? Offer your babysitting services for an evening. These are all inexpensive, if not free, ways to give thoughtfully to the people in your life.

Get good value while supporting your values.

Maybe you’re planning to indulge in big holiday deals to save money this year. If so, take it as an opportunity to double down on your values by giving your hard-earned dollars to local businesses in your area.

Sale or not, our Vancity business members always come through with the best holiday gift options. Peregrine Supply Co. has the perfect grooming products for all your bearded buddies, while Sisters Sage and Plenty and Spare serve up beautiful bath and wellness gifts for everyone on your list.

Give yourself the gift of savings.

What better way to end the year than making sure your budget and finances are set up for success in the year ahead? At Vancity, we offer a variety of account and investment options designed to fit your financial goals.

For instance, if you’re ready to jumpstart your savings with our highest posted savings interest rate, check out our Jumpstart High Interest Savings Account¹ with no monthly fee and no minimum balance. Setting aside funds for a longer term? Take a look through our range of term deposit options.

And if you’re not a Vancity member yet, there’s never been a better time to put your money where your values are. Get up to $510 in value when you join Vancity² and choose to bank where 30% of profits go back to members and communities in pursuit of a clean and fair world.

When you’re working on saving money, you want flexibility and great returns on new personal deposits. You want the ability to earn interest easily, build your emergency fund, and invest so your money can earn even more.

At Vancity, we offer it all — while protecting people and the planet, not just profits. So, as you’re giving thoughtful gifts this season, give a little thought to where you put your money and what a difference you can make by putting it where your values are.

¹ Interest is calculated on closing daily balance in an Account and paid at month-end. The interest is an annual interest rate. Interest is earned in the currency of the account.

² Terms and conditions apply

Related topics:
  • Was this helpful?
  • Yes   No