8 Ways to Make the Holidays Less Expensive and More Memorable

It seems like we start thinking and talking about the holidays a little earlier every year. It begins well before the Halloween candy and costumes appear and ends with a hangover on New Year’s Day.

The holidays are supposed to be filled with happiness and joy—but they can also wreck your finances if you’re not careful. It’s the most expensive time of year for most Americans, who racked up more than $1,000 in debt on average last year.

Besides overspending on gifts for family and friends, there are other financial pitfalls that can sneak up on us. I know what it’s like to get caught up in too much shopping and consumerism during the holidays.

To make the season brighter, less expensive, and more memorable, consider these eight tips.

8 Ways to Make the Holidays Less Expensive and More Memorable

1. Create a holiday giving plan.  
2. Remember your values. 
3. Shop strategically. 
4. Avoid new retail cards. 
5. Don’t shop for yourself. 
6. Be creative. 
7. Maintain savings. 
8. Practice gratitude.

Here are the details on a variety of ways to financially survive and thrive during the holidays.

1. Create a holiday giving plan.

As early in the season as possible, start thinking about every gift you plan to give. Jot down family, friends, neighbors, co-workers, teachers, and service professionals you’d like to remember. Estimate a gift amount for one, even if you have no idea what to give him or her yet.

Add up your total estimated gift amount and see if it fits into your budget. If you still haven’t paid off last year’s holiday expenses, you definitely overspent—so be sure not to repeat that mistake again this year.

Also consider additional expenses such as travel, throwing a party, wrapping paper, cards, postage, decorations, or new party clothes. If the total is more than you can afford or want to pay, you might reduce the estimated gift amounts or shorten...

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