Tips to Save Money During the Holiday Season | Ion Bank
Saving money piggy bank

Tis the season of giving! As we prepare to spread holiday cheer once again, many people are concerned about overspending due to the rising costs of everyday essentials.

According to the National Retail Federation, consumers spent an average $997.73 on holiday gifts in 2021. Consider these 8 tips to save money and avoid additional debt in the new year.

1. Create a Holiday Budget

Every plan for saving money starts with a budget! Outline your anticipated holiday costs for things like gifts, travel, pet boarding, extra groceries and decorations, then set parameters. Having an allocated budget can help you avoid the temptation to overspend.

2. Stay Home for the Holidays

The pandemic taught us that we can still enjoy time together while physically apart! Save money on expensive flights with another “Zoom” Christmas or Hannukah this year. If you still want to see family in person, consider flying or taking a road trip after the holiday rush.

3. Avoid Falling Victim to Scams

Before making a purchase online, check that the website is legitimate and secure. The URL should start with “https” and contact information should be easy to find. Also vet out “too good to be true” offers before inputting your personal and financial information.

4. Protect Your Packages

Although some “porch pirates” may be deterred by video doorbells, packages can still be

stolen. To keep your purchases safe, require a signature at the time of drop-off, so someone must be home to receive it. You can also choose to pick up your orders at the post office.

5. Set Boundaries for Gifts

When planning to exchange gifts with a large group, such as your co-workers, organize a Secret Santa. Each person gives and receives one gift – within a set spending limit – which keeps everyone on an even playing field.

6. Host a Potluck

If you’ll be hosting family and friends, ask everyone to bring their favorite dish to save time, money and energy. You can also avoid the expense of a sit-down meal by hosting a cocktail party with just appetizers.

7. Use Cash or Debit

If you’re worried about overspending, only use the money you have available right now. Cash and debit cards are the best options if you already have credit card debt to pay off.

8. Be Cautious with Credit Cards

Some purchases may warrant using a credit card if you can earn airline miles, cash back or you have a 0% APR card. Yet it’s important to still spend within your means, so you can more easily pay off balances in the new year.  

The power of saving is amazing! To learn more about our personal savings account options, contact Ion Bank today.

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